The Global Pharma Contract Research Organization Market to Surpass Beyond $65 Billion by 2024
Bangalore, India, August 28, 2018: With its recently published study “Pharma Contract Research Organization– Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2024”, Infoholic Research forecasts that the global market for contract research organization will continue to grow, owing to the increasing outsourcing of research and development by pharmaceutical companies, upsurge in the clinical trials across the globe, increasing number of patent expiration and growth in biopharmaceuticals market.
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The pharma contract research organization market by service type is segmented into discovery, preclinical study services, clinical study services and others. Preclinical study services are further segmented into Pharmacokinetics/Pharmacodynamics, toxicology testing and others. Clinical study services are segmented into Phase I, II, III and IV). Among these, clinical study services accounted for the highest market share in 2017, due to increasing prevalence of lifestyle and metabolic diseases, growth in the elderly population and increasing clinical trials globally.
North America is the major shareholder in the global pharma contract research organization market, followed by Europe. Increasing growth of biopharmaceutical market, high quality standards of pharma and biopharma industry and availability of advanced technologies makes North America major shareholder of pharma CRO market. Asia Pacific is expected to grow at high CAGR during forecasted period due to increasing research activities, growing patient pool, and flexible regulatory environment for clinical trials.
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The market by therapeutic area is segmented into Oncology, infectious disease, cardiovascular disease, CNS disorders, immunological disorders, respiratory disease, diabetes and others. Oncology occupied a major market share in 2017 and is expected to remain same for next five years. This is due to increasing global prevalence of cancer across the globe and high number of ongoing clinical trials in this segment.
“The pharma contract research organization market is growing steadily with highest attraction in developing countries such as China and India. Mergers and Acquisitions is one of the key strategy used by market players to enhance service capabilities and attain major share in the market. For instance, in August 2017, LabCorp acquired CRO Chiltern for $1.2 billion, which will become part of the company’s Covance Drug Development business. In April 2018, the Charles River Laboratories acquired MPI research for around $800 million.” said Arpitha Shetty, Research Analyst, Infoholic Research
Key insights of the report include:
- Service Types:
- Drug discovery
- Preclinical study services
- Toxicology testing
- Clinical study services
- Phase I
- Phase II
- Phase III
- Phase IV
- Therapeutic area:
- Infectious disease
- Cardiovascular disease
- CNS disorders
- Immunological disorder
- Respiratory disease
- North America
- Asia Pacific
- Rest of the world
- Industry outlook: Market trends, drivers, restraints, and opportunities