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The latest report by IMARC Group, titled “Contract Research Organization (CRO) Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global contract research organization (CRO) services market grew at a CAGR of around 8% during 2015-2020. Contract research organizations (CRO) are institutes that support the outsourcing of research and development services to government institutions, foundations and universities in various industries, including biotechnology, pharmaceuticals, and medical devices. CRO services include research-based services such as data management, regulatory, clinical operation, submission, and quality assurance. These services also support various organizations by providing cost-effective solutions and accessing intricate knowledge of regulatory requirements and audits. In recent years, CRO services have gained traction as they assist companies in the early development of new drugs and medications.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Contract Research Organization (CRO) Services Market Trends:
The market is primarily driven by the significant growth in the pharmaceutical industry. CRO services are used in clinical research, consulting, and laboratories, thereby fueling the market growth. Besides this, several biopharmaceutical and medical device companies are extensively investing in developing novel drugs and devices to increase their research and development (R&D) efficiency. Factors such as increasing globalization and rapid technological advancements have resulted in the rising number of merger and acquisition (M&A) activities, which are also positively influencing the market growth. For instance, Covance Drug Development purchased Envigo RMS, LLC, to enhance the global research capabilities of its non-clinical drug development business. Furthermore, the growing need for effective drugs and healthcare devices, and the rising patient population, are also facilitating the market growth. Looking forward, the market is expected to exhibit moderate growth during the forecast period (2021-2026).
Market Summary:
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