MCP-1534: CONTRACT RESEARCH OUTSOURCING – A GLOBAL STRATEGIC BUSINESS REPORT
April 20, 2017 – Focus on Specialized Technical Proficiency and Growing Pressure to Reduce R&D Costs Drive Growth in the Contract Research Outsourcing Market, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the Global Contract Research Outsourcing market. The global market for Contract Research Outsourcing is forecast to reach US$71.2 billion by 2022, driven by the growing efforts of pharmaceutical and biopharmaceutical companies to enhance productivity, optimize R&D costs and reduce time to market of new drugs.
Contract research outsourcing is an established concept, wherein pharmaceutical and biopharmaceutical companies engage a contract research organization (CRO) to perform various functions such as drug discovery, preclinical research, and clinical research, among others on a contract basis. Of late, majority of the pharma companies are depending on CROs to perform basic research-related tasks, for productivity improvement and cost optimization. There has also been a notable growth in allied and other functional services such as data management, patient recruitment, consulting and logistics. In particular, outsourcing activities to low cost locations has increased significantly over the years. Rising R&D costs, increasing number of clinical trials, and demand for outsourcing clinical trial and analytical testing services are some of the key factors driving demand for contract research outsourcing services. Other factors driving growth include patent expiration, growing preference for outsourcing activities among companies for reaping benefits of cost and time savings, increasing number of CRO collaborations for providing higher-end services, and the growing interest among government organizations to offer projects to CROs. Further, the positive macroeconomic scenario has pushed investments in innovation and resulted in a robust pipeline along with encouraging FDA approval rates. The commercialization of novel drugs is also likely to provide the required impetus to R&D activities in coming years. In addition, increasing R&D activities are expected to prompt sponsor companies to collaborate with CROs owing to limited capacity and access to specialized capabilities.
Positive economic trends along with encouraging developments in pharmaceutical, biopharmaceutical and medical device industries are driving demand for CROs. One of the major drivers for the market is increasing demand for effective and advanced drugs in both developed and developing economies. Expanded opportunities in the near term include addressing the demand for full service outsourcing by specialty biopharmaceutical companies, development of next generation of biomarker services, value added specimen management, clinical annotation services, real time data monitoring and reporting among others. The digital automation of clinical trials further offers new opportunities for CROs. Adoption of new tools and methodologies such as adaptive trials offer CROs the opportunity to streamline data collection, analysis and reporting to deliver optimum data-driven decision-making capabilities to pharma sponsors. New technologies are further allowing CROs to engage with sites and patients and access real-time patient information, thereby shortening patient enrollment times.
As stated by the new market research report on Contract Research Outsourcing, the United States represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 11.8% over the analysis period led by factors such as rapidly expanding domestic pharmaceutical industry; favorable foreign direct investment (FDI) policies in the pharmaceutical sector; low cost of clinical trials by over 20% to 30%; growing volumes of clinical trials conducted in developing Asian countries due to the availability of “willing” cohort of participants; and rise of emerging markets as preferred locations for conducting non-traditional research due to less strict legislations and research protocols.
Major players covered in the report include Albany Molecular Research Inc., Charles River Laboratories International Inc., Chiltern International Ltd., ICON plc, INC Research LLC, InVentiv Health Inc., Jubilant Biosys Ltd., Laboratory Corporation of America® Holdings, PAREXEL International Corp., Pharmaceutical Product Development LLC., Pharmaron, PRA Health Sciences Inc., Quintiles IMS Holdings Inc., Ricerca Biosciences LLC, Sygnature Discovery Limited, SynteractHCR and WuXi AppTec, among others.
The research report titled “Contract Research Outsourcing: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the USA, Canada, Japan, Europe, Asia-Pacific (China, India and Rest of Asia-Pacific), and Rest of World. Service types analyzed in the report include Drug Discovery, Preclinical Research and
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