(PharmaNewsWire.Com, August 20, 2018 ) Pharmaceutical & biotechnology companies and the medical device industry require various testing services such as preclinical services, clinical research services, analytical testing services, bioanalytical testing services, and regulatory services to comply with the national and international regulatory standards. Contract research organization (CRO) are specifically designed to perform these services for the drug development and commercialization to save the cost and time required for the in-house testing by the pharmaceutical & biotechnology companies and medical device companies. The global contract research organization market estimated to grow at a CAGR of 8.6% during the forecast period from 2018 to 2025. The market for contract research organization was valued at US$ 35.8 Bn in 2017 and is estimated to reach US$ 68.2 Bn by 2025.
The growth of global contract research organization market is expected to be majorly driven by increasing R&D expenditures and outsourcing activities and rise in the number of clinical trials. Increasing market consolidation my merger and acquisition is expected to be a prevalent trend in the global contract research organization (CRO) market. Moreover, growing biosimilars and biologics market and increasing demand for testing services are expected to create opportunity for contract research organization market.
The “Global Contract Research Organization (CRO) Market Analysis to 2025” is a specialized and in-depth study of research industry with a focus on the global market trend. The report aims to provide an overview of global contract research organization market with detailed market segmentation by type, end user, and geography. The global contract research organization market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading market players and offers key trends and opportunities in the market.
The contract research organization market report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global contract research organization market based on type and end user. It also provides market size and forecast till 2025 for overall contract research organization market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The market by each region is later sub-segmented by respective countries and segments. The contract research organization covers analysis and forecast of 13 counties globally along with current trend and opportunities prevailing in the region.
The global contract research organization market is segmented on the basis of type and end user. On the basis of type, the global contract research organization market is segmented early phase development services, clinical research services, laboratory services, and post-approval services. Based on end user, the global contract research organization market is segmented into pharmaceutical & biotechnology companies and medical device companies.
The contract research organization market report analyzes factors affecting market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South & Central America after evaluating political, economic, social and technological factors effecting the market in these regions.
North America holds a dominant position in the global contract research organization market which is attributed to the growing number of pharmaceutical and biopharmaceutical companies, high regulatory standards followed by the pharmaceutical industry, increasing number of clinical trials, and rapid growth of biosmilars and biologics. Asia Pacific is expected to witness a significant growth over the forecast period owing to the large patient population, increasing number of clinical trials, lower cost of clinical trials in this region.
The contract research organization market report also includes the profiles of leading CRO companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, services offered, financial information of last 3 years, key developments in past five years. Some of the key players operating the global contract research organization market include IQVIA, Laboratory Corporation of America Holdings, PAREXEL International Corporation, Syneos Health, PRA Health Sciences, Charles River, Pharmaceutical Product Development, LLC, ICON plc, WuXi AppTec, and Medpace among others.
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