The global in vivo CRO market is expected to reach $4.9 billion by 2024, according to a new report by Grand View Research. Economic efficiency and focus on core competencies by pharmaceutical giants are anticipated to be the primary market promoters.
The use of CRO services helps manufacturers/ sponsors to provide complete attention on the production capacity and at enhancing their in-house processes.
The availability of the vast array of services from drug discovery to post-marketing surveillance has further simplified the work for mid-size and small-scale pharmaceutical and biotechnological organizations by providing them the option to outsource what they think is beyond their core expertise.
North America held a substantial share of 49.8% in the In-Vivo CRO market in 2015. This can be attributed to the presence of technologically advanced CROs present in this region. The U.S. has the highest per capita healthcare spending and availability of funding and grants from government organizations such as the NIH fosters research activities.
For instance, approximately 47% of research funded by the NIH involves experimentation on animals, and in 2012, the NIH budgeted nearly $30 billion for R&D. The trend for reducing the R&D cost level is most common in major life sciences companies. Clinical trial sponsors are facing huge pressure owing to the increasing complexity in the research methodology to reduce time and cost.
Asia Pacific is projected to exhibit lucrative growth over the forecast period. The presence of untapped opportunities, constantly improving healthcare infrastructure, economic development, and huge patient base are some factors responsible for the rapid growth. This region also ranks on top in ease of doing business. Moreover, with the availability of qualified labor and other resources, Asia Pacific would be the key destination for In-Vivo CRO projects over the forecast period.
Further findings from the study suggest:
Grand View Research is a U.S.-based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.