Contract Research Organization (CRO) Market Outlook to 2024 - Increased Technology Adoption in the Form of eClinical Solutions & Innovative Trial Designs Expected to Transform the CRO Landscape
Owing to a constantly changing pharmaceutical landscape, the industry is expected to witness a moderate 4% to 5% growth in the next 5 to 7 years, to surpass $1.5 trillion by 2025.
Increased technology adoption in the form of eClinical solutions and innovative trial designs is expected to transform the CRO landscape.
In coordination with the industry growth, market participants are investing about 8% to 10% of their revenues toward drug discovery and development. With an overall R&D investment of approximately $170 billion in 2018, the industry is working toward developing new and innovative curative therapies (e.g., regenerative medicine).
As a result of a higher R&D activity, there is higher reliance on outsourcing partners (e.g., CRO vendors) that support pharma and biotech participants with cost-effective and time-efficient drug development services. The global CRO industry is a highly fragmented and competitive market, with more than 1,000 participants globally.
Europe is emerging as a key location for clinical research, with several small-to-mid segment niche CROs focusing on the region and, hence, propelling growth. Moreover, with APAC providing cheaper but effective alternatives for drug development, several big pharma companies are collaborating with participants in the region, thereby, making it the strongest growing region across the CRO industry.
A highly fragmented market is a result of numerous small-to-mid segment participants focused on either a specific therapy area or specific service segment. This, in turn, is propelling consolidation in the industry, with leading CROs acquiring these niche participants, thus, increasing their service portfolio and geographic span.
The global CRO market is also witnessing an increased adoption of digitization in the form of eClinical solutions, using AI and machine learning-based platforms, providing an opportunity for several CROs to position themselves in the segment. Several technology-focused CROs are now developing in-house expertise which is changing the global clinical trial paradigm with the implementation of adaptive, virtual, and remote clinical trials. The companies are also moving toward an embedded business model by integrating their services with that of the sponsor's business strategy, thereby, supporting as an end-to-end solution provider.
Key Issues Addressed
How will contract research outsourcing help in drug development by saving time and cost for manufacturers?
What is the impact of market growth in different regions?
Which are the dominant market participants in the CRO market and their market share contribution?
What are the key market trends observed toward expansion of contract research organizations in drug development across key therapeutic areas?
Do the products and services offered today meet customer needs or is additional development needed?
What are the key segments to look out for and what are the key trends in the market?
Key Topics Covered
1. Executive Summary
Key Findings
Market Engineering Measurements
CEO's Perspective
Executive Summary - 3 Big Predictions
2. Total CRO Market - Overview
Scope and Segmentation
Market Segmentation - Key Sections Covered
Methodology
Key Questions to be Answered
6 Big Themes for the Global CRO Market
3. Drivers, Restraints, and Trends - Total CRO Market
Market Drivers
Market Restraints
Forcefield Analysis of Drivers and Restraints
Challenges Associated With Conducting Clinical Trials
Evolution of Pharma-CRO Collaboration Models
Changing Global Clinical Trial Paradigm
Clinical Trial Patient Enrichment Strategies - Case Studies
4. Total CRO Market - Forecasts and Trends
Market Engineering Measurements
Split of Clinical Trials by Therapy Area and Region
Total CRO Market - Revenue Forecast
Total CRO Market - Revenue Forecast by Segment
Percent Revenue Share by Segment
5. Discovery and Preclinical CRO Market Analysis
Drug Discovery and Preclinical CRO Market - Market Engineering Measurements
Key Market Assumptions
Breakdown of Preclinical Drug Development Activities
Drug Discovery and Preclinical CRO Market - Revenue
Drug Discovery and Preclinical CRO Market - Revenue Forecast
Drug Discovery and Preclinical CRO Market - Revenue Forecast by Non-Clinical Segment
Discovery and Preclinical CRO Market - Competitive Landscape
Benefits of AI Implementation in Drug Discovery
AI Major Applications Within Drug Discovery - Use Cases
Project MELLODDY - AI and Blockchain-based Research Consortium to Accelerate Drug Discovery
Digital Marketplace for Preclinical Cancer Research
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