Business

Specialty CRO’s Market Report Released Forecasting Movement in the Industry

Specialty CRO's Market
Specialty CRO's Market

Specialty clinical research organizations are distinct service providers in clinical research domain with expertise based on different criteria. Earlier pharmaceutical and biotech firms, which are research driven had conducted majority of the clinical research. However, since last two decades, most of the clinical trial tasks such as lead discovery, preclinical studies, and different phases of clinical trials have been slowly outsourced to external clinical research firms. These firms gained operational expertise, geographic reach, and necessary infrastructure to efficiently conduct different clinical research activities, in order to speed up the drug discovery process. This helps pharmaceutical and biotech firms to launch novel therapies in the quickest possible time. Specialty clinical research organizations goes one step ahead from conventional multitasking clinical research organization. They gained proficiency in one or more niche segments amongst the large ecosystem of clinical research industry, thereby offering improved quality of service to the sponsors.

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Market Dynamics

Specialty CROs are majorly providing services to the pharmaceutical and biotech companies and this is expected to gain traction in the near future, owing to increased research and development activities by these companies. Pharmaceutical and biotech companies are engaged in discovering novel molecules to treat chronic diseases such as cancer and cardiovascular diseases. According to a report published by the International Federation of Pharmaceutical Manufacturer and Association in 2017, pharmaceutical industry invested around US$ 149.8 billion on research and development annually. The companies are downsizing this cost by outsourcing clinical research activities. There are more than 7,000 compounds in preclinical stage of development, out of which around 56 were launched in 2015 and around 225 new chemical and biological entities were launched between 2011 and 2015. Moreover, rapid advancement in research of personalized therapy such as CAR-T cell therapies and monoclonal antibody based therapy would boost the demand for specialty CROs market. Currently, many companies are conducting researches on Kymriah and Yescarta, which are CAR-T cell based anticancer therapies that were approved by the U.S. Food and Drug Administration (FDA) in 2017. Rising prevalence of chronic diseases such as cardiovascular disease and cancer is driving the companies to develop effective therapies in the quickest possible time. According to the World Health Organization (WHO) factsheet in 2017, there were nearly 17.7 million death from CVDs worldwide, which accounts for around 31% of total deaths. Furthermore, increased regulatory requirement for conducting safe clinical research and emphasis by regulatory bodies on post marketing surveillance would aid growth of specialty CROs market. Strategic partnership amongst different players in order to leverage each other’s expertise would further drive the market.

Regional Insights

On the basis of geography, global specialty CROs market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to dominate the market over the forecast period, owing to the fact that pharmaceutical and biotech companies in this region spends significant amount on research and development, in order to bring novel therapies to the market. As per the estimation of Pharmaceutical Research and Manufacturers of America (PhRMA) in 2017, on an average the pharmaceutical industry invested around US$ 0.8 billion to US$ 1.7 billion on research and development. According to the U.S. National Library for Medicine, by January 2018, around 264,099 clinical studies were registered, which included all the healthcare product spectrum. Asia Pacific is expected to provide lucrative opportunities for market growth due to the cost effective services offered to the CROs in this region, large number of skilled human resources, and availability of large patient pool.

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