Press release
Contract Research Organization (CRO) Market Expected to Grow at a CAGR of 8.6% By 2025 - IQVIA, PAREXEL International , Syneos Health, Laboratory Corporation of America Holdings, PRA Health Sciences, Charles River, ICON , Pharmaceutical Product Developmen
Contract Research Organization (CRO) Market
The CROs market is estimated to account for US$ 68,198.3 6 Mn by the end of 2025, escalating at a CAGR of 8.6% during the forecast period from 2018 to 2025, rising from US$ 35,818.9 Mn in 2017. The rise in the number of R&D expenditures and outsourcing activities and increasing number of clinical trials are expected to fuel the growth of global CROs market. According to a report of Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of the biopharmaceutical companies has increased from US$49.6 billion 2012 to US$ 58.8 billion in 2015.
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The List of Companies-1. IQVIA,2. PAREXEL International Corporation,3. Syneos Health,4. Laboratory Corporation of America Holdings,5. PRA Health Sciences, Inc.,6. Charles River,7. ICON plc,8. Pharmaceutical Product Development, LLC.,9. WuXi AppTec,10. Medpace
Pharmaceutical & biotechnology companies held the largest share of the CROs market, by type. The CROs are specialized in conducting research in comparison to pharmaceutical companies that are indulged more in other revenue generation activities such as production, sales and marketing of the drugs or medicinal products. Thus, the CROs bring value to the pharmaceutical and biotechnology companies by saving huge infrastructure and R&D facilities costs, as well as reduce the time period required to conduct a clinical trial. Moreover, the emerging pharmaceutical companies that do not have sufficient knowledge regarding regulatory affairs in the industry, helps them to establish a legal presence in the economy as well as industry through various services provided by CROs. Thus, the increasing number of pharmaceutical and biotechnology companies, unavailability of skilled professionals and rising demand for new therapeutics to treat various medical conditions are expected to drive the growth of this segment in CROs market, over the forecast years.
The CROs market was estimated through extensive primary and secondary sources that included a vast array of government authorized websites such as World Health Organization (WHO), Centers for Disease Control & Prevention (CDC), Food & Drug Administration (FDA), United Nations (UN), International Diabetes Federation (IDF), National Institute of Health (NIH) and others. The primary respondents included chair-holders and representatives of the demand and supply side for healthcare industries as well as medical professionals at various biopharmaceutical companies and research centers.
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Table of Content:
1 Introduction
1.1 Scope of Study
2 Key Takeaways
3 Contract Research Organization (CRO) Market Landscape
3.1 Market Overview
3.2 Market Segmentation
3.3 PEST Analysis
4 Contract Research Organization (CRO) Market - Key Industry Dynamics
4.1 Key Market Drivers
4.2 Key Market Restraints
4.3 Key Market Opportunities
4.4 Future Trends
4.5 Impact Analysis
5 Contract Research Organization (CRO) Market Analysis- Global
5.1 Global Contract Research Organization (CRO) Market Overview
5.2 Global Contract Research Organization (CRO) Market Forecasts and Analysis
5.3 Market Positioning/Market Share
5.4 Performance of Key Players
5.5 Expert Opinions Contract Research Organization (CRO) Market
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