Latest Study explores the Contract Research Organization Services Market Witness Highest Growth in Near Future

 


Emergence of Covid-19 pandemic is expected to propel growth of the contract research organization services market. For instance, globally, as of 4:03pm CET, 1 March 2021, there have been 113,820,168 confirmed cases of COVID-19, including 2,527,891 deaths, reported to the World Health Organization. Moreover, increasing investment in biological therapies is also expected to aid in growth of the market. For instance, in April 2020, i2O Therapeutics, a Harvard-launched biotech company developing a platform for oral delivery of injectable biological drugs, raised US$ 4 million in seed funding led by Sanofi Ventures and JDRF T1D Fund.

Launch of new products is expected to offer lucrative growth opportunities for players in the contract research organization services market. For instance, in January 2020, WuXi Advanced Therapies, a global contract development and manufacturing organization, launched fully integrated adeno-associated virus Vector Suspension Platform to help accelerate the timeline for cell and gene therapy development. Moreover, increasing cost and time required for drug development is also expected to aid in growth of the market. For instance, the cost of drug development was US$ 2.6 billion, which included average out-of-pocket costs of US$ 1.4 billion and time costs of US$ 1.2 billion, according to a study by the Tufts Center for the Study of Drug Development published in the Journal of Health Economics in May 2019.

Among regions, North America is expected to witness significant growth in the contract research organization services market, owing to increasing number of patent expirations in the region. For instance, Boehringer Ingelheim’s Atrovent HFA (ipratropium hfa) used for the treatment of chronic obstructive pulmonary disease and AstraZeneca’s Bydureon (exenatide) used for the treatment of type 2 diabetes is expired in May 2020 and October 2020, respectively.

The growth of the market is also driven by increasing prevalence of chronic disorders in the region. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.  

Competitive Analysis

Major players operating in the global contract research organization services market include, IQVIA, LabCorp, PAREXEL, ICON plc, PPD, PRA Health Sciences, Syneos Health, Charles River, WuXi Advanced Therapies, Medpace Holdings, SGS, Envigo, and MPI Research.

Major players in the global contract research organization services market are focused on adopting collaboration and partnership strategies to expand their product portfolio. For instance, in March 2020, Medpace Holdings, Inc., a healthcare CRO, partnered with Medidata Solutions, a software-as-a service company, to integrate its imaging systems and workflow with Medidata Rave imaging for clinical trials.

 


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