U.S. Contract Research Organization (CROs) Market Evaluation | Dimension | Industry Grow | Forecasts 2026 | America Holdings (Covance), IQVIA, Paraxel International Corporation, Syneos Health, PRA Health Sciences
This report focuses on Global U.S. Contract Research Organization (CROs) Market trends, future forecasts, growth opportunities, key end-user industries, and market players. The purpose of the study are to present the key developments of the market across the globe.
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A contract research organization (CRO) offers effective services to pharmaceutical and biotechnology organizations by reducing cost and time period required to conduct the clinical trial. The U.S. continues to be the one of the largest market for pharmaceutical research and development, thereby providing growth opportunities for contract research organizations (CROs). CROs offer drug discovery services such as drug target identification, drug discovery screening, library screening, fragment-based drug design, ligand-based drug design, ligand protein binding, drug profiling, lead identification, lead compound identification, and lead optimization. CROs conducts clinical trial studies (from phase I to phase IV). It is also engaged in medical coding, monitoring, clinical data management, protocol development, and other services which are included in clinical development of any drug molecules.
Segmentation: The report has been separated into separate categories, such as product type, application, end-user, and region. Each segment is evaluated based on the CAGR, share and growth potential. In the regional analysis, the report highlights the prospective region, which should generate opportunities in the global U.S. Contract Research Organization (CROs) market in the years to come. This segmented analysis will surely prove to be a useful tool for readers, stakeholders and market participants to get a full picture of the U.S. Contract Research Organization (CROs) global market and its growth potential in the years to come.
Scope of the U.S. Contract Research Organization (CROs) Market Report:
The market was valued at US$ XX million in 2020 is predicted to increase at a CAGR of around xx% during the forecast period to reach US$ xx million by 2026, according to the study.
This report targets on the U.S. Contract Research Organization (CROs) market, especially in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. This report classifies the market based on regions, types, and applications.
Country-level Break-up includes:
North America (the United States, Canada and Mexico)
Europe (Germany, France, United Kingdom, Spain, Italy, Netherlands, Switzerland, Nordic and Others)
Asia-Pacific (Japan, China, Australia, India, Taiwan, South Korea, Middle East & Africa and Others)
Increasing technological advancements such as use of artificial intelligence and machine learning in the field of clinical research are expected to drive growth of the U.S. contract research organization (CROs) market during the forecast period.
Increasing use of artificial intelligence and machine learning along with big data is expected to improve the efficiency of clinical trial process and help speed up drug approval process. Artificial intelligence can help in identifying potential hazards in the clinical development process at an early stage, thereby allowing researchers to reduce the cost and time required for research. Artificial Intelligence can also be used in combination with wearable devices for processing and analyzing multiple real-time data. Effective use of wearable sensors can reduce the need for patients to travel for site visits during clinical trials. The system can also be used to compare data sets from ongoing trials and patients’ medical records, and make necessary suggestions. These factors are expected to fuel growth of the market over the forecast period. For instance, in June 2018, BioClinica, a global life science service provider, expanded and enhanced SMART technology suite equipped with medical imaging, electronic data capture (EDC), and interactive response technology (IRT) technologies for efficient analysis of clinical trial data.
However, fluctuation in prices and hidden cost of clinical research services are the major factors that are expected to hinder the market growth over the forecast period. Moreover, other costs are involved in the services with increasing use of technological platforms, which includes software for clinical data management, database, document management, and others. Usage of such advanced technology enhances the overall process and provides quality data, however, it increases the cost of outsourcing services, which in turn is expected to hamper growth of the U.S. contract research organization (CROs) market during the forecast period.
The research study can answer the following Key questions:
What will be the progress rate of the U.S. Contract Research Organization (CROs) Market for the conjecture period, 2020-2027?
What are the prominent factors driving the U.S. Contract Research Organization (CROs) Market across different regions?
Who are the major vendors dominating the U.S. Contract Research Organization (CROs) industry and what are their winning strategies?
What are the challenges faced by the U.S. Contract Research Organization (CROs) Market?
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Years Considered to Estimate the Market Size:
History Year: 2015-2019
Base Year: 2019
Estimated Year: 2020
Forecast Year: 2020-2026
Some of the Major Highlights of TOC Covers:
Chapter 1: Executive Summary
Chapter 2: Methodology & Scope
Definition and Forecast Parameters
Methodology and Forecast Parameters
Chapter 3: Market Insights
Chapter 4: Company Profiles
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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