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Contract Research Outsourcing - Global Market Trajectory & Analytics

  • ID: 347964
  • Report
  • January 2021
  • Region: Global
  • 314 Pages
  • Global Industry Analysts, Inc
CRO Market Slumps by -1.9% in 2020 Only to Emerge Stronger With Newer Dynamics in the Post COVID-19 World

The global market for Contract Research Outsourcing is expected to slump by -1.9% in the year 2020 and thereafter recover to reach US$ 72.1 billion by the year 2027, trailing a post COVID-19 CAGR of 7% over the analysis period 2020 through 2027. The COVID-19 crisis has thrown various challenges for the pharmaceutical & biopharmaceutical contract research outsourcing industry, while opening new avenues for growth across different domains. Contract research organizations serving pharmaceutical and vaccine companies were coerced to discontinue several studies owing to restrictions regarding movement of goods along with face-to-face interactions. These mandates affected central laboratories, clinical trial sites and timelines for completion of sponsored studies. Stringent guidelines enforced by countries prevented face-to-face meetings with clients, which delayed resolution of technical issues. The situation prompted various organizations to resort to video conferencing along with advanced technologies for addressing these issues. On the positive side, the COVID-19 pandemic drove the adoption of e-Clinical systems and offered new opportunities for pandemic-related research. The outbreak and associated changes in strategies required companies to bring their projects online and comply with high visibility and tight timelines. Various organizations implemented e-Clinical systems to avoid face-to-face interactions, enabling providers of these solutions to reap rich dividends. While the pandemic affected existing projects, it enabled the pharmaceutical & biopharmaceutical outsourcing industry to witness notable surge in R&D demand.

The trend prompted companies to shift their focus and fine-tune existing operations to ensure efficiency for COVID-19-related projects. In addition, the work-from-home trend and repurposing of projects enabled various players to pay more attention to strategic activities. The pandemic has brought various changes in the CRO industry by delaying clinical trials, requiring repurposing of development pipeline and prompting companies to explore new options to connect with patients. Factors like patient disinclination to travel and local restrictions made companies to delay or stop non-essential study visits. Organizations were affected by customer-related trial delays, access and limitations to specific trial sites, and disruptions in the supply chain. The shift towards COVID-19 vaccine and treatments increased the workload for CROs. Known for their high capacity and flexibility, majority of CROs effectively accommodated the volume within a short span. Contract research organizations made concerted efforts towards accommodation of new projects without compromising over existing projects for other medical conditions or indications. The pandemic is anticipated to benefit the biopharmaceutical drug development industry and strengthen drug development activity, requiring players to efficiently use digital solutions, data insights and patient engagements. Easing of restrictions and reopening of businesses are likely to bring non-COVID-19 trials on track and drive organizations to pay more attention to decentralized clinical trial solutions including digital platforms along with mobile phlebotomists and nurses. In addition, these clinical trials are expected to reduce the requirement for patients and other participants to travel, which remains a major challenge during the current scenario.

Changes in business operations for pharmaceutical companies are prompting CROs and other participants to adjust their practices. The impact of COVID-19 on face-to-face interactions with clients is driving various companies to implement new platforms for virtual connectivity. The technology is enabling organizations with global operations to efficiently serve their customers. In addition to limiting employee travel and considering remote working, organizations are adopting wearable cameras to assist clients in virtual audits and plant visits. These virtual meetings are providing an effective alternative to traditional personal contacts, on-site visits and face-to-face interactions. In addition, organizations are working closely with procurement teams for sourcing necessary supplies to ensure operational continuity and serve clients in a better way. The COVID-19 healthcare emergency has created a pressing need for a collaborative approach among health authorities, pharmaceutical players, regulators and CROs for developing and producing safe and effective treatments. The holistic approach combining resources and the required expertise is expected to pave way for efficient distribution of the impending vaccine globally. CROs are partnering with pharmaceutical companies for targeting data integrity and patient safety, as well as with other stakeholders including regulators and sites for patient safety-related considerations. Players are also implementing sophisticated solutions for research sites and clinical studies to reduce the burden on healthcare providers, patients and investigational sites. CROs are anticipated to play a critical role during the pandemic by taking responsibility for consistent on-site support.

