Contract Research Organization (CROs) Service Market: Current Analysis and Forecast (2021-2027)

Contract Research Organization (CROs) Service Market: Current Analysis and Forecast (2021-2027)

Global contract research organization (CROs) services market is anticipated to grow with an elevated CAGR of around 9% over the forecast period (2021-2027). A contract research organisation is a third party company that provide assistance to the pharmaceutical, biotechnology and medical device manufactures interms of research and outsourcing on contract basis.

With the rising prevalence of orphan and rare diseases along with the mergers of drug manufacturers with the research companies provides better platform for the growth of contract research organization (CROs) services market Furthermore, the surging incidences of the chronic diseases increases the demand for the appropriate drugs and treatment. As per CDC, the 60 percent of the Americans are suffering from atleast one chronic disease which accounted for the 197.7 million and 40 percent of them having more than two diseases. Additionally, the advancement in the bioinformatics and the new softwares launches by the companies are playing important role in the market growth of the CROs.

IQVIA Inc., Laboratory Corporation of America Holdings, Charles River Laboratories International, Inc., WuXi AppTec Co., Ltd., Syneos Health Inc., Parexel International Corporation, PPD, Inc. , Pharmaron Beijing Co., Ltd, Clinipace Inc. , ICON plc, Medpace Holdings Inc., are some of the prominent players operating in the Contract research organization (CROs) Services market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new varieties of Contract research organization (CROs) Services devices.

Insights Presented in the Report
"Amongst Service Type, clinical research services segment holds the major share”

Based on service type, the market is segmented into early phase development services, clinical research services, laboratory services, and regulatory consulting services. The clinical research services segment accounted for a significant market share in 2020 and it is estimated that it will exhibit the higher CAGR during the forecast period. This is due to increasing investments on research and development of new drugs for the rare and orphans drugs that increases need for the clinical trials that results in the development of the segment in the contract research organization market.
"Amongst Therapeutic area, oncology citizen segment holds the major share”

Based on therapeutic area, the market is divided into oncology, clinical pharmacology, cardiology, infectious disease, neurology, gastroenterology & hepatology, ophthalmology, and others. The oncology segment grabbed a significant market share in 2020 and is anticipated to grow at a rapid rate in the upcoming years owing to the increasing cancer cases which force medical professionals to develop new and effective drug for the treatment of the cancer. As per WHO, Cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. Among them, the lung and colon cancers were the leading causes of deaths.
"Amongst End-users, pharmaceutical & biopharmaceutical companies segment holds the major share”

Based on end-users, the market is segmented into pharmaceutical & biopharmaceutical companies, medical device companies, and academic institutes. The pharmaceutical & biopharmaceutical companies is expected to witness significant growth during the forecast period. This is mainly due to the increasing drug research & development and clinical trials they form partnership and mergers with the CROs. For instance Massive Bio, Inc., and Amber Specialty Pharmacy, announced its partnership to provide advanced data-driven technology solutions for patient recruitment services to the oncology research ecosystem, and thereby offer better access for cancer patients to leading-edge clinical trials. Amber Specialty Pharmacy will seamlessly connect patients in need for clinical trials.
"North America represents one of the largest markets of Contract research organization (CROs) Services market”

For a better understanding of the market dynamics of the Contract research organization (CROs) Services market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. In 2020, North America dominated the contract research organization (CROs) services market.This can be mainly due to the rising prevalence of the chronic diseases and increasing percapita healthcare expenditure in the region. As per CMS, U.S. health care spending grew 9.7 percent in 2020, reaching $4.1 trillion or $12,530 per person. Furthermore, the presence of well-established market players and frequent product launches in the region are responsible for the growth of the region in CRO market.

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