Northbrook, IL -- (SBWire) -- 07/12/2019 --According to a new market research report "Contract Research Organization Services (CROs) Market by Type (Discovery, CMC, Preclinical, Clinical Research, Laboratory Services), Therapeutic Area (Oncology, CNS, Cardiovascular), End User (Pharmaceuticals & Medical Device) - Global Forecast to 2023", published by MarketsandMarkets™, increased outsourcing of R&D activities and increasing number of clinical trials are the major factors driving the growth of the CRO

By type, the clinical research services segment accounted for the largest share of the Contract Research Organization Services Market in 2017

On the basis of type, the clinical research services segment accounted for the largest share of the global Contract Research Organization 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 an increase in clinical trial activities.

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By therapeutic area, the oncology segment held the largest market share of the Contract Research Organization Services Market in 2017

On the basis of the therapeutic area, the oncology segment accounted for the largest share in this market. The large share of this segment is attributed to the increasing number of clinical trials and the rising prevalence of cancer worldwide.

North America dominated the Contract Research Organization Services Market in 2017

North America accounted for the largest share of the Contract Research Organization Services Market in 2017, followed by Europe and the Asia Pacific. High-quality standards in the pharmaceutical industry, rising demand among pharmaceutical and biopharmaceutical companies for outsourcing services, an increase in clinical trial activities in the region are the major factors responsible for the large share of North America in the Contract Research Organization Services Market.

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The prominent players in the global Contract Research Organization Services 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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