Dermatology CRO Market s expected to expand at a CAGR of 6.9% from 2021 to 2028

 Dermatology CRO Industry Overview

The global dermatology CRO market size is expected to reach USD 7.04 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.9% from 2021 to 2028. The rise in demand for topical dermatological medications, such as anti-inflammatory agents, anti-infective, local anesthetics, cleansers, and emollients, to treat acne is a major factor driving the market. Furthermore, increased awareness regarding skin diseases, high demand for speedy diagnosis, and an increase in the prevalence of skin cancer and other skin problems are all driving the industry forward.


Dermatology CRO Market Segmentation

Grand View Research has segmented the global dermatology CRO market on the basis of type, service, and region:


Based on the Type Insights, the market is segmented into Drug Discovery, Preclinical and Clinical

  • The clinical segment dominated the dermatology contract research organizations market in 2020 with a revenue share of over 75.0%. The expanding number of biologics, the growing need for personalized medicines and orphan drugs, and the demand for innovative technologies are all contributing to the segment growth. 
  • The growth is expected to be fueled by factors such as technology advancements, globalization of clinical trials, and the need for CROs to conduct dermatology clinical trials. Because phase III clinical trials are one of the most expensive stages of a clinical trial, outsourcing them to dermatology CROs helped the clinical segment to gain the largest revenue share in 2020. 
  • The preclinical segment is expected to expand at the highest CAGR of 8.5% over the forecast period. The rising number of preclinical trials involving large molecules and the growing need to reduce R&D costs are likely to drive the demand for dermatology CROs, resulting in market expansion.


Based on the Service Insights, the market is segmented into Project Management/Clinical Supply Management, Data Management, Regulatory/Medical Affairs, Medical Writing, Clinical Monitoring, Quality Management/Assurance, Bio-statistics, Investigator Payments, Laboratory, Patient and Site Recruitment, Technology and Others

  • Clinical monitoring accounted for the largest revenue share of more than 20.0% in 2020 and is expected to maintain its position during the forecast period. This could be due to an increase in the number of clinical trials and the need to monitor those trials, which is driving up demand for services.
  • Over the last decade, dermatology clinical research has been outsourced to CROs for a variety of reasons, including cost-effectiveness and technical knowledge. The use of smart analytics and real-time data capture technologies in the healthcare sector is expected to improve clinical monitoring data. 

 

Dermatology CRO Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

 

Key Companies Profile & Market Share Insights

This market is becoming consolidated as various large CROs are undergoing inorganic growth. For instance, in February 2021, Icon plc entered into a definitive agreement to acquire PRA Health Sciences for around USD 12 billion. Moreover, in 2021, Thermo Fisher underwent a definitive agreement to acquire PPD for USD 17.4 billion. This acquisition will help Thermo Fisher improve its presence significantly in the clinical research services industry, especially in the early phase clinical trials business. Healthcare contract research organizations are working to offer their services on a global scale, in addition to improving their services. 

Some prominent players in the global dermatology CRO market include:

  • IQVIA HOLDINGS INC.
  • Covance Inc.
  • Pharmaceutical Product Development, LLC (PPD)
  • Parexel International Corporation
  • Charles River Laboratories International, Inc.
  • Icon, Plc
  • Medidata Solutions, Inc.
  • Syneos Health
  • Pharmaron
  • GVK Biosciences Private Limited
  • Wuxi AppTec
  • MEDPACE HOLDINGS, INC.
  • PRA Health Sciences
  • CTI Clinical Trial & Consulting
  • Bioskin

 

Order a free sample PDF of the Dermatology CRO Market Intelligence Study, published by Grand View Research. 

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