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Contract Research Organization (CRO) Market Size Is Projected To Reach USD 124230 Million By 2027 - Valuates Reports

10-22-2021 05:33 PM CET | Health & Medicine

Press release from: Valuates Reports

Contract Research Organization (CRO) Market Size Is Projected

The global Contract Research Organization (CRO) market size is projected to reach USD 124230 million by 2027, from USD 58000 million in 2020, at a CAGR of 11.4% during 2021-2027.

Major factors driving the growth of the contract research organization market are:
Increasing investment in pharmaceutical R&D and clinical trials. CROs can offer their clients the expertise of moving a new drug or device from its conception to FDA/EMA marketing approval, without the drug sponsor having to maintain a staff for these services.
In recent years, pharmaceutical businesses have suffered a considerable drop in profitability. Working with a CRO offers various benefits, including decreasing or eliminating the need to hire research staff, invest in in-house R&D and manufacturing facilities. CRO can avoid having to spend capital on human resources or equipment. Thus, CRO potentials can boost success rates and speed up drug research and development, resulting in larger profitability.

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Based on region, North America is expected to be the most lucrative market due to the accelerating number of pharma and biopharma companies, alongside the robust investments in R&D activities in the region.
Based on application, the medical device segment is expected to be the most lucrative, due to the high demand for special CRO services that meet the unique needs of these companies. The segmental growth will further be stimulated by the increasing clinical studies as they play a crucial role during medical device development.

Contract Research Organization Market by Type
0 Biologic Assay Development
0 Clinical/Preclinical Research
0 Commercialization and Clinical Trial Management

Contract Research Organization Market by Application
0 The Medical Device
0 Pharmaceutical Firms
0 Others

Contract Research Organization Market By Regions
0 North America
0 Asia-Pacific
0 Rest of Asia
0 Latin America
0 Middle East & Africa

Inquire For Regional Report:

Contract Research Organization Market By Company
0 Labcorp
0 Syneos Health
0 Parexel
0 Wuxi Apptec
0 Medpace Holdings

Pharmaceutical Contract Manufacturing and Contract Market -

Contract Research Organization Services (CROs) Market -

Healthcare Contract Research Organization Sales Market Report 2021 -

Contract Development and Manufacturing Organization (CDMO) Outsourcing Market -

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