Press release
Contract Research Organization (CRO) Market Shows Exponential Growth Ahead Key Players Profile IQVIA, PAREXEL International Corporation, Syneos Health, Laboratory Corporation of America Holdings, PRA Health Sciences Inc., Charles River and ICON plc
Contract Research Organization (CRO) Market
The global Contract Research Organization (CRO) Market was valued at US$ 35,818.9 Mn in 2017 and is estimated to reach US$ 68,198.3 Mn by 2025 escalating at a CAGR of 8.6% during the forecast period from 2018 to 2025.
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Contract Research Organization (CRO) Market Overview
The government initiatives to increase number of clinical trial participant as well as increasing number of clinical trials in the forecast period. However, dearth of skilled professionals and extensive competition among CROs are expected to act as major challenges hindering the market growth.
The Contract research organizations (CROs) include the services such as medicine and disease coding, project management, data entry & validation, clinical trial data management among others. The CROs by type, the dominance of clinical trials services segment attributes to the alleviation from large costs that are incurred by the companies for in-house activities, long duration of clinical trial phase, globalization of clinical trials, increasing number of drug discovery procedures, use of e-clinical facilities for data optimization, record & validation, and others.
The global Contract Research Organization (CRO) Market is a matured market in the developing countries as well as developing economies worldwide. The market on the basis of type is segmented into early phase services, clinical research services, laboratory services, and post-approval services. Clinical trial services segment led the market in 2017, and is expected to retain its dominance during the forecast period owing to the easy availability as well as affordability. On the other hand, laboratory services are expected to grow with a rapid CAGR owing to collect, combine and report the trials data from different clinical sites.
Clinical trials comprise a long duration and can require six to seven years for successful completion. These trials includes the use of placebos with randomization, and follow up of double blinded protocols to minimize biases of the drug. According to the PAREXEL Biopharmaceutical Sourcebook (2016-17), over 60% sponsors across the globe have increased outsourcing the in-house activities, majorly in terms of drug discovery and pre-clinical trial procedures. The aforementioned factors are expected to increase the market for global Contract Research Organization (CRO) Market over the forecast period.
Contract Research Organization (CRO) Market Key Players
The key players operating in the field of CROs worldwide include IQVIA, PAREXEL International Corporation, Syneos Health, Laboratory Corporation of America Holdings, PRA Health Sciences, Inc., Charles River, ICON plc, Pharmaceutical Product Development, LLC., WuXi AppTec, Medpace among others.
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Contract Research Organization (CRO) Market Segmentation
Global Contract Research Organization (CRO) Market – By Type
Early Phase Services
Clinical Research Services
Laboratory Services
Post-Approval Services
Global Contract Research Organization (CRO) Market – By End User
Pharmaceutical & Biotechnology Companies
Medical Devices Companies
Global Contract Research Organization (CRO) Market – By Geography
North America
Europe
Asia Pacific (APAC)
Middle East & Africa (MEA)
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