Press release
Contract Research Organization Market is estimated to reach US$ 170,427.41 million by 2031- IQVIA, Parexel & Syneos Health.
Contract Research Organization Market || 2024-2031
A Contract Research Organization (CRO) is a company that offers outsourced research services to support biotechnological, biopharmaceutical companies, and academic institutions in the development and approval of pharmaceuticals. CROs provide a range of services, from full-service global organizations to specialized niche groups, tailored to meet the specific needs of their clients. By outsourcing research to CROs, manufacturers can benefit from cost and time savings during the drug and device development process, streamlining the path to market.
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Market Dynamics:
The rising outsourcing of R&D activities and growth in clinical trials are expected to drive market growth.
The global market for Contract Research Organizations (CROs) is driven by the increasing trend of outsourcing R&D activities, the rising number of clinical trials, and the many advantages CROs offer, such as cost reduction and support for successful clinical development programs. These factors make CROs highly preferred by biopharmaceutical and biotechnological industries, as well as academic institutions. The need for CROs is further amplified by stringent and complex regulatory policies for drug development, which demand more resources for creating new drugs and devices.
Recent technological advancements and the growing number of clinical trials underscore the expanding role of CROs. For example, in June 2022, Labcorp, a prominent life science company, announced a collaboration with the Tigerlily Foundation, an advocacy group for breast cancer patients. This partnership aims to increase the diversity of clinical trials for women of color. Labcorp has also committed to the Inclusion pledge for Black women and joined other life science and healthcare companies in this effort.
Market Segmentation:
By Type: Drug Discovery, Early Phase Development Services, Clinic Research Services, Phase I Trial Services, Phase II Trial Services, Phase III Trial Services, Phase IV Trial Services, Laboratory Services, Consulting Services.
By Therapeutic Application: Oncology, Infectious Diseases, Central Nervous System (CNS) Disorders, Immunological Disorders, Cardiovascular Diseases, Respiratory Disorders, Diabetes, Other Therapeutic Areas.
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Major Players:
• IQVIA
• Labcorp Drug Development
• PPD Inc. (Thermo Fisher Scientific)
• Parexel
• Charles River Laboratories International
• ICON plc
• Syneos Health
• Medidata
• Novotech Health Holdings
• Medpace Holdings Inc
Product Portfolio:
IQVIA is a leading contract research organization (CRO) that offers clinical research services complemented by advanced technology and analytics solutions. Founded in 1982 and headquartered in North Carolina, United States, IQVIA focuses on creating intelligent connections to drive innovation in the life sciences industry. Its comprehensive services aim to enhance research and development processes, providing novel solutions and insights to advance healthcare.
Regional Analysis:
The global Contract Research Organization Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The report offers detailed insight into new product launches, new technology evolutions, innovative services, and ongoing R&D. The report discusses a qualitative and quantitative market analysis, including PEST analysis, SWOT analysis, and Porter's five force analysis. The Contract Research Organization Market report also provides fundamental details such as raw material sources, distribution networks, methodologies, production capacities, industry supply chain, and product specifications.
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