This market research report provides a big picture on Contract Research Organization (CRO) Market, on a Global basis, offering a forecast and statistic in terms of revenue during the forecast period. The report covers a descriptive analysis with detailed segmentation, complete research and development history, latest news and press releases. Furthermore, the study explains the future opportunities and a sketch of key players involved in the Contract Research Organization (CRO) Market’s hike in terms of revenue.
The government initiatives to increase number of clinical trial participant as well as increasing number of clinical trials in the forecast period. However, dearth of skilled professionals and extensive competition among CROs are expected to act as major challenges hindering the market growth.
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The global CROs market is a matured market in the developing countries as well as developing economies worldwide. The market on the basis of type is segmented into early phase services, clinical research services, laboratory services, and post-approval services. Clinical trial services segment led the market in 2017, and is expected to retain its dominance during the forecast period owing to the easy availability as well as affordability. On the other hand, laboratory services are expected to grow with a rapid CAGR owing to collect, combine and report the trials data from different clinical sites.
Growing clinical research is expected to drive the market for CROs over the forecast period
The key players operating in the field of CROs worldwide include IQVIA, PAREXEL International Corporation, Syneos Health, Laboratory Corporation of America Holdings, PRA Health Sciences, Inc., Charles River, ICON plc, Pharmaceutical Product Development, LLC., WuXi AppTec, Medpace among others.
The Contract research organizations (CROs) include the services such as medicine and disease coding, project management, data entry & validation, clinical trial data management among others. The CROs by type, the dominance of clinical trials services segment attributes to the alleviation from large costs that are incurred by the companies for in-house activities, long duration of clinical trial phase, globalization of clinical trials, increasing number of drug discovery procedures, use of e-clinical facilities for data optimization, record & validation, and others.
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North America is the largest geographic market and it is expected to be the largest revenue generator during the forecast period, whereas Asia Pacific is expected to witness highest growth owing to factors such as, increasing focus of industry players to expand in India & Japan and improving regulatory policies that are favorable for conducting clinical trials along with a large pool of patient participants.
Strategic Insights
Product approvals and acquisitions were observed as the most adopted strategy in global contract research organization industry. Few of the product approvals and acquisitions made by the players in the market are listed below;
2018: In June, 2018, Laboratory Corporation of America Holdings acquired Sciformix Corporation, a scientific process outsourcing company focused on pharmacovigilance and regulatory solutions for biopharmaceutical and medical devices clients. Sciformix has become part of Covance, Laboratory Corporation of America Holdings’s drug development business.
2018: In June, IQVIA launched Virtual Research Solutions, a new suite of technology-led study options offering advances in patient-centric trial design and execution. Powered by the IQVIA CORE, Virtual Research Solutions combines unparalleled information assets, advanced analytics, technologies and critical domain expertise to design and execute trials and late-phase studies.
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