Global Contract Research Organization (CRO) Services Market
Brussels, Belgium, May 10, 2022 (GLOBE NEWSWIRE) — The description:
The penetration level of outsourcing to CROs varies by function and is highest in the lab testing, clinical trials and post-approval stages compared to the discovery and pre-clinical stages. The percentage of outsourcing is proportional to the complexity and regulatory expertise required at each stage. Some of the typical reasons why the pharmaceutical, biotechnology and medical device industries outsource to CROs are:
- Better return on R&D investment
- Lack of internal capacity (especially small biopharmaceutical companies)
- Increasing complexity in the development of targeted therapeutic areas such as immuno-oncology therapies
- Strict regulatory requirements
- Time and profitability
Impact of Covid-19: Growing attention to virtual clinical trials
CROs proactively convert site activity to decentralized/virtual testing, where possible, to maintain the integrity and regulatory compliance of ongoing studies.
“COVID-19 has necessitated the rapid adoption of a decentralized clinical trial approach to monitoring clinical trials. There was a brief period where, with the pandemic, most companies faced a massive shutdown of their clinical trial activities, which necessitated rethinking, reorganizing and redefining how best to re-engage these sites with the clinical trials they currently have going on. – Former Division Head, Industry Leading CRO, USA
Market trend towards full-service CRO/one-stop-shop model
Due to the inherent complexities of drug development, biopharmaceutical companies are looking for a full-service CRO offering throughout the drug development lifecycle. In addition to the breadth of services (preclinical, clinical and commercialization), the trend is for CROs offering scalable services, specialized technologies and having a global presence.
Increasing complexity of therapies and Clinical tests
The CRO industry is witnessing the growing complexity of clinical trials and targeted therapeutic areas (such as oncology, CNS, cardiovascular, diabetes), making them more expensive and difficult to develop in-house. Additionally, the changing regulatory environment and heavy penalties for non-compliance add to the time, cost and complexity of drug development, making outsourcing more lucrative.
Competitive landscape Analysis: Contract Research Organization (CRO) Services Market
The CRO industry has undergone intense consolidation over the past decade, moving from a highly fragmented market to a fairly consolidated landscape today. This trend is primarily driven by demand from big pharma to partner with fewer full-service CROs. Some of the major players operating in the contract research organization (CRO) services market include IQVIA, Labcorp, Syneos Health, Thermo Fisher Scientific, Parexel, ICON, Charles River, WUXI Apptec, Pharmacon Beijing, SGS, among others.
Explore In-Depth Insights on CRO Services Market @ https://meditechinsights.com/contract-research-organization-cro-services-market/
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