Fortune Business Insights states that the Contract Research Organization (CRO) Services Market will reach US$ 90,926.3 Mn by 2026, thereby exhibiting a CAGR of 9.9%.
The Global Contract Research Organization Services Market will get improvement from extending clinical starters in the coming years. According to a report by Fortune Business Insights, titled “Contract Research Organization (CRO) Services Market Size, Share and Global Trend By Service Type (Discovery, Pre-Clinical, Clinical, Laboratory Services), By Application (Oncology, Cardiology, Infectious Disease, Metabolic Disorders), By End User(Pharmaceutical & Biotechnological Companies, Medical Device Companies, Academic & Research Institutes) and Geography Forecast till 2026: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 38,396.4 Mn in 2018.
A contract research organization is a company that is engaged in providing various pharmaceutical services such as product development, statistical analysis, and regulatory updates. The contract research organization also helps in submitting applications for new drug approvals and framing these applications within the regulatory compliances, all while ensuring the applications meets safety standards as stated by the related authorities.
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Factors such as increasing healthcare expenditure by the government as well as private organizations will favor the growth of the global contract research organization services market in the forthcoming years.
Some of the major companies that are present in the Global Contract Research Organization (CRO) Services Market;
- Pharmaceutical Product Development, LLC.
- Medpace
- Clintec
- IQVIA
- PRA Health Sciences
- ICON plc
- KCR S.A.
- PSI
- Parexel International Corporation.
- Covance
- Other prominent players
“Increasing Number of Non-Profit Organizations Are Getting Involved in CRO launches”
The demand for CROs has been increasing ever since healthcare institutions have unlocked various benefits of contract research organizations in business operations. With the inflating demand for CROs, investors have identified huge growth potential within establishing CROs. The rise in the number of investors involved in developing contract research organizations has contributed to the growth of the global CRO services market.
Besides non-profit organizations, the market continues to witness newer CRO launches from leading companies around the world. IN April 2019, FHI 360 announced the launch of a new CRO service, named FHI Clinical. The company claims to help companies involved in the hard-to-reach market and focuses on resource-limited settings. Fortune Business Insights states that such new CRO launches will have a positive impact on the global contract research organizations services market and will favor the growth of the market in the coming years.
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Segmentation for Global CRO Services Market are;
By Service Type
- Discovery
- Pre-Clinical
- Clinical
- Laboratory Services
By Application
- Oncology
- Cardiology
- Infectious Disease
- Metabolic Disorders
- Others
By End-User
- Pharmaceutical & Biotechnological Companies
- Medical Device Companies
- Academic & Research Institutes
- Others
By Geography
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“Increasing Mergers and Strategic Collaborations to Favor Market Growth”
Increasing mergers and acquisitions aimed at developing existing CROs and establishing new CROs are a primary factor that will account for the growth of the global contract research organization services market. The global CRO services market size will also benefit from a recent surge in the number of company collaborations and agreements. In 2018, Cereno Scientific announced that it is collaborating with leading CRO ‘OCT’. The company announced the collaboration with the aim of conducting phase 2 clinical trials for study of Cereno’s latest drug ‘CS1’. Fortune Business Insights states that Cereno’s latest partnership will have a significant impact on the overall market. The report includes company collaborations and mergers, similar to Cereno’s latest merger.
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