London, Oct. 06, 2020 (GLOBE NEWSWIRE) -- According to a new market research report titled Contract Research Organizations Market by Services (Clinical Research [Phase II, Phase III], Pre-Clinical [Pharmacokinetics, Toxicology], Laboratory Services, and others), Therapeutic Area (Oncology, Immunology), End User (Pharma and Biotech, Medical Device), and Geography - Forecast to 2027 published by Meticulous Research, the contract research organizations market is expected to grow at a CAGR of 6.5% from 2020 to 2027 to reach $64.4 billion by 2027.

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A contract research organization (CRO), also known as a clinical research organization, is a service provider organization, which supports pharmaceutical and biotechnology companies for drug development and medical device companies by providing outsourcing services. Also, CROs assist in conducting clinical trials, with services ranging from site selection and patient enrollment to the final regulatory approvals from the Food and Drug Administration and the European Medicines Agency. Growing demand for biopharmaceuticals, an increasing number of clinical trials, and rising government support for biopharmaceutical manufacturing are the key factors driving the steady growth of the overall contract research organizations market. Also, significant opportunities from emerging markets, increasing demand for biosimilars, and continuous advancements in bioprocessing techniques further support the growth of this market.

According to the U.S. Food and Drug Administration (FDA), in the past five years, the approval of biopharmaceuticals has increased, accounting for more than 25% of total drug approvals. As per the estimations, the number of biologics approved has almost tripled from 6 in 2012 to 17 in 2017. Frequent outbreaks of pandemics such as COVID-19, Ebola, and other infectious diseases burden the healthcare sector, ultimately boosting the demand for biopharmaceuticals and resulting in increased contract-based R&D and clinical trial activities. Similarly, according to Pharmaprojects (a drug development database), the count of drugs entering the pipeline increased to 16,181 in 2019 compared to 10,452 drugs in 2012. The number of companies with active pipelines increased from 2,705 in 2012 to 4,323 in 2019. Due to this increase in numbers, pharmaceutical production has increased globally, boosting the number of clinical trials. As per clinicaltrials.gov (a clinical trial database), in 2012, 137,502 studies were recorded, which increased to 325,846 by 2019. However, the clinical trial data during 2019-2020 showed a drastic fall due to disruptions in the activities as a reflection of the COVID-19 pandemic and are estimated to hinder the market growth to an extent.

Impact of COVID-19 on the Overall CROs Market

The outbreak of COVID-19 has changed various healthcare market functions. With the analysis of the clinical trials database and considering the operations of key players functioning in the CROs market, it has been observed that, during 2019-2020, the CROs market experienced hindrances in its growth. This crisis has imposed a huge burden on the pharmaceutical industry to develop vaccines, diagnostic assays, and breakthrough drugs. The pandemic has affected 208 countries with 2,000-5,000 new cases per day and shifted the healthcare industrys focus only on the diagnosis and treatment of COVID-19.

As a result of which, the previously planned and on-going research & development and clinical trial studies were put on hold or disrupted, and the number of clinical trials declined in the past few months. According to the Clinical Trials Online Magazine, the number of clinical trials was 1,210 in June 2020, which has decreased to 1,180 in August 2020. The majority of the investors are focusing on research and development of treatments and diagnosis for COVID-19, and the planned or on-going contract-based R&D and clinical trial activities are lagging due to the suspension of enrolments, slow enrolment process, delayed initializations, and shortage of funding for non-COVID-19 drugs.

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The global contract research organizations market study presents historical market data in terms of values (2018 and 2019), estimated current data (2020), and forecasts for 2027 - by services (clinical research [phase II and phase III], pre-clinical [pharmacokinetics and toxicology], laboratory services, and others), therapeutic area (oncology and immunology), end user (pharma & biotech and medical device), and geography. The study also evaluates industry competitors and analyzes their market shares at the global and regional levels.

Based on service type, the clinical research services segment is estimated to account for the largest share of the overall contract research organizations market in 2020. The large share of this segment is mainly attributed to an increase in the number of clinical trials globally, growth in outsourcing activities to conduct clinical trials at low costs, and growth in collaborations between key players and clinical service providers to reduce failures.

Based on therapeutic area, the oncology segment is estimated to account for the largest share of the overall contract research organizations market in 2020. The large share of this segment is mainly attributed to an increase in the number of oncology clinical trials globally, growth in government investments for the development of personalized medicines for oncology, and high demand for biosimilars for cancer.

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Based on end user, the pharmaceutical & biotechnology companies segment is estimated to account for the largest share of the overall contract research organizations market in 2020. The major share of this segment is primarily attributed to an increase in R&D investments for drug development, growing collaborations of pharmaceutical companies with CROs to conduct clinical trials, and government initiatives to support the growth of pharmaceutical companies.

The report also includes an extensive assessment of the key strategic developments by leading market participants in the industry over the past four years (2016-2020). The contract research organizations market has witnessed several agreements, collaborations, partnerships, and alliances in recent years. For instance, in March 2020, IQVIAHoldings Inc. (U.S.) and the University of Texas Medical Branch (UTMB)collaborated to develop a novel assay for COVID-19 (SARS-CoV-2) tests. Similarly, in March 2020, Charles River Laboratories International, Inc. (U.S.) and Deciphex (Ireland)partnered to co-develop deep learning-enabled tools to support accelerated pathology analytics in drug discovery and development.

The contract research organizations market is a highly consolidated market with the presence of major players, such as IQVIA Holdings Inc. (U.S.), Laboratory Corporation of America Holdings (U.S.), Charles River Laboratories International, Inc. (U.S.), Wuxi Apptec Co., Ltd. (China), Medpace Holdings, Inc. (U.S.), PRA Health Sciences, Inc. (U.S.), Syneos Health, Inc. (U.S.), PARAXEL International Corporation (U.S.), Envigo RMS LLC (U.S.), ICON plc (Ireland), PPD, Inc. (U.S.), and SGS S.A. (Switzerland) among others.

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Scope of the Report:

Contract Research Organizations Market, by Service

Contract Research Organizations Market, by Application

(Note: Other therapeutic areas include hepatology, gastroenterology, ophthalmology, gastroenterology, respiratory diseases, dermatology, and muscular disorders)

Contract Research Organizations Market, by End User

Contract Research Organizations Market, by Geography

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Contract Research Organizations (CROs) Market Worth $64.4 Billion by 2027- Exclusive Report Covering Pre and Post COVID-19 Market Analysis by...