CRO market facts, figures and deductions
According to recent report from GVR, CRO SERVICES market is likely to touch USD 45.2 billion in year 2022. The market is dominated by handful of vendors namely IQVIA, Labcorp, ICON, Parexel and PPD. IQVIA leads this trail by accounting for 12.4 percentage of market share.
According to recent article from Outsourcingpharma which discusses CRO market nuances, and markets consolidation over the course of time, it would not be surprising to witness these players consolidate further. Given the fact that top 7-10 players in this industry accounts for close to 60% of market share.
Some of the other specifics that report from GVR highlights is
- US leading the chart from both supply and demand side (CRO services).
- When it comes to segmentation of CRO service types , Drug discovery accounts for major share of 33%.
- At therapeutic level it’s oncology that accounts of largest share of 25%.
The important essence of the report is its estimate of growth rate for CRO services. It is analyzed to be 12% , which is higher than yesteryear’s 10% . Now the question to be asked is,
- Is it from increased outsourcing from Biopharmaceutical companies?
- Is the uptick on the grounds of sponsors increased outsourcing addiction because of availability of bundled services from CRO behemoths?
- Or is it because small CROs have garnered expertise in niche therapeutic areas, which in turn triggered increased outsourcing by small sponsors?
Good thing is CRO is embracing the wave of time, innovation and regulatory- which is very much visible by new models that likes of IQVIA, Labcorp and others are offering.