Clinical Research Organization (CRO) Services Market: Introduction
Clinical research organization (CRO) services are outsourced services that are used to conduct clinical trials. Clinical research organization (CRO`s) is organizations that provide services to the pharmaceutical, biotechnology, and medical device industries.
These services include clinical trial management, data management, bio-statistics, clinical data management, regulatory affairs, and medical writing. CROs provide services to pharmaceutical and biotechnology companies to help them develop new drugs and medical devices.
Clinical Research Organization (CRO) Services Market: Dynamics
The global clinical research organization (CRO) services market is expected to witness significant growth during the forecast period. This is attributed to the increasing number of clinical trials and the rising demand for outsourcing of clinical trials.
The increasing number of clinical trials is due to the rising prevalence of chronic diseases, such as cancer, diabetes, and cardiovascular diseases. Moreover, the increasing demand for personalized medicines and the rising number of drug approvals are expected to drive the growth of the market.
The increasing demand for outsourcing of clinical trials is due to the rising cost of conducting clinical trials and the need for efficient management of clinical trials. Moreover, the increasing focus on patient safety and the need for faster drug development are expected to drive the growth of the market.
Furthermore, the increasing adoption of electronic data capture (EDC) systems and the rising demand for clinical trial management systems (CTMS) are expected to drive the growth of the market.
However, the lack of skilled professionals and the stringent regulations related to clinical trials are expected to restrain the growth of the market.
Clinical Research Organization (CRO) Services Market: Segmentation
The global clinical research organization (CRO) services market can be segmented based on service type, end user, and region.
Based on service type, the global clinical research organization (CRO) services market can be divided into clinical trial management, data management, biostatistics, clinical data management, regulatory affairs, and medical writing.
The clinical trial management segment is expected to dominate the market during the forecast period. This is attributed to the increasing number of clinical trials and the rising demand for outsourcing of clinical trials.
Based on end user, the global clinical research organization (CRO) services market can be classified into pharmaceutical companies, biotechnology companies, and medical device companies.
The pharmaceutical companies segment is expected to dominate the market during the forecast period. This is attributed to the increasing number of clinical trials and the rising demand for outsourcing of clinical trials.
Clinical Research Organization (CRO) Services Market: Regional Analysis
Based on region, the global clinical research organization (CRO) services market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market during the forecast period.
This is attributed to the increasing number of clinical trials and the rising demand for outsourcing of clinical trials in the region. Moreover, the presence of major players in the region is expected to drive the growth of the market.
Asia Pacific is expected to witness significant growth during the forecast period. This is attributed to the increasing number of clinical trials and the rising demand for outsourcing of clinical trials in the region.
Moreover, the increasing focus on patient safety and the need for faster drug development are expected to drive the growth of the market in the region.
Clinical Research Organization (CRO) Services Market: Key Players
The global Contract Research Organization (CRO) services market is highly fragmented. Key players operating in the global market include Parexel International Corporation, ICON plc, Covance Inc., PRA Health Sciences, Inc., Charles River Laboratories International, Inc., Syneos Health, Inc., Medpace Holdings, Inc., Pharmaceutical Product Development, LLC, Quintiles IMS Holdings, Inc., and INC Research Holdings, Inc.
