Ophthalmology Contract Research Organization (CRO) Market Size - Service Type (Clinical Research Services {Phase I, Phase II}), Therapy (Traditional, Advanced), End-use, Global Forecast, 2023 – 2032
Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationOphthalmology Contract Research Organization (CRO) Market Size - Service Type (Clinical Research Services {Phase I, Phase II}), Therapy (Traditional, Advanced), End-use, Global Forecast, 2023 – 2032
Ophthalmology Contract Research Organization (CRO) Market Size
Ophthalmology Contract Research Organization (CRO) Market accounted for USD 2.2 billion in 2022 and is anticipated to grow with a CAGR of 7.3% over the forecast period, to reach an estimated value of USD 4.4 billion by 2032.
Increasing prevalence of eye diseases coupled with rising demand for ophthalmic treatment are the major factors driving the industry by 2032. Outsourcing enables companies to access specialized expertise, advanced technologies, and state-of-the-art facilities, reducing the time and costs associated with in-house development of ophthalmic drug, devices, and diagnostic solutions in vision care. Furthermore, increasing number of clinical trials being conducted worldwide and growing emphasis of pharma companies on R&D activities for development of novel products.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Ophthalmology Contract Research Organization (CRO) Market Size in 2022 | USD 2.2 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 7.3% |
| 2032 Value Projection | USD 4.4 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 281 |
| Tables, Charts & Figures | 413 |
| Segments covered | Service Type, Therapy, End-use, and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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Ophthalmology contract research organizations are specialized service providers that offer comprehensive research and development support specifically focused on ophthalmology drugs, ophthalmic medical devices, and therapies. These services are outsourced by pharmaceutical, biopharmaceutical, and medical device company among others.
COVID-19 Impact
The COVID-19 pandemic has been a major blow to the development of drugs and treatments for eye diseases. Many companies have cut back on their spending for research and clinical trials, and some trials have been postponed or even canceled altogether. This is because of lockdowns, travel restrictions, and concerns about safety. The pandemic has also forced the industry to find new ways to conduct trials. Virtual and decentralized trials, where patients can participate from home or from other locations, have become more common. This has allowed trials to continue even when face-to-face meetings are not possible. Despite the challenges, the pandemic has also led to some positive changes. The industry has been forced to become more innovative and efficient. New technologies are being developed to make trials more convenient and less expensive. And the focus on virtual and decentralized trials could lead to more patients being able to participate in research in the future.
Ophthalmology Contract Research Organization (CRO) Market Trends
The number of people with eye problems is going up, and more people are looking for better ways to treat and diagnose eye problems. This is driving the growth of the ophthalmology CROs market, which helps develop new treatments and tests for eye diseases. As more and more people live longer, they are more likely to get eye problems like macular degeneration, diabetic retinopathy, glaucoma, and cataracts. These conditions can cause serious vision loss and even blindness. For example, in 2020, over 1.8 million Americans over the age of 40 had age-related macular degeneration (AMD). Worldwide, 2.2 billion people have trouble seeing things close up or far away. At least half of these problems could have been prevented or treated, but they haven't yet been taken care of.
Ophthalmology Contract Research Organization (CRO) Restraint
Different rules and regulations for medical research in different parts of the world make it tough for companies that run clinical trials for eye care products. These rules are always changing and getting more complicated, so these companies have to work hard to keep up and make sure they're meeting all the requirements. Each country or region has its own unique set of rules, standards, and approval processes for eye care medicines. This can be a headache for companies that do clinical trials in multiple countries. Trying to meet all these different requirements can make it more expensive and complicated to outsource clinical trials for eye care medicines. For example, the United States has very strict rules for clinical trials, which makes it more expensive and time-consuming to do research there compared to some countries in Asia and the Pacific.
