Contract Research Organization Services (CROs) Market Dynamics

(IT-NEWSWIRE.COM, March 11, 2021 ) The global Contract Research Organization services market is projected to reach USD 73.77 billion by 2025 from USD 47.77 billion in 2020, at a CAGR of 9.1% during the forecast period.

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Market Dynamics:

Growth Drivers

1. Growing R&D expenditures

2. Increased outsourcing of R&D activities

3. Increasing demand of outsourcing analytical testing and clinical trial services

4. Increase in clinical trials

Restraints

1 Regulatory pressure on CROs

Market Opportunities

1 Growing biosimilars and biologics market

2 Rising demand for specialized testing services

Challenges

1 Growing competition in the CRO industry

2 Regulatory pressure on pharma and medical device manufacturers to drive more detailed chemical analysis of drugs, and devices

3 Shortage of skilled professionals

Key Market Players

The prominent players in the global CRO services market are IQVIA (US), LabCorp (US), PAREXEL (US), PRA Health Sciences (US), PPD (US), ICON plc (Ireland), Syneos Health (US), Charles River (US), WuXi AppTech (China), SGS (Switzerland) and Medpace (US).

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IQVIA dominates the CRO services market, led by its strong performance in the biopharmaceutical services industry with extensive geographical coverage. The company’s foothold in the market is primarily attributed to various factors such as strong technical and service capabilities, good client relationships, diversified service offerings, and its ability to expand the penetration of its offerings to a broad range. The company has registered significant growth in the biopharmaceutical services industry, and has a presence in all major markets, including the US, Japan, Germany, France, Spain, and Italy, in addition to Brazil, Russia, India, and China (BRIC countries). To increase its geographic presence and customer base, the company focused on expansion as a key growth strategy. Over the past three years, the company has made three major expansions. Moreover, IQVIA also focused on mergers and acquisitions to enhance and strengthen its position in the global market.

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Contract Research Organization Services (CROs) Market Dynamics