A CRO is an organization that outsources R&D services from numerous industries like pharmaceutical, biotechnology, medical devices industries, government institutions, foundations, and universities. The demand for contract research organizations is fueled by advanced clinical development programs and the demand for new pharmaceutical products throughout the world. Consumers shift towards biopharmaceutical drugs is increasing rapidly rather than chemical pharmaceuticals drugs for the treatment of some diseases such as diabetes, cancer, and genetic diseases which are boosting the market effectively. This shift is rising because biopharmaceutical drugs offer several health advantages. By type, this market is segmented into preclinical CRO and clinical trial CRO. In order to lower down the expenditure of research and development and reducing the time required for product marketing, and especially to focus on other operational activities, the pharmaceutical vendors are outsourcing preclinical and other drug development phases to CROs. In this segmentation, clinical trial CRO segment is anticipated to progress over the forecast period. Based on type of service, this market is segmented into Clinical Research Services, Early-phase Development Services, Laboratory Services, and Consulting Services. The Clinical Research Services segment is sub-segmented into Phase I Clinical Research Services, Phase II Clinical Research Services, Phase III Clinical Research Services, and Phase IV Clinical Research Services. Further, the Early-Phase Development Services segment is sub-segmented into Discovery Studies, Chemistry, Manufacturing, & Control (CMC), Preclinical Services (this includes
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Pharmacokinetics/Pharmacodynamics (PK/PD), Toxicology Testing Services, and Other Preclinical Services). The Laboratory Services is also sub-segmented into Bioanalytical Testing Services and Analytical Testing Services. Therefore, the Analytical Testing Services includes Physical Characterization, Raw Material Testing, Batch-Release Testing, Stability Testing, and Other Analytical Testing Services. In this segmentation, the clinical research services alleged the largest share of the CRO services market in 2016. This growth can be attributed to growing number of biosimilar and biologics by pharmaceutical and biopharmaceutical companies, increase in R&D activities and growing number of clinical trials globally. The contract research organization market is segmented by therapeutic area such as oncology, central nervous system (CNS), cardiovascular, respiratory, diabetes, and other therapeutic areas. In this segmentation, the cardiovascular segment is the largest therapeutic area segment where CRO is extensively used. Classified by End-User, this market is segmented into pharmaceutical and biopharmaceutical companies, medical device companies, and academic institutes. In this segmentation, the pharmaceutical and biopharmaceutical companies? end-user segment is seen as a wide user of CRO concept in their organization. On the other hand, the other segments are also witnessing significant growth in the global market. Factors such as increased outsourcing of R&D activities is one of the main drivers of the market which is fueling the market. Also, the high failure rate of clinical trials is also expected to trigger the demand for CROs by pharmaceutical and biopharmaceutical vendors to outsource their R&D. Whereas, increasing regulatory pressure on CROs can hinder their market growth to a certain extent. Divided by region, this market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
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North America dominated a major share of the global contract research organizations services market. High-quality standards in the pharmaceutical industry, rapid growth in the biosimilars and biologics market, rising demand for outsourcing of services by pharmaceutical and biopharmaceutical companies, and an increase in clinical trial activities in this region are the factors contributing to its growth. APAC is estimated to witness the highest growth rate during the forecast period. Growth in this market can be attributed to the fast-growing pharmaceutical industry, favorable government policies, increasing number of pharmaceutical companies establishing manufacturing facilities, and lower cost for clinical trials in this region. Global Contract Research Organization (CRO) Market is expected to flourish at a CAGR of 10.2% over the forecast period. Some of the major key players of Global Contract Research Organization (CRO) Market are Covance, Parexel International, PRA Health Sciences, Quintiles Translational Chiltern, Charles River Laboratories, Icon, Inventiv Health, QPS, Ricerca Biosciences, EPS, SynteractHCR, INC Research, WIL Research and WuXi AppTec among others.