Contract Research, Development and Manufacturing (CRDMO) Market by Service Type [CDMO Services (API Manufacturing, Finished Product Development & Manufacturing, and Packaging) and CRO Services (Discovery, Preclinical, Clinical and Laboratory Services)]- Global Analysis & Forecast 2021-2031
Healthcare/Life Sciences |
Historical Years –2019-2020 |
Base Year – 2021
Forecasted Years –
A contract research organization (CRO)also known as a clinical research organization, is an organization that provides services to pharmaceutical, biotechnology, and medical device companies. The services provided by CRO include drug discovery & development, preclinical research, clinical research, clinical trials management, commercialization, pharmacovigilance, and post-approval services. A CRO is responsible for giving expert guidance, planning, setup, and day-to-day execution & management of its contracted clinical trial safely and efficiently.
Market -Headwinds & Tailwinds
The global contract research organization (CRO) services market is mainly driven by rising demand for effective therapies owing to the growing prevalence of various chronic diseases, increasing outsourcing of R&D activities, globalization of clinical trials, and growing strategic collaborations of pharmaceutical and biotechnology companies with CROs. Furthermore, the adoption of a decentralized/virtual clinical trial model has also played a pivotal role in contributing to the growth of the market globally. However, the dearth of skilled professionals is likely to hinder the growth of the market to a certain extent.
Market Segmentation& Insights
The global contract research organization (CRO) services market has been analyzed from four main perspectives: Service Type, Therapeutic Area, End User, and Region.
Contract Research Organization (CRO) Services Market, By Service Type
Based on service type, the contract research organization (CRO) services market has been segmented into early phase development services, clinical research services, laboratory services, and post-approval services. The clinical research services segment holds the largest share in the market owing to a robust product pipeline, growing demand for effective treatment, and rising collaboration among pharmaceutical & biotechnological companies with CROs for outsourcing.
Contract Research Organization (CRO) Services Market, By Therapeutic Area
Based on therapeutic area, the contract research organization (CRO) services market has been segmented into oncology, endocrinology, immunological disorders, respiratory disorders, neurology, hematology, infectious diseases, CVS, and others (ophthalmology, gastrointestinal, psychiatry, dermatology, genitourinary & women's health, etc.). The oncology segment holds the largest share in the market. The growth of the segment can be mainly attributed to the rising number of cancer patients and the demand for effective treatment options. Moreover, increasing spending on the development of cancer medicines worldwide is also boosting the growth of the segment.
Contract Research Organization (CRO) Services Market by End User
Based on end-users, the contract research organization (CRO) services market has been segmented into pharmaceutical & biopharmaceutical companies, medical device companies, and academic institutes. The pharmaceutical & biopharmaceutical companies hold the largest share in the market. The growth of the segment can mainly be attributed to growing investments of pharma & biopharma companies for the development of novel drugs and shifting trend towards outsourcing of clinical research activities especially early-phase development services and clinical and laboratory testing services.
Contract Research Organization (CRO) Services Market by Region
Based on region, the global contract research organization (CRO) services market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominates the contract research organization (CRO) services market. The large share of North America in the global market can be largely attributed to its developed healthcare infrastructure, presence of prominent pharmaceutical & biotechnology companies, and rising investment for the development of biosimilars regenerative medicines, biologics, and orphan drugs.
The contract research organization (CRO) services market is marked by the presence of prominent players such as Syneos Health, Parexel International Corporation, IQVIA, Labcorp Drug Development, Charles River, ICON plc, PPD Inc., Novotech, WuXi AppTec, FIRMA CLINICAL. Other players operating in the market are AccuLab Life Sciences, Dove Quality Solutions, Pepgra, Azelix, Medpace, SGS SA, PSI, Bioagile, among others.
Snapshot: Industry Developments
In Aug 2021, NAMSA announced its acquisition of Clinlogix, a leading, Philadelphia-based global clinical research organization
In Jul 2021, Knowde Group Inc., the decentralized global contract research organization and hybrid consultancy specializing in cannabis and psychedelic research entered into a strategic partnership with LMC Manna Research, the largest network of fully-owned and integrated clinical research sites in Canada providing Phase I-IV clinical trial services with a patient database of 1 million+ nationwide
In Jul 2021, CX Partners-backed Veeda Clinical Research, a full-service clinical research organization (CRO), announced fundraising of $16 million through investors led by private equity fund Sabre Partners
In Jul 2021, Parexel announced the execution of a definitive merger agreement, under which the company will be purchased by EQT Private Equity and Goldman Sachs for USD8.5 billion
In Jul 2021, Think Research Corporation announced that it has entered into a definitive share purchase agreement to acquire all of the issued and outstanding shares of Bio Pharma Services Inc., a leading contract research organization ("CRO") to pharmaceutical companies globally
In Apr 2021,Thermo Fisher Scientific announced that its board has approved an agreement to acquire contract research organization (CRO) PPD for a total cash purchase price of USD17.4 billion
In Feb 2021, ICON, a Dublin-based contract research organization (CRO) agreed to acquire PRA Health Sciences. The transaction stands to benefit pharmaceutical and medical device customers with a greater depth of expertise, technology, and talent
In Dec 2020, Investcorp, a leading global provider, and manager of alternative investment products announced its acquisition of Sanos Group ("Sanos"), a leading provider of specialized clinical trial services to the global pharmaceutical and biotechnology industry
Key Insights Captured in the Report
Quantitative (market size and forecasts) and qualitative insights of the market across years - historical years, current year, and forecasted years
Deep-rooted insights on headwinds, tailwinds, and opportunities prevailing in the market
Quantitative (market size and forecasts) and qualitative insights at a segment and sub-segment level
Comprehensive quantitative (market size and forecasts) and qualitative insights on geographic, regional, and country-level markets
Granular insights on the competitive landscape prevailing in the market
Competitive mapping of strategic developments
1.2Scope of the Study
1.2.1 Timeline Considered for Market Study
Historic Years - 2018 & 2019
Base Year - 2020
Projected Years - 2021 to 2031
1.3Currency Used in the Report
2.2Data Collection Methodology
2.3.1 Secondary Sources
2.3.2 Primary Sources
2.4Market Crackdown Methodology
2.5Data Forecasting Model
2.6Limitations and Assumptions for Study
3HEADWINDS & TAILWINDS ASSESSMENT
4MARKET OPPORTUNITIES ASSESSMENT
5.1Key Market Trends
5.2Key Players & Their Competitive Positioning (2020)
5.3COVID-19 Impact Assessment
6GLOBAL CONTRACT RESEARCH ORGANIZATION (CRO) SERVICESMARKET - ANALYSIS & FORECAST, BY SERVICE TYPE
6.1Early Phase Development Services
6.1.2Chemistry, Manufacturing & Control (CMC)
6.2Clinical Research Services
6.3 Laboratory Services
6.4 Post Approval Services
7GLOBAL CONTRACT RESEARCH ORGANIZATION (CRO) SERVICESMARKET - ANALYSIS & FORECAST, BY THERAPEUTIC AREA