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The global specialty CROs market is expected to rise from $1.2 billion to $2.7 billion by 2025, at a CAGR of 8.6%. The biopharmaceutical industry has been witnessing a significant paradigm shift in R&D outsourcing over the last few years. Specialty CROs have emerged as credible players in the market to overcome the shortcomings of full service / traditional CROs. Often, these full service providers offer a wider portfolio of services but fail to align their efforts to meet the requirements of sponsors, primarily the smaller biotech organisations / start-ups. Specialty CROs, on the other hand, specialize in niche areas catering to either specific clinical / preclinical services or providing services in a particular disease area. Oncology, cardiovascular, metabolic disorders and CNS are some of the popular therapeutic areas that have witnessed a rise in the number of specialty CROs. Typically outsourced services include data management, site monitoring and project management but nowadays core services such as pharmacovigilance, target evaluation, formulation development, cell line development, toxicology studies and medical imaging are also being outsourced to these CROs. Specialty CROs are increasingly adopting the strategic CRO model to expand their services and geographical presence in an effort to broaden the scope of serving the global biopharmaceutical industry.
Despite the widening array of services offered by these CROs, they have found it challenging to gain a higher share in the market, which is currently dominated by larger and more well-established players. Considering that a major proportion of revenues for large CROs is generated by big pharma companies, gaps exist when it comes to providing services to smaller pharma / biotech companies. This provides an opportunity to specialty CROs to offer improved, customized and relatively economical services to newer / smaller clients in the sector.
As the demand of novel therapies for various therapeutic areas is expected to rise steadily, we are optimistic about the future of these smaller research firms, which have driven an innovative approach to drug research and development. There are a number of upcoming opportunities that can enrich the service portfolio of speciality CROs gradually strengthening their presence in an otherwise consolidated market.
The “Specialty CROs Market, 2016-2025” market report delivers a comprehensive study on current market landscape, market size, market share, market growth, market trends, market value, market forecast, market outlook, statistics and future opportunities of the specialty CROs market. The outsourcing model has proven to be extremely beneficial to drug developers catering to the unmet research, clinical development and even regulatory needs of both established players and start-ups in the market. The concept of specialty CROs continues to evolve as these organizations adopt new strategies to provide their sponsors improved services in terms of both quality and efficiency. Novel business models and strategic partnerships among established and emerging players have opened new avenues to effectively tackle issues such as rising development costs, inefficient protocols and unorganized business processes.
The market report assesses key drivers that have governed the evolution of specialty CROs over the past several years, along with an elaborate discussion on the upcoming trends that will likely shape the market in the coming years. In fact, one of the primary objectives of this market research report is to develop an understanding of the likely future evolution of the market for specialty CROs over the short-term and long-term.
The key objective of specialty CROs market report is to provide a detailed market analysis in order to estimate the existing market size, market share, market growth, market trends, market value, market forecast, market outlook, statistics and future opportunity for specialty CROs market during the forecast period. In addition, it captures the potential growth areas that will likely present opportunities for these companies and sustain the pace of growth. It is worth highlighting that despite the fact that established pharmaceutical companies have in-house R&D and clinical development capabilities, the opportunity for specialty CROs is growing. The future evolution of this market will be primarily driven by the relatively fast paced growth of the overall pharma industry and the innovations / developments taking place in R&D. To add robustness to our market forecast model, we have provided three market scenarios. The conservative, base and optimistic scenarios represent three different tracks of market evolution. The research, analysis and insights presented in this market research report are backed by a comprehensive survey on capabilities of several specialty CROs. For the purpose of our analysis, we also interviewed important stakeholders in this market to solicit their opinions around the future opportunities and challenges that must be considered for a more inclusive growth.