Ophthalmology Contract Research Organization (CRO) Market Analysis

Ophthalmology Contract Research Organization (CRO) Market Analysis

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By service type, the ophthalmology contract research organization (CRO) market is segmented into early phase development services, clinical research, laboratory services, and regulatory consulting services. The clinical research segment is further segmented into phase I, phase II, phase III, AND phase IV. Clinical research services segment account for the largest revenue proportion in 2022 and will grow at 7.5% CAGR over the coming years to USD 2.8 billion by 2032. Increasing segmental progress is attributed to advancements in ocular imaging technologies and diagnostic tools that have enabled more precise assessments of eye conditions, leading to increased interest in ophthalmology research. Furthermore, outsourcing of clinical research services enables companies to access specialized expertise that ensures smooth and efficient conduct of clinical trials, leading to accurate, faster results and ensures high-quality therapeutics.
 

By therapy, the ophthalmology contract research organization (CRO) market is segmented into traditional and advanced. The traditional segment is further segmented into anti-inflammatory, anti-oxidative and other traditional therapies. Anti-inflammatory segment accounted for over USD 802.7 million in 2022 and is expected to show significant industry evolution of 7.2% CAGR by 2023 attributed to several factors, including the increasing prevalence of ocular inflammatory disorders along with the growing awareness among healthcare professionals & patients pertaining to the importance of managing inflammation in eye-related conditions. The development of innovative anti-inflammatory drug formulations specifically designed for ocular application has further bolstered this trend.
 

Based on end-use, the ophthalmology contract research organization (CRO) market is segmented into pharma/biopharma companies, medical device companies and academic institutes. Pharmaceutical and biopharmaceutical companies segment accounting for over USD 1.2 billion revenue in 2022 owing to increasing investment of pharma and biopharma companies in development of novel ophthalmology therapies and drugs. Increasing reliance on outsourcing partners to meet their manufacturing, research, and development needs enables companies to gain a competitive edge over other industry players and meet the increasing demand in a cost-efficient manner. Furthermore, ophthalmology CRO encompasses state-of-the-art facilities and equipment, as well as advance ocular imaging and diagnostic technologies, and supportive regulatory environment for the development of ophthalmic therapies.
 

The North America ophthalmology contract research organization (CRO) market dominated the overall industry with 39.6% in 2022 attributed to the increasing R&D investments and high number of ophthalmology clinical trials conducted in the region. Furthermore, strong foothold of major pharma and medical device companies in the region coupled with extensive ophthalmic drug development activities. Additionally favorable regulatory scenario, and availability of highly skilled workforce has stimulated the business gains in the North America region.