Product launches and research for advanced Contract Research Outsourcing Market
NEW YORK, NY, UNITED STATES, December 12, 2021 /EINPresswire.com/ — According to the current analysis of Reports and Data, the global Contract Research Outsourcing market was valued at USD 38.18 Billion in 2018 and is expected to reach USD 68.14 Billion by the year 2026, at a CAGR of 7.4 %.
The study covers Contract Research Outsourcing – An organization that offers comprehensive services to biotechnology, pharmaceutical, and medical devices industries. Contract Research Outsourcing offers a wide range of support services like project management, clinical trial data management, database design & build, preclinical research, biopharmaceutical development, data entry & validation, biologic assay development, medicine and disease coding, safety and efficacy summaries, and others.
Rise in demand and increased number of clinical trial all over the globe, increased research and development budget and increased outsourcing activities, improved focus of pharmaceutical industries on R&D, and developing novel products boosts the contract research outsourcing market. Likewise, increase in the demand of specialized testing services, emerging new marketplaces, and innovative technologies developing more efficient and safer products, are some of the other key factors propelling contract research outsourcing market growth in the industry. However, fiercely competitive market environment and lack of skilled professionals, are expected to be the major restraints for market growth during 2019-2026.
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Some of the key companies operating in the global Contract Research Outsourcing market are:
Charles River Laboratories, Parexel International, IQVIA, Covance, PRA Health Sciences, LabCorp, Pharmaceutical Product Development (PPD), Clinitec, ICON plc, Medidata Solutions, and EPS International.
The pharma and healthcare sector is rapidly growing in the recent past and is expected to register substantial revenue share over the forecast period of 2028. Factors such as technological developments in the healthcare and pharma field, improving healthcare infrastructure and increasing healthcare expenditure are key factors boosting market growth. The market dynamics have completely changed after the outbreak of COVID-19 pandemic. Increasing prevalence of various chronic diseases, high occurrence of diabetes, cancer and cardiovascular disorders and rising number of accidents across the globe are fueling growth of the global Contract Research Outsourcing market. In addition, increasing investments in research and development activities, high adoption of personalized medicines and ongoing research on drug discovery are further boosting market growth.
The report is curated using extensive primary and secondary research which is thoroughly evaluated by industry experts and professionals. Advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, and investment return analysis are used to obtain the report data. This data is represented through various diagrams, graphs, tables, and charts to help the reader understand the market dynamics accurately. The report also provides information about each market player, its global position, business expansion plan financial status, license agreement, and product and services portfolio.
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Further key findings from the report suggest
• Contract Research Outsourcing market is growing at a CAGR of 8 % in Asia Pacific followed by North America and Europe, with 7.23 % and 7.21 % CAGR, respectively. Rising demand and increased number of clinical trial all over the globe is the prominent factor to accelerate the market growth during the forecast period across all regions.
• As of 2018, Early Phase Development Service is the dominating Contract Research Outsourcing market which holds 30.2 % of the global market. North America regional market is the chief revenue generating source for this product segment, followed by Europe and Asia-Pacific regions
• Consulting Services is expected to be the Second fastest growing market segment during forecast period 2019-2026 with a CAGR of 7.4 %. However, associated competitive structure of the market and lack of skilled professionals are major challenge for the market growth of this market segment
• Oncology therapeutic area type segment is expected to continue dominating the Contract research Outsourcing market, It was valued at USD 13.35 billion in 2018 and is expected reach USD 24.4 billion by 2026, expanding at a CAGR of 7.8 %.
• Asia Pacific is anticipated to account for the 17.6 % of the global Contract Research Outsourcing market. Emerging countries such China, and India are likely to witness high growth due to increased demand for Contract Research Outsourcing.
• Associated intellectual property disputes at various levels related to Contract Research Outsourcing and lack of skilled professionals is likely to hinder the market growth during the forecast period
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For the purpose of this report, Reports and Data has segmented the Contract Research Outsourcing market on basis of type, Therapeutic Area type, end use, and region:
Product Type (Revenue, USD Million; 2016–2026)
• Early Phase Development Services
o Discovery Studies
o Chemistry, Manufacturing & Control (CMC)
o Preclinical Services
• Clinic Research Services (CRS)
o Phase I CRS
o Phase II CRS
o Phase III CRS
o Phase IV CRS
• Laboratory Services
o Bioanalytical Testing
o Analytical Testing
• Physical Characterization
• Toxicology Testing
• Stability Testing
• Raw Material Testing
• Other Analytical Testing
• Consulting Services
• Pharmacokinetics/Pharmacodynamics (PK/PD)
• Batch Release Testing
Therapeutic Area Type (Revenue, USD Million; 2016–2026)
• Immunological Disorders
• Central nervous system (CNS) Disorders
• Cardiovascular Diseases
• Infectious Diseases
• Respiratory Disorders
End Use (Revenue, USD Million; 2016–2026)
• Pharmaceutical and Biopharmaceutical Companies
• Medical Device Companies
• Academic Institutes
• North America (U.S., Canada, Mexico)
• Europe (Italy, U.K., Germany, France, Rest of Europe)
• Asia Pacific (India, China, Japan, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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