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The pharma contract research organization (CRO) services market is estimated to be worth $25 billion in 2021 and is expected to grow at CAGR of 10% during the forecast period. Small molecule drugs account for nearly 90% of the contemporary therapeutics pipeline. In 2020, the US FDA’s Center for Drug Evaluation and Research approved 35 small molecule drugs, representing 66% of the total number of new molecular entities (NMEs) clearing regulatory review in the same year. It is worth highlighting that the process of drug development, beginning from the discovery of a pharmacological lead to the commercialization of a clinically validated product, takes around 10-15 years. Moreover, drug discovery and clinical research are capital intensive processes, which, on average, require investments in the range of USD 4-10 billion.
Further, it is a well-known fact that only a small proportion of lead molecules that are shortlisted for further investigation during the discovery phase, actually make it into the clinical phase, and an even lesser number of product candidates enter the market. Therefore, to optimize on internal resource utilization and save costs, innovator companies in the pharmaceutical industry are increasingly outsourcing various aspects of their discovery-stage operations to specialty pharma contract research organization.
Modern pharma CROs offer a plethora of pharmaceutical discovery (such as target discovery & validation, hit identification (using strategies such as high-throughput screening, fragment-based screening, virtual screening, knowledge-based screening and DNA-encoded libraries), and lead generation / optimization) and product development related services, leveraging a variety of advanced technologies to cater to the evolving needs of sponsors / clients. As indicated earlier, engaging third party service providers offers both time and cost related benefits to drug / therapy developers. Currently, over 500 companies / organization claim to be actively providing contract research services for small molecule drugs.
In the recent past, many of the service providers in this domain forged strategic alliances and / or acquired other players, in order to further enhance their respective service portfolios and thereby, consolidate their presence in the industry. The aforementioned developments may be attributed to the growing preference for one-stop-shops among sponsor companies, and the gradual acceptance of outsourcing as a viable and beneficial operating model. Based on prevalent trends and projections of how the pharmaceutical pipeline is likely to evolve over the coming years, we believe that demand for pharma CRO is going to grow at a steady pace. Consequently, the small molecule drug discovery and development services market is anticipated to witness consistent market growth during the forecast period.
Examples of key contract research organizations engaged in pharma contract research organization (CRO) services market (which have also been profiled in this market report; the complete list of companies is available in the full report) include Albany Molecular Research (AMRI), BioDuro, BOC Sciences, Catalent Pharma, Charles River Laboratories, ChemDiv, Covance, Medpace, QPS, Concept Life Sciences, Evotec, ChemPartner, Pharmaron, Syngene, Torrent Pharma and WuXi AppTec. This market report includes an easily searchable excel database of all the companies providing Pharma CRO services, worldwide.
Recent Developments in Pharma Contract Research Organization (CRO) Services Market:
Several recent developments have taken place in the field of pharma contract research organization (CRO) services market. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.
The "Pharma Contract Research Organization (CRO) Services Market, 2021-2030" market report features an extensive study on current market landscape, market size, market share, market forecast, market outlook and future opportunities of the pharma contract research organization (CRO) services market. The market research report features in-depth analysis, highlighting the capabilities of various industry stakeholders engaged in pharma contract research organization (CRO) services market.
Amongst other elements, the market research report includes:
The key objective of pharma contract research organization (CRO) services market report is to provide a detailed market analysis in order to estimate the existing market size, market value, statistics and future opportunity for pharma contract research organization (CRO) services market during the forecast period. We have provided an informed estimate on the likely evolution of the market in the short to mid-term and long term, for the forecast period 2021-2030. The market report also features the likely distribution of the current and forecasted opportunity across [A] scale of operation (discovery services, preclinical services and clinical stage services), [B] target therapeutic area (cardiovascular disorder, dermatological disorders, infectious disorder, inflammatory disorder, neurological disorder, oncological disorder, ophthalmological disorder, respiratory disorder and other disorders) and [C] key geographical region (North America, Europe, Asia-Pacific, Latin America, MENA (Middle East and North Africa) and rest of the world). In order to account for future uncertainties and to add robustness to our model, we have provided three market forecast scenarios, namely conservative, base and optimistic scenarios, representing different tracks of the industry's growth. The opinions and insights presented in the market research report were also influenced by discussions held with senior stakeholders in the industry.
All actual figures have been sourced and analyzed from publicly available information forums and inputs from primary research. Financial figures mentioned in this market research report are in USD, unless otherwise specified.