The size of the global Dermatology CRO market was valued at US$ 4.21 billion in 2020 and is estimated to reach US$ 7.17 million by 2028, registering a CAGR of 6.9% from 2021 to 2028.
CRO provides research services to pharmaceutical, biotechnology, and medical device companies and these services can range from drug discovery to commercialization, pharmacovigilance to post-approval services. Within the boundaries of clinical trials, a sponsor (the organization seeking to investigate the safety and efficacy of a new treatment) hires a CRO on a contract, project-by-project basis. CROs provide the expert guidance, advice, and execution experience required to complete clinical trials.
The dermatology CRO market is projected to gain significant growth opportunities in the forthcoming years owing to the growth of demand for topical dermatological medications, such as anti-inflammatory agents, anti-infectives, cleansers, and emollients, to treat acne is a major factor driving the market. Furthermore, rising increased awareness regarding skin diseases, high demand for speedy diagnosis, and an increase in the prevalence of skin cancer and other skin-related problems are driving the industry forward. Factors such as increased investment in R&D programs, a preference for outsourcing work owing to time and cost constraints, and patent expiration in the dermatology industry are some of the key factors expected to drive the market during the forecast period. Contract research outsourcing (CRO) collaborations deliver cutting-edge services, enabling the pharmaceutical players and government agencies to delegate projects to dermatology CROs, allowing the market to expand and develop.
DERMATOLOGY CRO MARKET SEGMENTATION
The Global Dermatological CRO Market size is segmented by type, application, and region to deliver a detailed assessment of the market. Based on type, it is categorized into drug discovery, preclinical and, clinical. Further, drug discovery bifurcates into target validation, lead identification and, lead optimization. Moreover, clinical is further bifurcated into phase I, phase II, phase III and, phase IV. By application, the dermatology CRO market is segmented into project management, data management, medical, clinical monitoring, quality management, laboratory patients and, others.
The global dermatology CRO market is segmented into North America, Europe APAC, and Row. North America is further bifurcated into the U.S, Canada, and Mexico. Europe includes the U.K, Germany, Italy, France, Spain, and others. APAC is fragmented into China, India, Japan, Australia, South Korea, and the Rest of APAC. The market for the rest of the world is segmented into South and Central America, The Middle East, and Africa. Further, the Asia Pacific has been predicted to hold a significant share of market revenue and the market has been estimated to grow at a rapid rate owing to the availability of the high-density population and high prevalence of chronic diseases. Moreover, the ease with the patient’s enrolment is anticipated to pay to the market growth. Favourable government initiatives are also enhancing growth opportunities in the dermatology CRO market. The North American region has also been predicted to accumulate significant growth opportunities in the dermatology CRO market. Increasing government support across the world for different R & D activities by supporting the economic front and providing grants to different research institutes and corporation is likely to fetch new growth avenues for the global dermatology CRO market during the forecast period.
KEY MARKET PLAYERS OF DERMATOLOGY CRO MARKET
The prominent market players are adopting a lot of strategies such as acquisitions, mergers, and novel product launches to boost growth avenues in the global market. Some of the companies which contributed majorly to this sector are QVIA HOLDINGS INC, Parexel International Corporation, Covance, Inc. Icon, Plc Syneos Health, Medidata Solutions Inc, Pharmaron, GVK Biosciences Private Limited and, MEDPACE HOLDINGS INC. among others.
PROMINENT PLAYERS OF DERMATOLOGY CRO MARKET