CROs can provide a wide range of services like biopharmaceutical development, biologic assay development, pre-clinical rese4arch, commercialization, clinical research, clinical trials management, and pharmacovigilance.
FREMONT, CA: Outsourcing is a standard process in most industries. Companies outsource general tasks to focus their time and resources on core functions. This stands true with the healthcare industry, where pharmaceutical and biotechnology companies outsource nearly 85 percent of its clinical segment. Contract Research Organizations (CRO) are companies that support the pharmaceutical, biotechnology, and medical device industries in the form of research services outsourced on a contract basis. The services of CROs are often taken up by pharmaceutical companies to dedicate their time to drug discovery and development based on the findings of the research. The global market for CROs was estimated at USD 31.6 billion in 2018 and is expected to reach USD 45.2 billion by 2022.
CROs can provide a wide range of services like biopharmaceutical development, biologic assay development, pre-clinical rese4arch, commercialization, clinical research, clinical trials management, and pharmacovigilance. Nearly 33 percent of the CRO market is accounted for by the drug discovery segment, making it the most significant type of service offered by the sector. CROs have established themselves in the well-developed markets, and the percentage of market share distribution is evidence of the same. America accounts for 45 to 50 percent of the market, while Europe has 35 to 40 percent market share. Also, nearly 80 percent of the global CRO market's revenue is from developed nations like the U.S., Canada, the E.U., and Japan.
There is a surge in demand for CROs across the globe, and countries like China, Brazil, and Russia are emerging as upcoming markets for the same. CRO facilities like biostatistics, clinical data management, pharmacovigilance, and more have gained significant traction in several Asian countries like India. The cost-effective scenario in countries like India has turned them into an emerging market, and further increases the revenue for CROs in the Asia-Pacific region.
Organizations must make wise choices when it comes to selecting a CRO. They must consider factors like quality of service, experience, capabilities, service cost, and communication and relationship before selecting a CRO. These factors often draw the line between an affordable and productive CRO and what may be a futile waste of money. Small and mid-sized pharmaceuticals often stress out over this decision making process. For these companies, the focus is mainly on research and development, which often results in them overlooking the option to outsource pre-clinical and clinical development to CROs.
See Also: Top CROs Companies