Contract Research Organization Services Market growth can be attributed to the growing R&D expenditure, increased outsourcing of R&D activities, and an increasing number of clinical trials.
Northrook, IL -- (SBWIRE) -- 12/04/2019 -- Contract research organizations (CROs) offer testing and consulting services for every stage of the drug R&D process for commercial manufacturers such as pharmaceutical and biopharmaceutical companies and medical device firms.
What the Market Looks Like?
Predicted to grow at a CAGR of 7.6% during the forecast period, the global Contract Research Organization Services Market is estimated to reach USD 56.34 Billion by the end of 2023.
On the basis of type, clinical research services segment accounted for the largest share of the global CRO services market. This can be attributed to factors such as the growing biosimilars and biologics markets, increased R&D investments in pharmaceutical and biopharmaceutical companies, and increase in clinical trial activities.
On the basis of therapeutic area, the oncology segment is expected to grow at the highest CAGR in this market. The high growth of this segment is attributed to the increasing number of clinical trials and rising prevalence of cancer worldwide.
Based on end user, the pharmaceutical and the biopharmaceutical companies segment witnessed the largest share in this market. Increasing incidence of chronic diseases, technological advancements in medical devices, and adoption of point-of-care (POC) testing are the major factors supporting the largest share of this segment.
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What Drives the Market?
The growth of the global market for Contract Research Organization Services (CROs) Market is primarily influenced by the following factors:
-Growing R&D Expenditure
- Increased Outsourcing of R&D Activities
- Increasing Number of Clinical Trials
Geographical growth scenario of Contract Research Organization Services (CROs) Market:
Geographically, the Contract Research Organization Services (CROs) Market has been segmented into five major regional segments North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the CRO services market in 2017, followed by Europe and APAC. High quality standards in the pharmaceutical industry, rising demand among pharmaceutical and biopharmaceutical companies for outsourcing services, and increase in clinical trial activities in the region are the major factors responsible for the large share of North America in the CRO services market.
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Leading market players and strategies adopted:
The prominent players in the global Contract Research Organization Services (CROs) Market include IQVIA (US), LabCorp (US), PAREXEL (US), ICON plc (Ireland), PPD (US), PRA Health Sciences (US), Syneos Health (US), Charles River (US), Wuxi PharmaTech (US), Medpace Holdings (US), SGS (Switzerland), Envigo (UK), and MPI Research (US).
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