DUBLIN--(BUSINESS WIRE)--The "Contract Research Outsourcing - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
CRO Market Slumps by -1.9% in 2020 Only to Emerge Stronger With Newer Dynamics in the Post COVID-19 World
The global market for Contract Research Outsourcing is expected to slump by -1.9% in the year 2020 and thereafter recover to reach US$ 72.1 billion by the year 2027, trailing a post COVID-19 CAGR of 7% over the analysis period 2020 through 2027.
The COVID-19 crisis has thrown various challenges for the pharmaceutical & biopharmaceutical contract research outsourcing industry, while opening new avenues for growth across different domains. Contract research organizations serving pharmaceutical and vaccine companies were coerced to discontinue several studies owing to restrictions regarding movement of goods along with face-to-face interactions.
These mandates affected central laboratories, clinical trial sites and timelines for completion of sponsored studies. Stringent guidelines enforced by countries prevented face-to-face meetings with clients, which delayed resolution of technical issues. The situation prompted various organizations to resort to video conferencing along with advanced technologies for addressing these issues.
On the positive side, the COVID-19 pandemic drove the adoption of e-Clinical systems and offered new opportunities for pandemic-related research. The outbreak and associated changes in strategies required companies to bring their projects online and comply with high visibility and tight timelines.
Various organizations implemented e-Clinical systems to avoid face-to-face interactions, enabling providers of these solutions to reap rich dividends. While the pandemic affected existing projects, it enabled the pharmaceutical & biopharmaceutical outsourcing industry to witness notable surge in R&D demand.
The trend prompted companies to shift their focus and fine-tune existing operations to ensure efficiency for COVID-19-related projects. In addition, the work-from-home trend and repurposing of projects enabled various players to pay more attention to strategic activities. The pandemic has brought various changes in the CRO industry by delaying clinical trials, requiring repurposing of development pipeline and prompting companies to explore new options to connect with patients.
Factors like patient disinclination to travel and local restrictions made companies to delay or stop non-essential study visits. Organizations were affected by customer-related trial delays, access and limitations to specific trial sites, and disruptions in the supply chain.
The shift towards COVID-19 vaccine and treatments increased the workload for CROs. Known for their high capacity and flexibility, majority of CROs effectively accommodated the volume within a short span. Contract research organizations made concerted efforts towards accommodation of new projects without compromising over existing projects for other medical conditions or indications.
The pandemic is anticipated to benefit the biopharmaceutical drug development industry and strengthen drug development activity, requiring players to efficiently use digital solutions, data insights and patient engagements. Easing of restrictions and reopening of businesses are likely to bring non-COVID-19 trials on track and drive organizations to pay more attention to decentralized clinical trial solutions including digital platforms along with mobile phlebotomists and nurses.
In addition, these clinical trials are expected to reduce the requirement for patients and other participants to travel, which remains a major challenge during the current scenario.
Changes in business operations for pharmaceutical companies are prompting CROs and other participants to adjust their practices. The impact of COVID-19 on face-to-face interactions with clients is driving various companies to implement new platforms for virtual connectivity.
The COVID-19 healthcare emergency has created a pressing need for a collaborative approach among health authorities, pharmaceutical players, regulators and CROs for developing and producing safe and effective treatments. The holistic approach combining resources and the required expertise is expected to pave way for efficient distribution of the impending vaccine globally.
CROs are partnering with pharmaceutical companies for targeting data integrity and patient safety, as well as with other stakeholders including regulators and sites for patient safety-related considerations. Players are also implementing sophisticated solutions for research sites and clinical studies to reduce the burden on healthcare providers, patients and investigational sites. CROs are anticipated to play a critical role during the pandemic by taking responsibility for consistent on-site support.
MARKET TRENDS & DRIVERS
- Uptrend in Advanced Medicine Concepts Favors Growth
- Drug Developers Bet on CROs to Sail through Challenging Aspects
- Pharmaceutical & Biopharmaceutical Firms Target Outsourcing
- Gene Therapy Offers Exciting Opportunities for CROs
- COVID-19 Creates a Pause in Gene Therapy Market Growth
- Gene Therapy Set to Witness Rapid Growth Post COVID-19
- Increasing Significance of Biologic Drugs Supports Market Demand
- COVID-19 Drives Strong Gains for Biologics Activity
- Opportunities Rife in Early Stage Drug Development
- Notable Trends in Pharma/Biopharma R&D Impacting CROs
- Advances in Digital/Technology and its Impact on Clinical Development
- Significant Strides Taken in the Sphere of Current Clinical Research
- Data Quality Oversight (DQO) Undergoes Change
- Pharmacovigilance Set to Grow
- Artificial Intelligence and Machine Learning Gain Interest
- Orphan Drugs to the Fore
- CROs Adapt New Technologies to See More Business in Future
- Streamlining Development of Novel Trial Designs
- Industry Witnesses Increased Spend on R&D Outsourcing
- Focus on Enhancing Site Selection and Patient Enrollment
- CROs Enter into Alliances to Improve Efficiencies
- Adoption of Digital Technologies Gains Pace
- Toxicology Services Gain Notable Attention
- Pharma Companies Enter into Licensing Agreements with Biotech Companies for New Drug Discovery
- Pharmaceutical & Biopharmaceutical Trends to Support CRO Penetration
- eClinical Solutions Gain Traction
- Other Noteworthy Market Trends
- Challenges Faced by Contract Research Organizations
- Surging Global Population Offers Increased Growth Opportunities
- Aging Population & Increasing Burden of Chronic Diseases Spurs Pharma Product Sales, Driving Market Growth
- Increasing Healthcare Expenditure and Demand for Generics to Drive Growth
FOCUS ON SELECT PLAYERS (Total 152 Featured)
- 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
For more information about this report visit https://www.researchandmarkets.com/r/1r6r6v
