Contract Research Organization Services Market Is Thriving Worldwide Demand with Leading Players IQVIA, Covance Inc., Parexel International Corporation., PRA Health Sciences

A report, "Global Contract Research Organization (CRO) Services Market" has been recently published by Market Industry Reports (MIR). As per the report, the global Contract Research Organization (CRO) Services market was estimated to be over US$ 40 Billion in 2019. It is anticipated to grow at a CAGR of ~7.0% from 2019 to 2030.

The market growth can be attributed to several factors, which have led to the wide-scale adoption of CRO services. The growing prevalence of various diseases, such as cancer, diabetes, etc., and the emergence of new diseases, such as COVID-19, have given rise to the need for new curable drugs. This has forced several pharmaceutical companies to invest in drug development processes for the development of new & more effective products. Additionally, the patent expiration of drugs has also paved the way for many pharmaceutical companies to invest in the development of biosimilars and biologics. These factors have led to an overall increase in the number of clinical trials conducted and the outsourcing of R&D activities, which will support market growth over the forecast period.

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Prominent Players in the Contract Research Organization Services (CROs) Market

Some of the prominent players in the contract research organization services (CROs) market include IQVIA, Covance Inc., Parexel International Corporation., PRA Health Sciences., PPD, Inc., ICON plc, Syneos Health., Charles River, Medpace, Inc. and WuXi AppTec among others.

Scope of Report:

The market growth can be attributed to several factors such as increasing number of clinical trials, increased outsourcing of R&D activities and growth in the biosimilars and biologics market which are anticipated to further contribute to this substantial market growth between 2019 and 2030. However, clinical trial failures and stringent & differing government regulations are likely to restrain market growth to a certain extent.

To obtain better insights regarding the market scenario, prominent players are increasingly focusing on collaborative initiatives with several institutes, research centers, and companies. For instance, In August 2017, INC Research Holdings, Inc., a global Phase I-IV Contract Research Organization (CRO), and inVentiv Health, Inc., a privately held global CRO & Contract Commercial Organization (CCO), announced successful completion of their merger creating the only fully integrated biopharmaceutical solutions organization, including an end-to-end CRO and CCO.

Growing incidences of diseases and emergence of new disease cases has necessitated the need for new curable drugs for treatment. Whereas, in developing countries, there are large number of unmet clinical needs due to the occurrence of infectious and tropical diseases in the region. These overall factor, has led to increase in the number of clinical trials conducted which will in turn is expected to support growth of the market over the forecast period.

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Table of Contents

INTRODUCTION

Market Definition
Market Classification
Geographic Scope
Years Considered for the Study: Historical Years - 2016 & 2017; Base Year - 2018; Forecast Years - 2019 to 2030
Currency Used

RESEARCH METHODOLOGY
Research Framework
Data Collection Technique
Data Sources
Secondary Sources
Primary Sources
Market Estimation Methodology
Bottom Up Approach
Top Down Approach
Data Validation and Triangulation
Market Forecast Model
Limitations/Assumptions of the Study

ABSTRACT OF THE STUDY

MARKET DYNAMICS ASSESSMENT
Overview
Drivers
Barriers/Challenges
Opportunities

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