New York, United States , July 02, 2024 (GLOBE NEWSWIRE) -- The Global Ophthalmology Contract Research Organization (CRO) Market Size is to Grow from USD 2.36 Billion in 2023 to USD 4.62 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.95% during the projected period.
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Ophthalmology contract research organization (CRO) is a company that provides technical knowledge, ensuring the design, and conducting of trials for ophthalmic research and developing novel therapeutics and medical devices. They accelerate the development of and approval of new drugs and devices of eye care by conducting quality clinical research programs through innovative processes and technology. These services are provided to life science companies including biotechnology, pharmaceutical, and medical device companies at reduced costs and timelines to bring new therapeutics and medical devices to the market. The ever-increasing number of clinical trials and outsourcing services have been significantly benefitting from partnering with CROs. The increased burden of eye diseases and the growing government investment in R&D activities for the development of novel therapeutics and advanced medical devices for treating eye diseases are anticipated to drive market growth. The increasing public awareness as well as the rising geriatric population are contributing to market growth. The increasing demand for conducting R&D activities by the new and mid-sized pharmaceutical and biotech companies is fueling the market demand. On the contrary, the ever-changing and complex regulatory requirements for the approval of new ophthalmic therapeutics and devices are restraining the global ophthalmology contract research organization (CRO) market.
Browse key industry insights spread across 215 pages with 124 Market data tables and figures & charts from the report on the "Global Ophthalmology Contract Research Organization (CRO) Market Size, Share, and COVID-19 Impact Analysis, By Service Type (Early Phase Development Services, Clinical Research, Laboratory Services, and regulatory Consulting Services), By Therapy (Traditional Interventions, Anti-Inflammatory Interventions, Corticosteroids, NSAIDs, Immunomodulators, Other Anti-Inflammatory Interventions, Anti-Oxidative Interventions, Other Traditional Interventions, and Advanced Interventions), By End-use (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, and Academic Institutes), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The clinical research segment dominates the market with the largest revenue share in 2023.
Based on service type, the global ophthalmology contract research organization (CRO) market is segmented into early phase development services, clinical research, laboratory services, and regulatory consulting services. Among these, the clinical research segment dominates the market with the largest revenue share in 2023. The development of advanced ocular imaging technologies and diagnostic tools gives accurate and precise results of eye diagnosis during clinical research. The accessibility of specialized expertise for conducting clinical trials for obtaining high-quality therapeutics is propelling the market growth.
The anti-inflammatory segment dominated the global ophthalmology contract research organization (CRO) market in 2023.
Based on the therapy, the global ophthalmology contract research organization (CRO) market is segmented into traditional interventions, anti-inflammatory interventions, corticosteroids, NSAIDs, Immunomodulators, other anti-inflammatory interventions, anti-oxidative interventions, other traditional interventions, and advanced interventions. Among these, the anti-inflammatory interventions segment dominated the global ophthalmology contract research organization (CRO) market in 2023. After eye surgery, ophthalmic anti-inflammatory are used to treat inflammatory eye conditions such as allergic conjunctivitis, non-infectious uveitis, and eye inflammation. The increasing awareness about ocular inflammatory disorders and the development of new ophthalmic anti-inflammatory drugs are driving the market growth.
The pharmaceutical & biopharmaceutical companies held the largest revenue share of the global ophthalmology contract research organization (CRO) market in 2023.
Based on the end-use, the global ophthalmology contract research organization (CRO) market is segmented into pharmaceutical & biopharmaceutical companies, medical device companies, and academic institutes. Among these, the pharmaceutical & biopharmaceutical companies held the largest revenue share of the global ophthalmology contract research organization (CRO) market in 2023. The advanced imaging and diagnostic technologies and state-of-the-art facilities in the ophthalmology CRO fulfill the growing need for the R&D of ophthalmic drugs. The rising investments by the pharmaceutical and biopharmaceutical companies for ophthalmic drug development are propelling the market growth.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. The increased number of conducting clinical trials is responsible for driving the market. The increasing R&D investments for the development of novel ophthalmology therapies are significantly driving the market growth in the region. Further, the availability of a highly skilled workforce as well as favorable regulatory scenarios propels the regional market.
Europe region is expected to grow the fastest during the forecast period. The increasing aging population and increasing eye-related ailments are responsible for driving the market. The growing need for advanced research and development efforts from CRO is driving the market demand. In addition, commitment to cutting-edge ophthalmic treatments is fueling the market demand in the region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Ophthalmology Contract Research Organization (CRO) Market Medpace, Inc., ORA Inc., Charles River Laboratories International, Inc., Syneos Health, WuXi AppTec ICON plc, Iris Pharma, Trial Runners, The Emmes Company LLC, Lexitas Pharma Services, Inc., TFS HeathScience, ProTrial Research, Inc., Laboratory Corporation of America Holdings (Covance Inc.), Pharmaceutical Products Development (Thermo Fisher Scientific, Inc.), Worldwide Clinical Trials, CTRG (Clinical Trial Resource Group), and Others Key Vendors.
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Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Developments
- In May 2024, Ora, Inc., the foremost global ophthalmology contract research organization (CRO), announced a strategic, exclusive partnership with the Singapore Eye Research Institute (SERI), a world-renowned institution for cutting-edge eye research and ophthalmic preclinical studies. This partnership aimed at providing early-stage innovators around the world with comprehensive research support, set to revolutionize the development of new ophthalmic therapies.
- In January 2024, iuvo BioScience, a specialty PRO (Partner Research Organization) providing preclinical and clinical development services, lab services, and scientific consulting, acquired Promedica International, a California Corp. (PMI), a specialty ophthalmology-focused clinical CRO. The combined organization would support all aspects of ophthalmic clinical research, leveraging an even larger team of experts in ophthalmology.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global ophthalmology contract research organization (CRO) market based on the below-mentioned segments:
Global Ophthalmology Contract Research Organization (CRO) Market, By Service Type
- Early Phase Development Services
- Clinical Research
- Laboratory Services
- Regulatory Consulting Services
Global Ophthalmology Contract Research Organization (CRO) Market, By Therapy
- Traditional Interventions
- Anti-Inflammatory Interventions
- Corticosteroids
- NSAIDs
- Immunomodulators
- Other Anti-Inflammatory Interventions
- Anti-Oxidative Interventions
- Other Traditional Interventions
- Advanced Interventions
Global Ophthalmology Contract Research Organization (CRO) Market, By End-Use
- Pharmaceutical & Biopharmaceutical Companies
- Medical Device Companies
- Academic Institutes
Global Neurorehabilitation Devices Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
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