Pharma Contract Market Size with Growth Opportunities, Top Countries Data, Future Trends and Share with Revenue Forecast 2022 to 2031

Kenneth Research, in its repository of market research reports, have recently added a report on Pharma Contract Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Pharma Contract Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Pharma Contract Market products.

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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.

The Pharma Contract Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2024, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.

Global Pharma Contract Research Organization Market – Drivers, Opportunities, Trends, and Forecast: 2018-2024
Overview: Contract Research Organization (CRO), also sometimes referred as also referred as clinical research organization are key constituent of the drug development process, offers range of services to pharmaceutical and biopharmaceutical companies. CRO’s can provide services such as early phase development services (includes discovery studies, chemistry, manufacturing & control), Pharmacokinetics/Pharmacodynamics (PK/PD), toxicology testing, clinic research services (Phase I, Phase II, Phase III, Phase IV), laboratory services, analytical and bioanalytical testing, physical characterization, and consulting services. CRO also extend their services to governmental institutes, Universities, in addition to research institutions. CRO’s help in the drug development various major diseases such as oncology, cardiovascular disease, diabetes, infectious diseases, CNS disorders, respiratory disorders and other disorders.

The market for pharma contract research organization is driven by increasing outsourcing of research and development by pharmaceutical companies, increasing clinical trials across the globe, increasing number of patent expiration and growth in biopharmaceuticals market are some of the factors driving the growth of CRO market, whereas, lack of skilled personnel and quality issues related to services offered by CROs are limiting the growth of CRO market to an extent.

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Market Analysis: The “Global Pharma Contract Research Organization market” is estimated to witness a CAGR of 8.2% during the forecast period 2018-2024. The global market is analyzed based on three segments -Service type, therapeutic area and regions.

Regional Analysis: The regions covered in the report are the North America, Europe, Asia Pacific, and Rest of the World (ROW). North America is the major shareholder in the global pharma contract research organization market, followed by Europe. Increasing growth of biopharmaceutical market, high quality standards of pharma and biopharma industry and availability of advanced technologies makes North America major shareholder of pharma CRO market. Asia Pacific is expected to grow at high CAGR during forecasted period due to increasing research activities, growing patient pool, and flexible regulatory environment for clinical trials.
Service Type Analysis: The pharma contract research organization market by service type is segmented into discovery, preclinical studies, clinical studies and others. Among these, clinical study services accounted for the highest market share in 2017, due to increasing prevalence of lifestyle and metabolic diseases, growth in the elderly population and increasing clinical trials globally.

Therapeutic Area Analysis: The market by therapeutic area is segmented into oncology, infectious disease, cardiovascular disease, CNS disorders, immunological disorders, respiratory disease, diabetes and others. Oncology occupied a major market share in 2017 and is expected to remain same for next five years. This is due to increasing global prevalence of cancer across the globe and high number of ongoing clinical trials in this segment.

Key Players:
Laboratory Corporation of America Holdings (Covance), Charles River Laboratories, Inc., Pharmaceutical Product Development Inc., IQVIA Holdings Inc., PAREXEL International Corporation, ICON plc, Syneos Health, Inc., Medpace Holdings, Inc., Envigo, Evotec AG, Eurofins Scientific, PRA Health Sciences, Inc., WuXi AppTec, Inc., SGS SA, EPS International, Genscript Biotech Corporation and niche players.

Competitive Analysis: There is increase in acquisitions and mergers by the CRO’s in recent years to gain global foothold in the highly competitive CRO market. For instance, in August 2017, LabCorp acquired CRO Chiltern for $1.2 billion, which will become part of the company’s Covance Drug Development business. This will strengthen LabCorp’s Position as a Global Life Sciences Company with Leading Diagnostics and Drug Development Businesses. In August 2017, Avista Healthcare and CRO Envigo have entered into a definitive merger agreement under which Envigo will become a wholly owned subsidiary of Avista. In August 2017, Mercachem and Syncom, two of the leading European drug discovery Contract Research Organizations (CRO), announced the merger of two companies that will result in the formation of Mercachem-Syncom Group, with more than 300 employees and operations in Nijmegen and Groningen. In addition, the company has numerous partnership to enhance their service capabilities. For instance, In March 2018, PAREXEL announced a partnership with CHA Medical Group to increase its early phase clinical development capabilities in South Korea. WuXi AppTec entered into partnership with biopharmaceutical company Antengene Corporation to accelerate drug development for oncology.

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Benefits: The report provides complete details about the services offered by pharma contract research organizations in various therapeutic verticals and regions. With that, key stakeholders can know about the major trends, drivers, investments, and vertical player’s initiatives. Moreover, the report provides details about the major challenges that are going to impact on the market growth. Additionally, the report gives the complete details about the key business opportunities to key stakeholders to expand their business and capture the revenue in the specific verticals to analyze before investing or expanding the business in this market.

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