Over past few years, pharmaceutical companies have outsourced various aspects of their R&D and clinical research processes to specialty contract research service providers, in order to remain competitive, flexible, and profitable in the industry
Given their numerous advantages, which include high specificity for intended molecular targets, ability to treat a myriad of disease indications, and patient friendly toxicity profiles, the demand for biologics is high and growing. This presents lucrative opportunities for contract research providers that offer services for this rapidly evolving class of pharmacological interventions. In fact, since 2001, over 80 new CROs have been established, offering a wide variety of cost-efficient research services and solutions to biologic developers.
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Key Market Insights
More than 160 players claim to offer contract research services to pharmaceutical and biotechnology companies across the world
This segment of the service industry is dominated by start-ups / small companies (2-50 employees) and mid-sized players (51-200 employees), which represent more than 70% of the contemporary CRO landscape. Close to 50% of the stakeholders are based in North America, followed by Europe and the Asia-Pacific region.
More than 45% of companies claim to offer research services for vaccines and cell therapies
On the other hand, close to 40% of CROs claim to have the required capabilities to provide antibody related research services. A number of biopharmaceutical research service providers are now offering services for niche and upcoming classes of biologics, such as Altasciences, Biocon, and Iris Pharma.
Since 2016, more than 70+ partnerships have been inked between CROs and industry stakeholders, worldwide
Interestingly, the maximum number of partnership agreements were inked in 2020, majority of which were acquisitions (34%), followed by clinical trial agreements (28%). It is worth noting that the partnership activity within this domain has increased at a CAGR of 55%, between 2016 and 2021.
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Key Questions Answered
The USD 67 billion (by 2030) financial opportunity within the biopharmaceutical contract research service providers market has been analyzed across the following segments:
The research includes detailed profiles of key service providers (listed below) engaged in this domain; each profile features an overview of the company, information related to its biologics focused service portfolio, recent developments, and an informed future outlook.
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