SPECIALTY CROS MARKET ANALYSIS

Specialty Cros MarketSize and Trends

Market Dynamics

Specialty CROs are majorly providing services to the pharmaceutical and biotech companies and this is expected to gain traction in the near future, owing to increased research and development activities by these companies. Pharmaceutical and biotech companies are engaged in discovering novel molecules to treat chronic diseases such as cancer and cardiovascular diseases. According to a report published by the International Federation of Pharmaceutical Manufacturer and Association in 2017, pharmaceutical industry invested around US$ 149.8 billion on research and development annually. The companies are downsizing this cost by outsourcing clinical research activities. There are more than 7,000 compounds in preclinical stage of development, out of which around 56 were launched in 2015 and around 225 new chemical and biological entities were launched between 2011 and 2015. Moreover, rapid advancement in research of personalized therapy such as CAR-T cell therapies and monoclonal antibody based therapy would boost the demand for specialty CROs market. Currently, many companies are conducting researches on Kymriah and Yescarta, which are CAR-T cell based anticancer therapies that were approved by the U.S. Food and Drug Administration (FDA) in 2017. Rising prevalence of chronic diseases such as cardiovascular disease and cancer is driving the companies to develop effective therapies in the quickest possible time. According to the World Health Organization (WHO) factsheet in 2017, there were nearly 17.7 million death from CVDs worldwide, which accounts for around 31% of total deaths. Furthermore, increased regulatory requirement for conducting safe clinical research and emphasis by regulatory bodies on post marketing surveillance would aid growth of specialty CROs market. Strategic partnership amongst different players in order to leverage each other’s expertise would further drive the market.