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Demand for CROs Rises to Strike Evolving Clinical Trial Models for Target Therapies
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"A rising prevalence of cancer and other chronic illnesses is promoting the need for outsourcing the requisite specialty trials, as a majority of the pharma players in this segment are either small or medium-sized organizations," said . "Specialty CROs can support these companies by providing cost-effective R&D options to develop these specialty therapies."
Frost & Sullivan's latest research, offers an in-depth analysis of the global clinical trials and research outsourcing market. The analysis addresses the sector's major issues and challenges, unmet needs, and emerging trends and business models. Key market drivers, restraints, and R&D trends are also outlined in this research.
Europe has emerged as a prime location for clinical trial activity, surpassing North America . The region presently is conducting over 7,000 trials across different countries. However, Asia-Pacific is expected to be the strongest growing market. Countries such as India , China , and Korea not only offer a cost advantage as high as 50%, they are also home to a large genetically diverse population base, making the region an ideal location for cost-effective clinical research activities and novel drug trials.
"Eastern and Southern European countries such as Lithuania , Bosnia , and Poland are expected to lead clinical research in this region. Furthermore, higher patient populations in these regions support easy patient recruitment, hence making them conducive for conducting clinical trials," noted Behera. "Digitization will play a critical role in transforming the clinical trials model. In the future, more than competing for customers, it is critical for CROs to identify and establish partnerships with the right stakeholders to complement capabilities in evolving digitally led patient-centric clinical trial designs."
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Mariana Fernandez
Corporate Communications
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