Contract Research Organization Market is Expected to Reach $55.71 bn by 2027
The Contract Research Organization (CRO) Market was valued at US$34.25 billion in the year 2018 and is estimated to reach US$55.71 billion by 2026, at a CAGR of 6.27%.
Contract Research organizations provide support to pharmaceutical industry in drug discovery and development process. The drug development process comprises of preclinical and clinical Phase I, Phase II & Phase III studies. While, Contract Research includes outsourcing manufacturing supply of API’s, conducting preclinical and clinical trials with regulatory compliance. CRO’s mainly focusses on minimization of drug development cost and duration of time. The CRO’s are gaining more attention nowadays due to adoption of simplified drug discovery & development process design.
The major drivers of Contract Research Organization market include rising R&D cost, increased pharmaceutical companies shift towards strategic outsourcing, precise maintenance of quality auditing & pharmacovigilance sectors, increase in number of clinical trials in various therapeutic areas, etc.
Increase in prevalence of chronic diseases leading to demand for development of innovative advanced investigational products will boost the CRO market. Stringent regulations and complex drug development process is creating the need for expertise involvement, which will in turn increase the demand of strategic outsourcing contracts. Adoption of technological advancements and methodologies is also expected to boost the market growth.
The key market restraint includes stringent regulatory guidelines differing around the world and complex drug discovery & development process. The major challenges for Contract Research Organization are development of new adaptive study design protocols along with innovative time and cost efficiency services. Government initiatives on collaborative support on R&D activities with Contract Research organizations might hamper the market positively in the forecast period.
Optima Insights provides the latest update on the industry trends, products & pipeline analysis with country, regional and global revenue forecast till the year 2026. The analysis report has been segmented into CRO type (Drug Discovery, Pre-clinical, Clinical); Services Offered (Project Management, Data Management, Regulatory Affairs, Medical Writing, Clinical Monitoring, Quality Assurance & Management, Bio-statistics, Investigator Payments, Laboratory, Patients and Site Recruitment, Others); Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa).
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Major companies which develop drugs for Contract Research Organization Market include LabCorp (Laboratory Corporation of America Holdings), Parexel International Corporation, Iqvia, Medpace Holdings Inc, Pharmaceutical Product Development (PPD), Syneos Health, PRA Health Sciences, Charles River Laboratories International Inc and many more…
- Provides a detailed Analysis of the Market Structure along with forecast of the various segments and sub-segments.
- Provides a Comparative Analysis of Key Marketed and Pipeline Products.
- Provides Key Information on Players involved.
- Provides a Complete Overview of Market Segments and the Regional Outlook.
- Provides In-depth Coverage of Key News, including Major Mergers, Acquisitions and Product Development updates such as clinical trial progression updates and regulatory updates.
The Report Provides Key Insights on
- History of the Contract Research Organization Market, 2015 to 2017
- Forecast of the Contract Research Organization Market Growth till the year 2026
- The key market drivers, restraints, challenges, future opportunities and the market dynamics driving the Contract Research Organization Market
- Analysis of potential growth segments which will drive the market
- Landscape analysis of the major companies, and new market entrants and companies which possess disruptive technologies which can change the trend of the entire market
Key market approaches adopted by the organizations and in-depth intelligence of potential strategies which could alter the market dynamics
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