(PharmaNewsWire.Com, January 18, 2017 ) The global contract research organizations services market is estimated to grow at a CAGR of 7.4% from 2016 to 2021 to reach USD 41.86 Billion by 2021. Growing R&D expenditure, increased outsourcing of R&D activities, growing demand for outsourcing analytical testing and clinical trial services, and increase in the number of clinical trials are expected to propel the growth of this market. However, increasing regulatory pressure on CROs can hinder their market growth to a certain extent.
In this report, the global contract research organizations services market is segmented on the basis of services, therapeutic area, end user, and region. On the basis of services, the market is segmented into early-phase development services, clinical research services, laboratory services, and consulting services. The clinical research services accounted for the largest share of the CRO services market in 2015, owing to growing number of biosimilars and biologics by pharmaceutical and biopharmaceutical companies, increase in R&D activities, and growing number of clinical trials.
Based on therapeutic area, the CRO services market is segmented into oncology, central nervous system, cardiovascular, respiratory, diabetes, and other therapeutic areas. Similarly, on the basis of end user, the market is segmented into pharmaceutical and biopharmaceutical companies, medical device companies, and academic institutes.
Geographically, the global CRO services market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. In 2015, North America commanded a major share of the global contract research organizations services market. Factors such as high quality standards in the pharmaceutical industry, rapid growth in the biosimilars and biologics market, rising demand for outsourcing of services by pharmaceutical and biopharmaceutical companies, and increase in clinical trial activities in this region are contributing to the large share of North America. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period. Growth in the Asia-Pacific market can be attributed to the fast-growing pharmaceutical industry, favorable government policies, increasing number of pharmaceutical companies establishing manufacturing facilities, and lower cost for clinical trials in this region.
Some of the prominent players in the global contract research organizations services market include Quintiles Transnational Holdings Inc. (U.S.), Laboratory Corporation Of America Holdings (U.S.), Pharmaceutical Product Development, LLC (U.S.), PAREXEL International Corporation (U.S.), ICON Plc (Ireland), PRA Health Sciences, Inc. (U.S.), InVentiv Health Inc. (U.S.), Charles River Laboratories International Inc. (U.S.), INC Research Holdings Inc. (U.S.), and Wuxi PharmaTech (Cayman) Inc. (China).
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