April 15, 2024
Contract Research Organization (CRO) Market is Projected to Grow at 10.6% CAGR by 2033: VisionGain


Visiongain Reports Limited

VisionGen has published a new report titled Contract Research Organization (CRO) Market Report 2023-2033: Forecast by service (preclinical, clinical, laboratory services, consulting services, data management services), therapeutic area (oncology, CNS, cardiology, infectious, metabolic, others), by company size (large pharma and biotech companies, midsize) Pharma and biotech companies, small pharma and biotech companies, drug types (small molecule, large molecule) and regional and leading national market analysis plus leading companies analysis and COVID-19 impact and recovery pattern analysis,

The contract research organization (CRO) market is valued at US$68.9 billion in 2023 and is projected to grow at a CAGR of 10.6% during the forecast period 2023-2033.

Increasing demand for clinical trials globally Estimated to accelerate industry development
The market for biopharmaceuticals is growing, as the need for health care is increasing due to an aging population, and the biotech, pharmaceutical and medical device industries are expanding to meet this demand. As a result, there has been an increased demand for effective clinical studies to ensure the efficacy and safety of products. There are about 266 thousand open clinical trials going on around the world. There are now more than 105,000 open clinical investigations being conducted in the United States alone.

Biologics and other pharmacological drugs are the focus of these trials. Positive market growth for clinical trial services has led to increased finance and investment, M&A (mergers and acquisitions) activity, use of CROs (contract research organizations), and availability of functional service providers. Other factors influencing the expansion of the diagnostic testing services market include the recent adoption by the FDA (Food and Drug Administration) of simplification of the authorization process, advancement of genomics, and the launch of medicinal products with genetic profiles. which are adapted to patients or diseases. ,

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What impact has COVID-19 had? Important Positive Effect But contract research organizations- (CRO) market?
COVID-19 changed the world profoundly and rapidly and demanded an international response. While some industries – such as retail, hospitality and transportation – came to a complete halt, others – such as healthcare – had to make immediate adjustments to deal with the dire humanitarian situation brought about by Covid-19. Clinical trial professionals in the life sciences sector have had to rapidly adjust to offer surrogate technologies for patient tracking and treatment in a situation when physical access was not an option. Many data collection methods that had existed for some time but were not widely used were quickly adopted in clinical investigations conducted during the pandemic.

As a result of a situation they had never faced before, sectors were forced to rapidly adapt and amend the COVID-19 pandemic last year. To survive, industries banded together, became inventive, and stepped out of their comfort zones. In a world where traditional, on-site procedures are no longer an option, there was a need for rapid restructuring to make room for alternative methods of monitoring and care for clinical trial participants.

How Desire Will you benefit from this report?
VisionGain’s 353-page report provides 141 tables, 201 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analysis of the contract research organizations (CRO) market, as well as detailed segment analysis of the market. Our new study will help you evaluate the overall global and regional market for contract research organizations (CROs). Get financial analysis of the overall market and various segments including product, application, technology, end user and company size and gain higher market share. We believe there are strong opportunities in this rapidly growing contract research organization (CRO) market. See how to utilize the existing and upcoming opportunities in this market to achieve revenue gains in the near future. Furthermore, the report will help you improve your strategic decision making, allowing you to formulate growth strategies, reinforce your analysis of other market players, and maximize company productivity.

What is current market drivers,

Patent expiration and rising demand for generic drugs are expected to drive CRO growth
Generic drugs are less expensive than name-brand drugs, still offer the same therapeutic benefits and safety considerations. The desire to reduce rising health care costs is one of the key elements driving the market for generic drugs. Patent expiration opened the market to many generic products that were less expensive. Patent expiration is a sign of a thriving market as generic manufacturing companies outsource more than 80% of their manufacturing to CDMOs. Revlimid by Bristol Myers Squibb, Lucentis by Roche, Alimta by Eli Lilly, and Restysis by AbbVie are some of the well-known drugs whose US patents expire in 2022. Additionally, the following are some of the well-known drugs whose U.S. patents will expire in 2023 – Humira (adalimumab) by AbbVie, Stelara (ustekinumab) by Johnson & Johnson, Vyvanse (lisdexamfetamine) by Takeda Pharmaceutical Company, and Vyvanse (lisdexamfetamine) by Sanofi. Aubagio (teriflunomide).

