Press release
IQVIA,Syneos Health Profiled in Contract Research Organization (CRO) Market Report 2025 - PRA Health Sciences, Inc., Charles River, ICON plc, Pharmaceutical Product Development, LLC., WuXi AppTec, Medpace
Contract Research Organization (CRO) Market to 2025
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According to a new market research study titled “CROs Market to 2025 – Global Analysis and Forecasts by Type, and End User”, the global CROs market was valued at US$ 35,818.9 Mn in 2017 and is estimated to reach US$ 68,198.3 Mn by 2025. The report highlights the trends prevalent in the global CROs market and the factors driving the market along with those that act as deterrents to its 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 CROs 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.
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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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.
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 CROs market over the forecast period.
The report segments the global CROs market as follows:
Global CROs Market – By Type
• Early Phase Services
• Clinical Research Services
• Laboratory Services
• Post-Approval Services
Global CROs Market – By End User
• Pharmaceutical & Biotechnology Companies
• Medical Devices Companies
Global CROs Market – By Geography
North America
• U.S.
• Canada
• Mexico
Europe
• UK
• Germany
• France
Asia Pacific (APAC)
• Japan
• China
• India
Middle East & Africa (MEA)
• South Africa
• UAE
South America (SAM)
• Brazil
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