Contract Research Organization Market Share Expected Huge Growth by 2024

Global Contract Research Organization Market: Overview

CRO (contract research organization) is as an organization providing services and assistance usually to the biotechnology and pharmaceutical industries in various forms such as drug tests, data research, post-development marketing, clinical trials, and associated services for the growth and expansion of both medical devices as well as drugs. Contract research organizations are accessible in a variety of forms such as new specialty groups, large, international complete service organizations to small ones. These organizations can advise and aid their clients to witness a novel medicine/drug or device from its beginning to the approval of FDA marketing without the need of the drug sponsor to keep a staff for such services.

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Global Contract Research Organization Market: Growth Factors

The global contract research organization market is mainly driven by numerous growth factors such as growing utilization of mass spectrometry in clinical labs, increasing spending in biopharmaceutical development and research, rising prices of therapeutic development, encouraging outsourcing trends, and many more. However, the global contract research organization market is hampered by several factors such as data integrity, industry consolidation, and a small number of barriers for the entry of limited-service providers. Other factors include various growing end-market with a faster pace, increasing preference by biopharmaceutical companies to full-service CROs from outsourcing, and so on.

Global Contract Research Organization Market: Segmentation

The global contract research organization market is segmented on the basis of type, therapeutic area, and end user. Based on the type, the global market is diversified into CMC, discovery, clinical research, preclinical, and laboratory services. On the basis of therapeutic area, the global contract research organization market is segmented as CNS, oncology, and cardiovascular. Furthermore, on the basis of the end user, the global contract research organization market is classified as medical device and pharmaceuticals. The biopharmaceutical and pharmaceutical companies segment grabbed the highest market share in the global contract research organization market. The significant market share of this segment is mainly owing to increasing development of outsourcing services in the early phase, and laboratory and clinical testing services offered by pharmaceutical companies in order to propel the overall profits, decrease the time required for process validation and shun hefty capital spending.

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Global Contract Research Organization Market: Regional Analysis

Region-wise, the global contract research organization market is diversified into Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa (MEA). North America is anticipated to influence the global contract research organization market mainly due to the high share of the region in the global market. This is followed by the Asia Pacific and Europe. The growth of the global contract research organization market in North America is majorly owing to high growth in the biologics and biosimilars market, high quality of standards particularly in the pharmaceutical industry, along with the rise in activities of a clinical trial.

Global Contract Research Organization Market: Competitive Players

Some of the major players in the global contract research organization market include LabCorp, QuintilesIMS (IQVIA), PRA Health Sciences, PAREXEL, ICON plc, PPD, Charles River, Syneos Health, SGS, WuXi PharmaTech, MPI Research, Envigo, Lab Corporations, INC Research, and PRA Health Science Inc.

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