Contract Research Organization (CRO) Market 2019: Qualitative Analysis Reveals Explosive Growth by IQVIA, Laboratory Corporation of America Holdings, PAREXEL International Corporation, Syneos Health, PRA Health Sciences, Charles River, ICON plc, and Other

Contract Research Organization (CRO) Market report holds a massive importance when it comes to market definition, classifications, applications and engagements. Not to mention these topics have been thoroughly studied with the best tools and techniques. This market research report lends a hand to stay up-to-date about the entire market and also brings into light holistic view of the market. Contract Research Organization (CRO)
market report conducts estimations on the market status, growth rate, future trends, market drivers, market restraints, key opportunities, challenges, market risks, entry barriers, sales channels, distributors and Porter's Five Forces Analysis. With this market report, insights and realities of the Healthcare industry can be acquired which helps keep the business on the right track.

The report provides key statistics on the market status of Global and Regional manufacturers and hence works as an important source of guidance for companies and individuals interested in the industry. Additionally, the data and information have been taken from the reliable sources and include websites, annual reports of the companies, journals, and mergers which is again checked and validated by the market experts. In this swiftly revolutionizing industry, market research or secondary research is the best way to collect information quickly and here this Contract Research Organization (CRO) market research report plays vital role.

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MARKET INTRODUCTION

The global contract research organization (CRO) market is expected to reach US$ 68,198.3 Mn in 2025 from US$ 35,818.9 in 2017. The market is estimated to grow with a CAGR of 8.6% from 2018-2025.

Market Insights

Increasing R&D Expenditures and Outsourcing Activities

Research and development (R&D) is an essential and crucial part of the company’s business. Pharmaceutical and biotech companies focus on the research and development (R&D) to come up with new molecules for various therapeutic applications with the greatest medical and commercial potential. The companies invest majorly on the R&Ds with the aim of delivering high quality and innovative products to the market. Research and development expenditures relate to the processes of discovering, testing and developing new products, upfront payments and milestones, improving existing products, as well as demonstrating product efficacy and regulatory compliance prior to launch. According to the International Federation of Pharmaceutical Manufacturers & Associations, the R&D expenditures in 2014 by the pharmaceuticals and biotechnology industry grew by approximately 8.7% than that of the expenditures in 2013. Moreover, in United States, investments for R&D by pharmaceutical companies had grown consistently over the last 15 years. The intensity for R&D by the companies in Japan accounted for about 13.3%, in US it accounted approximately 17% and in the European Union it was registered to be approximately 13% in the year 2014.

Key Competitors In Market are IQVIA, Laboratory Corporation of America Holdings, PAREXEL International Corporation, Syneos Health, PRA Health Sciences, Charles River, ICON plc, Pharmaceutical Product Development, LLC, WuXi AppTec, Medpace

Strategic Insights

Product approvals and acquisitions were observed as the most adopted strategy in global contract research organization industry. Few of the product approvals and acquisitions made by the players in the market are listed below;

2018: In June, 2018, Laboratory Corporation of America Holdings acquired Sciformix Corporation, a scientific process outsourcing company focused on pharmacovigilance and regulatory solutions for biopharmaceutical and medical devices clients. Sciformix has become part of Covance, Laboratory Corporation of America Holdings’s drug development business.

2018: In June, IQVIA launched Virtual Research Solutions, a new suite of technology-led study options offering advances in patient-centric trial design and execution. Powered by the IQVIA CORE, Virtual Research Solutions combines unparalleled information assets, advanced analytics, technologies and critical domain expertise to design and execute trials and late-phase studies.

Market segmentation:

by Type (Early Phase Development Services, Clinical Research Services, Laboratory Services, and Post-Approval Services); End User (Pharmaceutical & Biotechnology Companies and Medical Device companies) and Geography

By Geography North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. And 13 countries globally along with current trend and opportunities prevailing in the region.

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