CONTRACT CLINICAL RESEARCH ORGANIZATION MARKET challenges and opportunities

Pharmaceutical companies increasingly outsource clinical trials to CROs due to the complexity of drug development, which involves extensive research, global site coordination, and large-scale volunteer recruitment across various trial phases. For instance, in July 2023, Merck, a global pharmaceutical company, Moderna, a biotechnology company, and PPD Inc., a leading Contract Research Organization (CRO) initiated a Phase 3 trial of V940 (mRNA-4157), an investigational neoantigen therapy, combined with KEYTRUDA for treating high-risk melanoma.

Global Contract Clinical Research Organization Market Challenge - High costs associated with clinical trials and CRO services

One of the major challenges faced by the global contract clinical research organization market is the high costs associated with clinical trials and CRO services. Conducting clinical trials and supporting drug development activities requires massive investments. From patient recruitment and drug development to data management and regulatory compliance, clinical trials involve several expenditures. Additional costs such as services of CROs, opportunity costs for sponsor companies, and regulatory and compliance costs further increase the overall expense of clinical trials.

Global Contract Clinical Research Organization Market Opportunity - Expansion of CRO services in emerging markets

The expansion of CRO services in emerging markets presents a major opportunity for the growth of the global contract clinical research organization market. Countries such as China, India, Brazil, and others are emerging as top destinations for the outsourcing of clinical trials due to advantages such as large patient pools, low costs, and expanding medical expertise. These markets offer attractive opportunities for global CROs to expand their geographic footprint and offer clinical research services at competitive costs.