Industry Background:
It is a trend for pharmaceutical enterprises to contract third parties to conduct their clinical trials in order to test their drugs. This trend is stated to as ‘outsourcing’, and the companies that carry out the work are known as ‘contract research organizations’ (CROs). Furthermore, clinical trials are increasingly conducted in non-traditional trial regions, which are mainly low and middle income nations. This trend is also called ‘offshoring’. It is widely established that the offshoring of clinical trials to these regions should be examined from an ethical perspective because of the vulnerability of the trial population.This growth is primarily driven by Growing Number of Clinical Trials Along With Increasing R&D Expenditure and Rising Efforts for Optimization of Costs and Development Time for Drug Development.
Globally, a noticeable market trend is evident Rising Demand for Specialized Testing Services. Major Players, such as Syneos Health (United States), PAREXEL International (United States), ICON Plc (Ireland), PRA Health Sciences, Inc. (United States), Charles River Laboratories (United States), Laboratory Corporation of America Holdings (United States), IQVIA (United States), Medpace (United States), Pharmaceutical Product Development, LLC (United States) and Envigo (United Kingdom) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On Apr 17, 2019 - LabCorp and Envigo has signed innovative agreement to expand Covance's nonclinical drug development capabilities and create an independent research models provider.
On Mar 11, 2019 - Envigo, a leading provider of non-clinical contract research services and research models, has announced the launch of PATHWAY – an integrated solution that optimizes non-clinical safety assessment programs to enable first-in-human clinical trials.
Regulatory Insights:
The FDA defines each participant’s responsibilities within cooperative manufacturing agreements based on the Code of federal Regulation. Manufacture is defined as “the responsible entity to legally manufacturing a drug”. Therefore, license holders are responsible for the whole process, but based on the contract, Sponsors delegate some of responsibilities. The license holder should be ensured about CRO’s compliance and report any changes in the products. License holders are also responsible, helping ensure that CROs comply with federal regulations.
Market Drivers
- Growing Number of Clinical Trials Along With Increasing R&D Expenditure
- Rising Efforts for Optimization of Costs and Development Time for Drug Development
Market Trend
- Rising Demand for Specialized Testing Services
Restraints
- Shortage of Skilled Professionals
Opportunities
Growing Favorable Government Support
Challenges
Intense Competition in the CRO Services
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Healthcare Contract Research Outsourcing Study Sheds Light on
The Healthcare Contract Research Outsourcing Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Healthcare Contract Research Outsourcing industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Healthcare Contract Research Outsourcing industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.