Global Contract Research Outsourcing Market to Reach $67.1 Billion by 2026

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Jun 25, 2021, 10:10 ET

SAN FRANCISCO, June 25, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Contract Research Outsourcing - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

Global Contract Research Outsourcing Market

FACTS AT A GLANCE
Edition: 16; Released: January 2021
Executive Engagements: 1653
Companies: 152 - Players covered include Albany Molecular Research, Inc.; Charles River Laboratories International, Inc.; Covance Clinical Biotech; ICON plc; IQVIA Inc; Jubilant Biosys Ltd.; Laboratory Corporation of America^® Holdings; Olon Ricerca Bioscience; PAREXEL International Corp.; Pharmaceutical Product Development, LLC.; Pharmaron; PRA Health Sciences, Inc.; Sygnature Discovery Limited; Syneos Health; SynteractHCR; WuXi AppTec and Others.
Coverage: All major geographies and key segments
Segments: Service Type (Clinical, Discovery, Pre-Clinical, Laboratory Services); End-Use (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, Academic Institutes)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; India; Rest of Asia-Pacific; Latin America; Rest of World.

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ABSTRACT-

Global Contract Research Outsourcing Market to Reach $67.1 Billion by 2026
Contract Research Outsourcing extends from mere manufacture of active pharmaceutical intermediates to development and manufacture of dosage forms, development of clinical research, and also to such areas as basic research and packaging. CROs provide specialist and innovative services in the areas of high throughput screening, potential drug target (gene/protein) identification, cGMP synthesis and scale up, impurity profiling, and advanced analytical chemistry techniques. Growth in the global market is being driven by multiple factors, one of the most important being the increasing number of drugs being developed, which has almost doubled over the past 10 years (from around 7500 in 2007 to 1500 in 2018). The emergence of new therapeutic modalities, drug discoveries, coupled with the increase in number of biotech companies and the advent of novel biological drugs are the other growth drivers. Patent expiries of major drugs worth around $200 billion during the next five years and rising competition from generic drugs, is enabling companies to increasingly turn to outsourcing of R&D so as to remain competitive and profitable. Technological advancements in recent times, such as data mining, artificial intelligence, digital health, big data technologies, and data-driven diagnostics are giving a boost to market growth. Further, the rising focus on personalized medicine is enabling pharma companies to strategize their research pipelines.

Amid the COVID-19 crisis, the global market for Contract Research Outsourcing estimated at US$44.9 Billion in the year 2020, is projected to reach a revised size of US$67.1 Billion by 2026, growing at a CAGR of 7% over the analysis period. Clinical, one of the segments analyzed in the report, is projected to grow at a 7.4% CAGR to reach US$48.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Discovery segment is readjusted to a revised 6% CAGR for the next 7-year period. This segment currently accounts for a 15% share of the global Contract Research Outsourcing market. Drug discovery represents a key service offered by CROs. Under drug discovery services, the CROs focus on offering highly efficient and well considered scientific solutions to facilitate various drug discovery programs against a broad array of drug targets.

The U.S. Market is Estimated at $19 Billion in 2021, While China is Forecast to Reach $3.8 Billion by 2026
The Contract Research Outsourcing market in the U.S. is estimated at US$19 Billion in the year 2021. The country currently accounts for a 40.41% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$3.8 Billion in the year 2026 trailing a CAGR of 9.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.1% and 6.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.7% CAGR while Rest of European market (as defined in the study) will reach US$4.2 Billion by the end of the analysis period. Robust growth in the US market is attributed to high quality standards within the pharmaceutical sector, spurt in clinical trials, robust growth posted by the biologics and biosimilars markets, and increasing focus of pharmaceutical and biopharmaceutical firms to embrace outsourcing services. The region boasts of the highest number of clinical trials - undertaken as well as outsourced in the world. There is also enormous support to the market from the federal government. The region's strong position is also attributed to presence of various industries that make huge investments in R&D activities. Growth in the Asia-Pacific region is supported by rapidly expanding pharmaceutical industry, low cost of clinical trials, supportive government policies, and increasing efforts by pharmaceutical companies to set up new manufacturing facilities.

Pre-Clinical Segment to Reach $8.8 Million by 2026
To increase the likelihood of a drug candidate's success during regulatory process, CROs offer services such as pre-clinical services. Pre-clinical R&D outsourcing allows players to purchase molecules during the latter stages of drug development for mitigating risks. In the global Pre-Clinical segment, USA, Canada, Japan, China and Europe will drive the 6.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$5.3 Billion in the year 2020 will reach a projected size of US$8.2 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$769.2 Million by the year 2026. More

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Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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