The clinical research organisation (CRO) market in Europe is set to grow from approximately $6.07bn in 2011 to an estimated $11.54bn by 2018, according to analysis from Frost & Sullivan.
The US market research company found pharmaceutical and biotech companies are increasingly outsourcing research to CROs, with phase III trials representing the largest share of the total European market.
“The promise of novel therapeutic options that offer enhanced efficacy and safety is underlining the appeal of CROs for the pharma and biotech industry”, said Frost & Sullivan.
“CROs help support greater innovation and improvements in chemical and biological drug development.
“They address the urgent need for enhanced therapeutics in cardiovascular, oncology, autoimmune, central nervous system (CNS), infectious, endocrine and metabolic disease areas”.
CROs currently account for nearly two-thirds of phase I to III trials conducted globally.
“Besides functionality, drugs are also tested for their efficacy and safety to ensure they meet the needs of patients across different ethnic groups and climatic zones,” states Frost & Sullivan research analyst Deepika Pramod Chopda.
“The globalised nature of CROs enables them to facilitate the process of drug development for their clients.
“The availability of specialised research technologies, coupled with an exclusive focus on drug development and testing, will boost the chances of success for CROs and offset the benefits of in-house R&D services.
“Strengthening outsourcing partnerships and alliances with leading pharmaceutical and biotech companies through strategic long-term contracts will also support the uptake of CRO services,” concluded Chopda.