Contract Research Organization (CRO) services Market is Set To Fly High in Years to Come
The Contract Research Organization (CRO) services market refers to a segment of the pharmaceutical and biotechnology industry in which organizations offer outsourced research and development services to pharmaceutical, biotechnology, and medical device companies. These services encompass a wide range of activities across the drug development lifecycle, from preclinical research to clinical trials and post-marketing surveillance.
Some of the key players profiled in the study are ICON (Ireland), IQVIA (United States), Parexel (United States), Syneos Health (United States), Labcorp Drug Development (United States), PPD (United States), Medpace (United States), Charles River Laboratories (United States), WuXi AppTec (china), CTI (United States), Worldwide Clinical Trials (United States), CMIC Holdings Co., Ltd. (Japan), Parexel (United States).
According to HTF Market Intelligence, the Global Contract Research Organization (CRO) services market to witness a CAGR of 12.5% during forecast period of 2024-2030. Global Contract Research Organization (CRO) services Market Breakdown by Application (Academic Institutes, Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies) by Service (Biopharmaceutical development, Clinical trials management, Pharmacovigilance, Real-world evidence and outcomes research, Others) by Therapeutic Area (Oncology, Infectious disease, Neurology, Ophthalmology, Others) and by Geography (North America, South America, Europe, Asia Pacific, MEA). The report includes historic market data from 2019 to 2023E. Currently, market value is pegged at USD 82.6 Billion.
Market Drivers:
- Rising incidence of chronic diseases and the need for advanced drugs drive increase the number of clinical trials worldwide
Market Opportunities:
- The increasing adoption of decentralized clinical trials
Market Challenges:
- Intense competition CROs, which leads to pricing pressures
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