What's driving the Contract Research Organization (CRO) Services Market Growth? Prominent Players: Medpace, Clintec, IQVIA, PRA Health Sciences, ICON plc and more
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Some of the major companies that are present in the Global Contract Research Organization (CRO) Services Market;
• Pharmaceutical Product Development, LLC.
• PRA Health Sciences
• ICON plc
• KCR S.A.
• Parexel International Corporation.
• Other prominent players
A contract research organization is a company that is engaged in providing various pharmaceutical services such as product development, statistical analysis, and regulatory updates. The contract research organization also helps in submitting applications for new drug approvals and framing these applications within the regulatory compliances, all while ensuring the applications meets safety standards as stated by the related authorities. Factors such as increasing healthcare expenditure by the government as well as private organizations will favor the growth of the global contract research organization services market in the forthcoming years.
Increasing Number of Non-Profit Organizations Are Getting Involved in CRO launches
The demand for CROs has been increasing ever since healthcare institutions have unlocked various benefits of contract research organizations in business operations. With the inflating demand for CROs, investors have identified huge growth potential within establishing CROs. The rise in the number of investors involved in developing contract research organizations has contributed to the growth of the global CRO services market.
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Besides non-profit organizations, the market continues to witness newer CRO launches from leading companies around the world. IN April 2019, FHI 360 announced the launch of a new CRO service, named FHI Clinical. The company claims to help companies involved in the hard-to-reach market and focuses on resource-limited settings. Fortune Business Insights states that such new CRO launches will have a positive impact on the global contract research organizations services market and will favor growth of the market in the coming years.
Segmentation for Global Contract Research Organization (CRO) Services Market are;
By Service Type
• Laboratory Services
• Infectious Disease
• Metabolic Disorders
By End User
• Pharmaceutical & Biotechnological Companies
• Medical Device Companies
• Academic & Research Institutes
Increasing Mergers and Strategic Collaborations to Favor Market Growth
Increasing mergers and acquisitions aimed at developing existing CROs and establishing new CROs are a primary factor that will account for the growth of the global contract research organization services market. The global CRO services market will also benefit from a recent surge in the number of company collaborations and agreements. In 2018, Cereno Scientific announced that it is collaborating with leading CRO ‘OCT’. The company announced the collaboration with the aim of conducting phase 2 clinical trials for study of Cereno’s latest drug ‘CS1’. Fortune Business Insights states that Cereno’s latest partnership will have a significant impact on the overall market. The report includes company collaborations and mergers, similar to Cereno’s latest merger.
Fortune Business Insights has profiled some of the attractive business strategies adopted by renowned companies and gauges their impact on the global market. Some of the leading companies that are operating in the global contract research organization services market are Pharmaceutical Product Development, LLC., Medpace, Clintec, IQVIA, PRA Health Sciences, Inc., ICON plc, KCR S.A., PSI, Parexel International Corporation., and Covance Inc.
Major Table of Content
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Mergers & Acquisitions Among Key Players
4.2. The Regulatory Scenario in Key Countries/Region
4.3. Competition Matrix for the Services Provided by Key Players.
5. Global Contract Research Organization Services Market Analysis, Insights and Forecast, 2015-2026
STRONG INDUSTRY FOCUS:
• Extensive product offerings
• Customer research services
• Robust research methodology
• Comprehensive reports
• Latest technological developments
• Value chain analysis
• Potential market opportunities
• Growth dynamics
• Quality assurance
• Post-sales support
• Regular report updates
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Partnership factors in sponsor – CRO relationships
Drugs discovered today can realistically cost upwards of 900 million dollars and around 12 years of development to reach a market. CRO’s have been increasingly used by larger pharma to outsource their clinical research, allowing big pharma to shut down in-house R&D, in practice saving money. There have been some issues however with the outsourcing of trials to CROs, including serious relationship break down with negative attitudes, failure to communicate