Ophthalmology Contract Research Organization (CRO) Market Analysis
Imagine a specialized market for companies that help with eye-related research. This market is like a puzzle with different pieces representing different types of services. First, we have "early phase development services." These guys are like the early explorers, preparing the ground for new treatments. Then we have "clinical research," which is like the main event, testing treatments in people. Within clinical research, there are different phases like "Phase I," "Phase II," and so on. It's like a step-by-step process, and the last one, "Phase IV," checks how well the treatment works in real-world settings. Out of all these services, clinical research takes the crown in terms of revenue. It's expected to keep growing in the coming years because of cool new technologies that let us see our eyes better and diagnose problems more precisely. This makes companies more interested in researching new eye treatments. Another reason clinical research is so popular is that companies can outsource it to experts. This means they can get specialized help to run their studies smoothly and quickly, which leads to better and faster results for patients.
Imagine you're taking your eyesight for a drive. Along the way, you come across roadblocks called eye diseases. Therapy is like a mechanic who helps you navigate these obstacles. There are two main types of therapytraditional and advanced. Traditional therapy is like putting on bandages or taking medicine to fight inflammation or protect your eyes from damage. The anti-inflammatory segment of this type of therapy is like a shield, protecting your eyes from swelling and redness. In 2022, this segment alone was valued at over $802.7 million! The reason this segment is expected to grow even more (by 7.2% each year until 2023) is because more people are getting eye problems that cause inflammation. Plus, doctors and patients are realizing how important it is to treat these conditions. To make things even better, scientists are coming up with new and improved anti-inflammatory medications just for the eyes.
Who uses ophthalmology contract research organizations (CROs)? Well, it's mostly big pharma and biotech companies, medical device makers, and research institutions. Pharma and biotech companies are the big spenders, shelling out over $1.2 billion in 2022. Why? They're racing to develop new eye treatments and drugs. By teaming up with CROs, they can save money, get things done faster, and stay ahead of the competition. CROs have top-notch labs and equipment, plus the latest imaging and diagnostic tech. They also know the ins and outs of regulations for eye treatments. So, pharma companies can trust them to handle their projects smoothly.
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.
Ophthalmology Contract Research Organization (CRO) Market Share
Major industry players operating in the ophthalmology contract research organization (CRO) market include
- Charles River Laboratories International, Inc.
- ICON plc Laboratory Corporation of America Holdings (Covance Inc.)
- Medpace, Inc.
- Pharmaceutical Product Development (Thermo Fisher Scientific, Inc.)
- Syneos Health
- Worldwide Clinical Trials
- WuXi AppTec
- ORA Inc.
- CTRG (Clinical Trial Resource Group)
- Iris Pharma
- Trial Runners
- The Emmes Company LLC
- Lexitas Pharma Services, Inc.
- ProTrial Research, Inc.
- TFS HealthScience
Ophthalmology Contract Research Organization (CRO) Industry News
- In July 2019, Ora, Inc., along with its affiliate, OIG LLC, entered a partnership with InFocus Capital Partners LLC, an ophthalmology-focused private investment firm. This partnership enabled a formal process and structure under which the company could provide exposure to capital sources to its client base seeking financing. The partnership brought together companies to catalyze potential investment opportunities.
- In November 2018, Ora Inc. announced that it has been retained by a Dutch biotechnology company, ProQR Therapeutics, to provide standardized mobility test services for ProQR’s Phase 3 development program for Leber’s Congenital Amaurosis Type 10. Both the companies entered into an agreement to use the Ora-VNC mobility courses in ProQR’s pivotal program. This strategy supported Ora’s pharmaceutical and device partners to develop potential products for patients.
- In October 2018, Iris Pharma partnered with Keen Eye, a French technology company specialized in image analysis for the life science industry. This partnership aimed at providing Iris Pharma with advanced artificial intelligence (AI) applications of Keen Eye to make assays more reliable, faster, and more efficient.
The ophthalmology contract research organization (CRO) market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments
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By Service Type
- Early phase development services
- Clinical research
- Phase I
- Phase II
- Phase III
- Phase IV
- Laboratory services
- Regulatory consulting services
By Therapy
- Traditional interventions
- Anti-inflammatory interventions
- Corticosteroids
- NSAIDs
- Immunomodulators
- Other anti-inflammatory interventions
- Anti-oxidative interventions
- Other traditional interventions
- Advanced interventions
- Cell therapy
- Gene therapy
- Other advanced interventions
By End-user
- Pharma/biopharma companies
- Medical device companies
- Academic institutes
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of MEA
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