SINGAPORE, June 15, 2017
/PRNewswire/ -- The clinical trials and research outsourcing
"Expanding CRO services into early stages of drugs, emergence of virtual biotech, out-licensing, and risk sharing between pharma and CROs are disrupting traditional business models," noted Transformational Health Research Analyst Sanjeev Kumar. "They are also opening up greater opportunities for CROs in terms of access to a huge market, newer areas such as commercial and post-launch, bioanalytical testing and development services, and partnerships with small-to-midsize biotech and virtual pharma customers."
Global CRO Market, Forecast to 2021, new research from Frost & Sullivan's Life Sciences Growth Partnership Service program, finds that the CRO market will reach revenues of US$64.58 billion by 2021. The study is an overview and analysis of the global CRO market by phase, therapeutic type, and region. It also profiles some of the game changers in the market, including SGS Life Sciences with its wide range of analytical, bioanalytical and clinical trial testing services and process management capabilities; LabCorp-Covance with its leading-edge clinical laboratory testing services; and WuXi AppTec, an integrated clinical trials company providing leading open-access R&D capability.
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"Globalization of trials, which is a prerequisite for drug development, continues to bolster pharma company outsourcing of research and drug clinical testing to CROs with a global presence, instead of employing their in-house R&D resources," said Kumar. "Offering specialized research technologies for drug development will help CROs compete against in-house R&D services."
Some avenues of strong growth for CRO market participants include:
"The volume of outsourcing to emerging markets is expected to increase significantly, even as North America retains a large portion of the high-value business," added Kumar. "While lower-cost locations present lesser margins in the short term, this will be offset by the increased volume share. Expanding capacity and scale will help CROs improve their margins in the near future."
Key CRO players across regions include QuintilesIMS, INC Research, Parexel International, Pharmaceutical Product Development (PPD), Charles River Laboratories, inVentiv Health, PRA Health Sciences, ICON plc, Eurofins Scientific, and Amatsigroup.
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Global CRO Market, Forecast to 2021 P94F-52
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