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Contract Research Organization (CRO) Market Hit $ 68,198.3 Mn in 2025 & to grow with a CAGR of 8.6% – Medpace, PRA Health Sciences, IQVIA, WuXi AppTec, Syneos Health

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Contract Research Organization (CRO) Market Hit $ 68,198.3 Mn in 2025 & to grow with a CAGR of 8.6% – Medpace, PRA Health Sciences, IQVIA, WuXi AppTec, Syneos Health

February 09
23:26 2021
Contract Research Organization (CRO) Market Hit $ 68,198.3 Mn in 2025 & to grow with a CAGR of 8.6% - Medpace, PRA Health Sciences, IQVIA, WuXi AppTec, Syneos Health

Contract Research Organization Market, by End User
Contract research organization (CRO) market is expected to reach US$ 68,198.3 Mn in 2025 from US$ 35,818.9 in 2017. The market is estimated to grow with a CAGR of 8.6% from 2018-2025

According to The Insight Partners market research study titled Contract Research Organization Market to 2025 – Global Analysis and Forecasts by Type, and End User, the global CROs market was valued at US$ 35,818.9 Mn in 2017 and is estimated to reach US$ 68,198.3 Mn by 2025. The report highlights the trends prevalent in the global CROs market and the factors driving the market along with those that act as deterrents to its growth.

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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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.

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.

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.

Clinical trials comprise a long duration and can require six to seven years for successful completion. These trials includes the use of placebos with randomization, and follow up of double blinded protocols to minimize biases of the drug. According to the PAREXEL Biopharmaceutical Sourcebook (2016-17), over 60% sponsors across the globe have increased outsourcing the in-house activities, majorly in terms of drug discovery and pre-clinical trial procedures. The aforementioned factors are expected to increase the market for global CROs market 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.

Research and development expenditures relate to the processes of discovering, testing and developing new products, upfront payments and milestones, improving existing products, as well as demonstrating product efficacy and regulatory compliance prior to launch. According to the International Federation of Pharmaceutical Manufacturers & Associations, the R&D expenditures in 2014 by the pharmaceuticals and biotechnology industry grew by approximately 8.7% than that of the expenditures in 2013. Moreover, in United States, investments for R&D by pharmaceutical companies had grown consistently over the last 15 years. The intensity for R&D by the companies in Japan accounted for about 13.3%, in US it accounted approximately 17% and in the European Union it was registered to be approximately 13% in the year 2014.

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  1. The nature of Contract Research Organization (CRO) business opportunities has grown in complexity with the industry evolving at a greater pace, making it increasingly difficult going without adequate information on markets and companies.
  2. Gain a complete understanding of Global Contract Research Organization (CRO) industry through the comprehensive analysis
  3. Evaluate the pros and cons of investing/operating in country level Contract Research Organization (CRO) markets through reliable forecast model results
  4. Identify potential investment/contract/expansion opportunities
  5. Drive your strategies in the right direction by understanding the impact of latest trends, market forecasts on your Contract Research Organization (CRO) business
  6. Beat your competition through information on their operations, strategies and new projects
  7. Recent insights on the Contract Research Organization (CRO) market will help users operating in the market to initiate transformational growth

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Note: If you have any special requirements, please let us know and we will offer you the report as you want.

Similar Report:

Pre Clinical CROs Market Global Analysis and Forecast 2020 to 2027
Veterinary CRO Market Global Analysis and Forecast 2020 to 2027

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