Select Competitors (Total 152 Featured):
  • Albany Molecular Research, Inc.
  • Charles River Laboratories International, Inc.
  • Covance Clinical Biotech
  • ICON plc
  • IQVIA Inc
  • Jubilant Biosys Ltd.
  • Laboratory Corporation of America® Holdings
  • Olon Ricerca Bioscience
  • PAREXEL International Corp.
  • Pharmaceutical Product Development, LLC.
  • Pharmaron
  • PRA Health Sciences, Inc.
  • Sygnature Discovery Limited
  • Syneos Health
  • SynteractHCR
  • WuXi AppTec
Frequently Asked Questions about the Global Market for Contract Research Outsourcing

What is the estimated value of the Global Market for Contract Research Outsourcing?

The Global Market for Contract Research Outsourcing was estimated to be valued at €41.40 Billion in 2020.

What is the growth rate of the Global Market for Contract Research Outsourcing?

The growth rate of the Global Market for Contract Research Outsourcing is 10.0%, with an estimated value of €80.80 Billion by 2027.

What is the forecasted size of the Global Market for Contract Research Outsourcing?

The Global Market for Contract Research Outsourcing is estimated to be worth €80.80 Billion by 2027.
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I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Impact of Covid-19 and a Looming Global Recession
  • COVID-19 Delivers Mixed Results for Contract Research Outsourcing Industry
  • Players Focus on Collaborative Approach
  • Optimism Reigns in Latter Part of 2020
  • COVID-19 and Implications for Drug Development Regulations & Processes
  • Opportunities in COVID-19 Programs
  • Parallel Gains for Development & Manufacturing
  • Contract Research Outsourcing: An Introduction
  • Key Service Markets
  • Market Dynamics
  • Key Therapeutic Areas of Clinical Trial Research
  • EXHIBIT 1: Top 10 Therapeutic Categories by Number of R&D Products in 2020
  • Cost Savings Hold Relevance
  • Product Innovations & Enhanced Speed
  • Access to Expertise & Sophisticated Technology
  • Outlook
  • Regional Market Analysis
  • Future Model of CRO
  • COMPETITIVE SCENARIO
  • CRO: A Highly Fragmented Market
  • EXHIBIT 2: Leading Players in the Global Contract Research Outsourcing Market (2019): Percentage Breakdown of Revenues by Player
  • Partnership Models Pay Returns
  • Strategies and Tactical Programs
  • Large CROs Seek the Inorganic Growth Route
  • Key Opportunities for CROs
  • Technological Superiority: An Advantage
  • Consolidation to Gain Pace
  • Recent Market Activity
2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS
  • Uptrend in Advanced Medicine Concepts Favors Growth
  • Drug Developers Bet on CROs to Sail through Challenging Aspects
  • Pharmaceutical & Biopharmaceutical Firms Target Outsourcing
  • Gene Therapy Offers Exciting Opportunities for CROs
  • COVID-19 Creates a Pause in Gene Therapy Market Growth
  • Gene Therapy Set to Witness Rapid Growth Post COVID-19
  • EXHIBIT 3: Global Gene Therapy Market in US$ Million for Years 2020, 2022, 2024, 2026
  • Increasing Significance of Biologic Drugs Supports Market Demand
  • EXHIBIT 4: Global Biologic Drugs Market Size (in US$ Billion) for the Years 2019, 2022 & 2025
  • COVID-19 Drives Strong Gains for Biologics Activity
  • Opportunities Rife in Early Stage Drug Development
  • Notable Trends in Pharma/Biopharma R&D Impacting CROs
  • Advances in Digital/Technology and its Impact on Clinical Development
  • Significant Strides Taken in the Sphere of Current Clinical Research
  • Data Quality Oversight (DQO) Undergoes Change
  • Pharmacovigilance Set to Grow
