SEATTLE–(BUSINESS WIRE)–#CROmarket–According to Coherent Market Insights, the U.S. contract research organization (CROs) market is estimated to be valued at US$ 12,174.4 million in 2019, and is expected to exhibit a CAGR of 9.4% during the forecast period (2019-2027).
Key Trends and Analysis of the U.S. Contract Research Organization (CROs) Market:
In order to increase success rate of drug discovery programs and decrease R&D costs, pharmaceutical companies seek to accelerate every stage of drug discovery process, starting from target identification to preclinical drug candidate. Increasing research and development expenditure has led to an increase in number of drug approvals in the recent past. For instance, according to the Pharmaceutical Research and Manufacturers of America (PhRMA), 2018, the overall research and development spending of pharmaceutical and biotechnology companies was around US$ 62.2 billion in 2018 compared to US$ 55.8 billion in 2017, which was majority of all biopharmaceutical R&D spending in the U.S.
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Increasing adoption of inorganic growth strategies such as acquisition to strengthen service portfolio by major players operating in the market is expected to drive the market growth during the forecast period. For instance, in August 2018, Syneos Health, Inc. acquired Kinapse, a leading advisory and operational solutions provider. This acquisition would help Syneos Health to expand regulatory, safety, and pharmacovigilance consulting and operations. Moreover, In May 2018, Ritter Pharmaceuticals, Inc. collaborated with Medpace: a clinical research organization (CRO), to conduct the first of two pivotal Phase 3 clinical trials for RP-G28 in patients with lactose intolerance (LI).
Furthermore, increase in strategic collaboration for development of innovative therapies for treatment of various health conditions such as immunological disorder is expected to drive the growth during the forecast period. For instance, in August 2019, Pharmaceutical Product Development, LLC entered into a collaborative agreement with Harbour BioMed (HBM), a global clinical-stage biopharmaceutical company, to conduct clinical studies for its research pipeline on anti-cancer immunotherapy
Key Market Takeaways:
- The U.S. contract research organization (CROs) market is expected to exhibit a CAGR of 4.7% during the forecast period (2019-2027), increasing initiatives by key players to innovative services and products for managing the processes ranging from drug development to commercialization. For instance, in March, Parexel International Corporation launched PAREXEL’s Medical Writing Solutions for offering communication services throughout the process of drug development and commercialization.
- Among size of CRO, large size segment is expected to hold significant share in the U.S. contract research organization (CROs) market over the forecast period, owing to increasing mergers & acquisitions by key players. These large-sized players have acquired numerous small and mid-sized CROs, in order to expand their service offering in different therapeutic areas and service modules such as full service, hybrid, and functional service along with expansion into newer markets. For instance, in May 2017, inVentiv Health and INC Research announced US$ 7.0 billion merger to form Syneos Health, one of the largest outsourcing providers. The merger has led to increase client base for Syneos Health.
- Major players operating in the U.S. contract research organization (CROs) market include Laboratory Corporation of America Holdings (Covance), IQVIA, Paraxel International Corporation, Syneos Health, PRA Health Sciences, Charles River Laboratoires International Inc. (CRL), Pharmaceutical Product Development (PPD), ICON Public Limited Corporation, Wuxi Apptec, Medpace Holdings, Inc, Medidata Solutions, Inc., Theorem Clinical Research, Pharmaron, Envigo, Clinipace, CMIC Holdings Co., Ltd, EPS International, Synteract, CROMSOURCE, Pharm-Olam, Linical Accelovance, Accumedix, Inc., AlcheraBio LLC, Amarex Clinical Research LLC, Arianne Corporation, Absolute Research Solutions, BioClinica Inc., BioPharma Services Inc., Neurovasc Preclinical Services, Inc., PSI, WCCT Global Inc., RHO, Inc., CATO Research LLC, Spaulding Clinical Research, Celerion, Clindatrix, Inc., Comparative Biosciences, Inc., Axiom Real-Time Metrics, CPC Clinical Research, Axis Clinicals LLC, DP Clinical, Egeen Inc., Grayline, Cmed, Integrium, LLC, MedTrials, Novum, Shin Nippon Biomedical Laboratories, Ltd., KPS Life, Pinnacle Research Group, LLC Promedica International., Alta Science, Prometrika, LLC, 4clinics, and Premier Research.
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U.S. Contract Research Organization (CROs) Market, By Service Type:
- Drug Discovery
- Preclinical studies
- Early Phase I – IIa
- Phase IIa – III
- Phase IIIb – IV
- Drug Development
- Medical Coding and Writing
- Clinical Data Management
- Site Management
- Protocol Development
- Biomarker Discovery
U.S. Contract Research Organization (CROs) Market, By Therapeutic Application:
- Cardiovascular Diseases
- Central Nervous System Diseases
- Infectious Diseases
- Metabolic Disorders
- Immunological Disorders
- Respiratory Disorders
U.S. Contract Research Organization (CROs) Market, By Size of CRO:
- Small Size
- Medium Size
- Large Size
- Company Profiles
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