TMR’s report on the global contract research organization (CRO) services market studies the past as well as current growth trends and opportunities to gain valuable insights of these indicators for the global market during the forecast period i.e. from 2019 to 2027. The report provides the overall revenue of the global contract research organization (CRO) services market for the 2017–2027 period, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compounded annual growth rate (CAGR) for the global contract research organization (CRO) services market for the forecast period.
The report has been prepared after an extensive research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with market leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global contract research organization (CRO) services market.
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Global Contract Research Organization (CRO) Services market Witness Most Promising Rise in Demand
CRO services have gradually penetrated the healthcare sector in the past few years. With significant developments in the healthcare sector in terms of research, medications, drug delivery, etc., CROs are increasingly gaining prominence. As healthcare providers continue to recognize the benefits and advantages of consulting and opting for CRO services, the demand for such services is expected to grow at a significant pace during the forecast period (2019-2027). In the past few years, instead of outsourcing the entire project, biotech companies are leaning toward outsourcing part of clinical trials to CROs. In addition, stakeholders in the current contract research organization (CRO) services market are focusing their attention toward catering to niche and customized requirements of clinical trials.
In recent times, CRO services are assisting companies in the early phase development of new drugs and medications. Clinical research, consulting, and laboratory CRO services are increasingly being used by pharmaceutical companies, a factor expected to propel the growth of the contract research organization (CRO) services market during the assessment period. In addition, stakeholders involved in the current contract research organization (CRO) services market are expected to collaborate with each other to formulate open technology standards that are likely to revolutionize the future of clinical trial operations. Due to these factors and positive outlook of the healthcare sector, the global contract research organization (CRO) services market is expected to reach a value of ~US$ 96.4 Bn by 2027.
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Although drug developers are increasingly leveraging CROs services, they are continually seeking solutions to address a host of challenges involved with this approach, such as high R&D cost, obtaining access and tracking the operations that are outsourced, and capacity constraints, among others. At present, stakeholders in the contract research organization (CRO) services market are increasingly adapting to the evolving research & development requirements and are expected to manage contracted work in several modalities. The number of outsourced projects in the last decade has transformed the overall structure of the drug development industry.
Key Players of Contract Research Organization (CRO) Services Market Report:
Key players operating in the global contract research organization (CRO) services market are
Laboratory Corporation of America Holdings, IQVIA Inc., Syneos Health, Inc., Parexel International Corporation, PRA Health Sciences, Inc., PPD, Inc., Charles River Laboratories, Inc., Icon plc, WuXi AppTec Group, Medpace
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