Increasing R&D investments by pharmaceutical and biotech companies estimated To promote market growth
Due to advances in biotechnology, there is a growing need to outsource various stages of drug development to manage capacity and gain access to scientific and process innovation to produce medicinal substances that are both effective and efficient. Investment savings through compounded temporary savings could exceed $0.5 billion following the success of the biotech sector in Europe. In the United States, which has the world’s largest R&D market, the benefits of this concept of compound time savings are already being seen. As a result, outsourcing drug development activities enables pharmaceutical companies to release new drugs more rapidly, while also improving the productivity and efficiency of clinical trials.

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where are market opportunities,

Increasing demand for biological treatments anticipated Offering attractive growth prospects
Over the next years, it is projected that the shares of biologics, biosimilars, and large-molecule drugs will increase due to the release of novel biologic-based treatments and increased sales of existing biologics. The FDA has authorized more than 200 biologics in the last ten years. Thirty-seven drugs have been granted FDA approval in the United States; Fifteen of them, or 40.5%, were biology. In the biologics category, novel mechanisms include antibodies, fusion proteins, peptides, and enzymes beyond those found in nature.

Applications of Artificial Intelligence can lead to faster, safer and much less expensive clinical trials
It is believed that great treatments are often developed by using efficient patient data. The pharmaceutical business is becoming more aware of the efficiencies that can be generated by successfully using data throughout a drug’s lifecycle as data is being generated at an unprecedented rate these days. As new technologies are being created, adopted and deployed, businesses, researchers and healthcare providers are being forced to rethink some of their more established practices. One area with great potential is clinical trials. Clinical trials can be developed differently thanks to AI, even though it has not been widely adopted and used in this field. Thanks to AI technologies, clinical studies can be conducted faster, safer, and cheaper. Taking into account AI and cutting-edge data analytics, AI can provide pharmaceutical businesses with greater knowledge to advise them on their decisions. For example, on August 30, 2023, QuantHealth, an AI-powered clinical trial design startup, received $15 million Series A funding from Bertelsmann Investments and Pitango HealthTech to scale the success of clinical trials. On June 29, 2023, Insilico Medicine announced that their first drug created entirely by artificial intelligence, INS018_055, has entered clinical trials with human patients to treat idiopathic pulmonary fibrosis.

competitive landscape
Major players operating in the contract research organization (CRO) market are Charles River Laboratories, CMIC Holdings Company Limited, Cadya, ICON PLC, IQVIA Inc., LabCorp Drug Development, Medpace, Parexel International (MA) Corporation, PPD (Thermo Fisher Scientific Inc. .), Syneos Health, Worldwide Clinical Trials, Wuxi AppTech, Eurofins Scientific, Evotec SE, Elusant, Syngene International Ltd., Anthem Biosciences Pvt. Ltd., The Emmes Company LLC, Bio-Techn, Inotiv, Frontage Labs. Key competitors in this market have adopted a variety of strategies, including mergers and acquisitions, investments in R&D, partnerships, collaborations, regional company expansion, and new product launches.

recent developments

  • On February 15, 2023, Charles River Laboratories International, Inc. and PureSpring Therapeutics, a leading gene therapy company focused on transforming the treatment of kidney diseases, announced a Plasmid DNA Contract Development and Manufacturing Organization (CDMO) collaboration.

  • On March 10, 2023, LEO Pharma and ICON plc announced a strategic partnership that will enable LEO Pharma to enhance patient-focused and cost-effective clinical trial execution, and which will further the company’s vision of creating one of the most effective and efficient Will support the overall ambition. Clinical portfolio execution organization in the industry.

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About VisionGain

VisionGain is one of the fastest growing and most innovative independent market intelligence providers, the company publishes hundreds of market research reports which it adds to its extensive portfolio every year. These reports offer in-depth analysis of 18 industries from around the world. The reports, which cover 10-year forecasts, are hundreds of pages long, including in-depth market analysis and valuable competitive intelligence data. Visiongain operates across a variety of vertical markets with a lot of synergy. These markets include automotive, aviation, chemical, cyber, defence, energy, food and beverage, materials, packaging, pharmaceutical and utility sectors. Our customized and syndicated market research reports offer a tailor-made sample of market information tailored to your own business needs.

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