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).
- Based on the type, the market has been segmented into drug discovery (target validation, lead identification, lead optimization, and others), pre-clinical, clinical (phase I, II, III, and IV trial services), and others.
- On the basis of the therapeutic area, the market has been classified into oncology, cardiology, infectious diseases, neurology, immunological disorders, gastroenterology and hepatology, and others.
- The market has been categorized based on the end user into pharmaceutical and biotechnological companies, medical device companies, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Charles River Laboratories International Inc., Covance Inc. (Laboratory Corporation of America Holdings), ICON Clinical Research Limited, IQVIA Inc., Medpace Inc., Parexel International Corporation, PPD Inc., PRA Health Sciences Inc., SGS SA, Syneos Health Inc., and WuXi AppTec Co. Limited.
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