Press release
North America Contract Research Organisation (CRO) Services Market Size To Grow At A CAGR Of 7.70% In The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter's Five Forces Models.
North America Contract Research Organisation (CRO) Services Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): Nearly USD 24.39 Billion
• Forecast CAGR (2023-2028): 7.70%
• Forecast Market Size (2028): Around USD 38.06 Billion
A contract research organisation or CRO delivers assessment services to the biotechnology, pharmaceutical, and medical device sectors via a contract agreement. There are several roles and specialties of CRO. In other words, it functions as an appointed or employed agent that performs specified activities for a test sponsor. Any information that a CRO gathers must be fair and impartial and meet the governing prerequisites, and it is utilised in an applicant-focused methodology for drug invention and device design.
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Increasing investments in research activities by pharmaceutical companies, governments, academic and non-profit organisations, and research organisations to develop advanced and innovative diagnostics technologies and medications for several diseases are driving the North America contract research organisation (CRO) services market demand.
The growing elderly population, increasing occurrence of chronic ailments, and rising demand for economic digital health are fuelling investments in research and development (R&D) activities, hence supporting the demand for CRO services.
The growing approvals of new medicines, rising drug development activities, and increasing clinical trials are likely to encourage the North America contract research organisation (CRO) services market growth in the forecast period.
North America Contract Research Organisation (CRO) Services Industry Definition and Major Segments
A contract research organisation, also referred to as Clinical Research Organisation (CRO), can be defined as a service corporation that offers assistance to the pharmaceutical and biotechnology sectors in the manner of subcontracted pharmaceutical research services for medical tools and drugs. CROs have a scope ranging from small-scale and niche speciality units to global full assistance companies.
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Based on service types, the North America contract research organisation (CRO) services market can be segmented into:
• Early Phase Development Services
• Clinical
• Laboratory Services
• Others
On the basis of therapeutic areas, the market is classified into:
• Oncology
• Clinical Pharmacology
• Cardiovascular
• Infectious Disease
• Neurology
• Gastroenterology and Hepatology
• Respiratory
• Others
The major end uses of contract research organisation (CRO) services are:
• Pharmaceutical and Biopharmaceutical Companies
• Medical Device Companies
• Academic Institutes
• Others
Based on regions, the market is classified into:
• United States
• Canada
North America Contract Research Organisation (CRO) Services Market Trends
Rising subcontracting trends in the clinical trials sector and increasing utilisation of pioneering technology for efficient research and development results have substantially influenced the North America contract research organisation (CRO) services market demand. There has been a shift and rise in the demand for CRO services owing to the significant switch from managing manual and paper- based documentation to capturing information through digital technology.
The assistance and services offered by contract research organisations (CROs) have flourished in the healthcare sector over the last few years due to advancements in the research and development of new drugs.
Some of the key North America contract research organisation (CRO) services market trends include the rise in the elderly population, the increasing recognition of digital pathology portals, and the growing prevalence of ailments related to lifestyle changes.
The United States holds a significant share in the North America market for contract research organisation (CRO) services due to the rising focus of biotech and pharmaceutical organisations to subcontract clinical trials for analysing, diagnosis, and treating different diseases.
Factors like rising diagnosis of diseases, growing incidences of chronic conditions, such as diabetes, and contagious diseases, the rising awareness regarding the importance of routine checkups, and the introduction of public health screening policies by the governments are likely to propel the North America contract research organisation (CRO) services market growth.
Key Market Players
The major players in the North America contract research organisation (CRO) services market are:
• IQVIA Holdings Inc.
• Thermo Fisher Scientific Inc.
• Medpace Holdings, Inc.
• Parexel International Corporation
• Labcorp
• Clinipace
• ICON plc
• Medpace, Inc
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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