Contract research organizations are service entities that support the pharmaceutical and biotechnology industry with l research services, primarily in pharmaceutical and medical products. Contract research organization can range from small, complete international organizations to small specialized groups, and their clients can transfer experience from the development of a new drug or device to FDA approval in the market. Deploying contract research organization enables outsource research services with no need of maintaining the in-house staff for the task. The prevalence of cancer and other chronic diseases increases the required specialized research demand, as most of the pharmaceutical players in this segment are small and medium-sized organizations. As pharmaceutical and healthcare organizations sense the pressure due to high drug costs, they continue to look for ways to reduce the cost of medicines without losing profits. Thus growing trend of partnering with contract research organization for research outsourcing is set to drive the global market in the coming period.
Recently, In February, 2021, Veeda Clinical Research and Somru BioScience made partnership over setting up a Biotherapeutic Contract Research Organization in India. The board of directors of both the companies aim to expand their service offerings through their expertise in bioassay kit development and clinical services through this alliance.
The global contract research organization market is broadly diversified on the basis of type, therapeutic area, end-user, and regions. Based on the service type, the global market for contract research organization is categorized into consulting services, clinical research services, laboratory services, and early-phase development services. By therapeutic area, the global market is bifurcated into, infectious diseases, immunological disorders, central nervous system (CNS) disorders, respiratory disorders, diabetes, cardiovascular diseases, oncology, and others. Moreover, the global contract research organization market is also divided based on end-user such as medical device companies, pharmaceutical & biopharmaceutical companies, and others.
North America is leading market contributor owing to the presence of several global players that invest a significant part of their revenues in research activities. Asia and the Pacific are expected to experience the fastest growth in the forecast period due to lower costs compared to the US and other developed economies. Great growth is expected in the regional contract research organization markets such as India, Japan, and China due to the high prevalence of the disease.
Some of the leading names serving the global contract research organization market include ICON plc, PAREXEL, Medpace, LabCorp, WuXi, PRA Health Sciences, PPD, IQVIA, AppTech, Charles River, SGS and Syneos Health.