Published: September 2021
Customized services, reduced cost and access to advanced technologies offered by contract research service providers, have prompted a number of pharmaceutical companies to outsource their research operations
Majority of the small companies as well as a few mid to large sized players, do not have the required capital or experience to undertake the development programs by themselves. Moreover, the costs associated with idle capacity for such specialized facilities are also high. As a result, the extent of outsourcing activities has considerably increased over the past few years.
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Presently, more than 520 players claim to offer contract research services
Nearly 70% of the players provide contract research services for conducting clinical trials, followed by those offering services concerning regulatory affairs management (49%). It is worth mentioning that 41 service providers claim to have the required expertise to serve as one-stop-shops to cater to the needs of various pharmaceutical firms.
Partnership activity within this domain has grown significantly, since 2018
In the last three years, more than 190 agreements were inked by the pharmaceutical contract research service providers, with maximum activity being reported in 2020. Majority of the instances were related to acquisitions (20%), clinical trial agreements (18%), R&D agreements (14%), and research agreements (12%).
Close to 50 mergers and acquisitions were established in this domain, during the period 2018-2021
It was observed that majority of the deals were intracontinental (76%), involving participants from the same countries. Geographical consolidation and service portfolio expansion were observed to the major key value drivers of M&A activity in this domain. This was followed by instances of service portfolio addition and geographical expansion.
At present, companies offering clinical stage services represent majority of the market share (in terms of sales revenues)
By 2030, the pharmaceutical contract research market in North America is estimated to be worth USD 29 billion, representing an annualized growth rate of 9.7%. It is worth mentioning that the market in Asia-pacific is anticipated to grow at a relatively faster pace, during the forecast period.
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The USD 59 billion (by 2030) financial opportunity within the pharmaceutical contract research service providers market has been analyzed across the following segments:
The report also features detailed profiles of key players (listed below); each profile features a brief overview of the company, its financial information (if available), information on the services offered and an informed future outlook.
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