  • Artificial Intelligence and Machine Learning Gain Interest
  • Orphan Drugs to the Fore
  • CROs Adapt New Technologies to See More Business in Future
  • Streamlining Development of Novel Trial Designs
  • Industry Witnesses Increased Spend on R&D Outsourcing
  • EXHIBIT 5: Pharmaceutical R&D Spending Worldwide (USD Billion): 2015-2025
  • EXHIBIT 6: Percentage Breakdown of Total Number of Compounds in Pipeline by Phase for Pre-Clinical, Phase I, Phase II and Phase III: 2019
  • Focus on Enhancing Site Selection and Patient Enrollment
  • CROs Enter into Alliances to Improve Efficiencies
  • Adoption of Digital Technologies Gains Pace
  • Toxicology Services Gain Notable Attention
  • Pharma Companies Enter into Licensing Agreements with Biotech Companies for New Drug Discovery
  • Pharmaceutical & Biopharmaceutical Trends to Support CRO Penetration
  • EXHIBIT 7: Global Biopharma % R&D Outsourcing (2014-2022)
  • EXHIBIT 8: New FDA Drug Approvals (2010-2019): Breakdown of Number of Approvals by Type for New Molecular Entity (NME) and Biologic License Application (BLA) Approvals
  • eClinical Solutions Gain Traction
  • Other Noteworthy Market Trends
  • Challenges Faced by Contract Research Organizations
  • Surging Global Population Offers Increased Growth Opportunities
  • EXHIBIT 9: World Population (in Thousands) by Geographic Region for the Years 2018, 2025, 2040, 2050
  • Aging Population & Increasing Burden of Chronic Diseases Spurs Pharma Product Sales, Driving Market Growth
  • EXHIBIT 10: Global Aging Population Statistics for the 65+ Age Group in Million by Geographic Region for the Years 2019, 2025, 2035 and 2050
  • EXHIBIT 11: Global Cancer Incidence: Number of New Cancer Cases in Million for the Years 2018, 2020, 2025, 2030, 2035 and 2040
  • EXHIBIT 12: Global Annual Medical Cost of CVD in US$ Billion (2010-2030)
  • EXHIBIT 13: Fatalities by Heart Conditions: Estimated Percentage Breakdown for Cardiovascular Disease, Ischemic Heart Disease, Stroke, and Others
  • EXHIBIT 14: World Diabetes and Population Statistics (2019, 2030 & 2045)
  • Increasing Healthcare Expenditure and Demand for Generics to Drive Growth
  • EXHIBIT 15: World Healthcare Expenditure (In US$ Billion) for the Years 2017-2023
  • EXHIBIT 16: Healthcare Costs as a % of GDP by Country for the Years 2020 & 2023
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS
  • GEOGRAPHIC MARKET ANALYSIS
  • UNITED STATES
  • Market Overview
  • COVID-19 Pandemic: Mixed Bag of Opportunities for CROs
  • Drug Developers Rely on CROs to Improve Trial Efficiency and Cost Savings
  • Trial Services Witness Strong Demand
  • High Demand for Data Management Services
  • Risk-based Monitoring Catches Pace
  • Market Analytics
  • CANADA
  • JAPAN
  • CHINA
  • Market Overview
  • Market Analytics
  • EUROPE
  • Market Overview
  • Amid Pandemic, CRO Industry in Europe Gears Up for Broad-based Amendments
  • Providers Expand Services in Downstream Drug Development
  • Market Analytics
  • FRANCE
  • GERMANY
  • ITALY
  • UNITED KINGDOM
  • SPAIN
  • RUSSIA
  • REST OF EUROPE
  • ASIA-PACIFIC
  • Market Overview
  • Asia-Pacific to Push Up Volume Share in CRO Market
  • R&D Outsourcing in Life Sciences on Rise
  • Market Analytics
  • INDIA
  • Indian CROs Seek Opportunities
  • Market Analytics
  • REST OF ASIA-PACIFIC
  • Market Overview
  • Australia: Popular Destination for Early Phase Clinical Trials
  • Market Analytics
  • LATIN AMERICA
  • REST OF WORLD
IV. COMPETITION
  • Total Companies Profiled: 210
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