The CRO services market size is projected to reach USD 163.48 Billion by the end of 2029, exhibiting a CAGR of 12.1 % in the forecast period (2022-2029). However, the market was worth USD 73.38 Billion in 2022.
The global CRO services market is anticipated to exhibit remarkable growth owing to the rising globalization and increasing technological advancements. Fortune Business Insights, in a report, titled, “CRO Services Market Size, Share and Industry Analysis 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), and Regional Forecast 2019-2026,” published this information.
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Leading Players operating in the Contract Research Organization Services Market are:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
- Pharmaceutical Product Development, LLC.
- PRA Health Sciences
- ICON plc
- KCR S.A.
- Parexel International Corporation.
- Other prominent players
The report covers:
- Global Contract Research Organization Services Market trends, with detailed analysis on consumer trends & manufacturer trends.
- Overview on supply analysis covering trends across raw material suppliers, technology providers and distributors.
- Key areas of investments identifying market opportunities and challenges in forecast timeframe.
- Competitive analysis of the industry players along with the overview on strategic management.
- Comprehensive company profiles of the major industry players.
North America to Dominate: Increasing Research & Development Activities to Favor Growth
The market can be geographically categorized into Latin America, Europe, North America, the Middle East and Africa, and Asia Pacific. Amongst them, North America will be in the dominant position during the forthcoming years.
The growth is attributable to the rising demand for innovative therapies for managing chronic diseases and increasing investment in research and development activities by many organizations. Moreover, huge spending on healthcare services, growing need for therapeutically effective products, and increasing awareness regarding healthcare will contribute to the growth in this region.
Prominent Players Focus on Strategic Collaborations to Expand Product Portfolio
The market is highly competitive owing to the presence of a large number of key players. However, the number of collaborations, acquisitions, and mergers have increased since the past few years. It will, in turn, help the mammoth players in gaining high CRO services market share in the coming years. Two of the most recent key industry developments are given below:
February 2019: Pharmaceutical Product Development, LLC (PPD), a provider of clinical trial development, management, and post-approval services, headquartered in the U.S., announced that it is signing an exclusive agreement with Happy Life Tech (HLT), medical AI company based in China.
The main aim of the joint venture is to create a unique service offering for the Chinese drug-development market providing real-world evidence of drug products’ value, safety, and effectiveness as well as data science-driven clinical trials. Additionally, it would help PPD in gaining access to China’s post-marketing and drug development ecosystem to fulfill the unmet needs in China.
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Mergers & Acquisitions Among Key Players
- The Regulatory Scenario in Key Countries/Region
- Competition Matrix for the Services Provided by Key Players.
- Global Contract Research Organization Services Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service Type
- Laboratory Services
- Market Analysis, Insights and Forecast – By Application
- Infectious Disease
- Metabolic Disorders
- Market Analysis, Insights and Forecast – By End User
- Pharmaceutical & Biotechnological Companies
- Medical Device Companies
- Academic & Research Institutes
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia pacific
- Rest of the World
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- Extensive product offerings
- Customer research services
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- Comprehensive reports
- Latest technological developments
- Value chain analysis
- Potential Contract Research Organization Services Market opportunities
- Growth dynamics
- Quality assurance
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- Regular report updates
Reasons to Purchase this Report:
- Comprehensive analysis of the Contract Research Organization Services Market growth drivers, obstacles, opportunities, and other related challenges.
- Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.
- Identifies market restraints and boosters.
- Identifies all the possible segments present in the market to aid organizations in strategic business planning.
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