The global contract research organization (CRO) services market is expected to grow at a CAGR of around 8.5% from 2020 to 2050.
Contract research organizations (CRO`s) are companies that provide services to the pharmaceutical, biotechnology, and medical device industries. These services include clinical trials, preclinical studies, regulatory affairs, and other related services.
CROs are used by pharmaceutical companies to outsource their research and development activities in order to reduce costs and speed up the drug development process. The increasing demand for outsourcing of clinical trials due to the rising cost of drug development is driving the growth of the contract research organization (CRO) services market.
Segmentation:
The global contract research organization (CRO) services market is segmented on the basis of type, application, end user, and region. On the basis of type, the market is segmented into preclinical studies, clinical trials, regulatory affairs & consulting services, data management & biostatistics services, pharmacovigilance & risk management services, and others.
On the basis of application, the market is segmented into oncology/cancer therapy drugs & diagnostics products, cardiovascular drugs & diagnostics products, central nervous system drugs & diagnostics products, respiratory drugs & diagnostics products, infectious diseases drugs & diagnostics products, diabetes drugs & diagnostics products and others.
On the basis of end user, the market is segmented into pharmaceutical companies, biotechnology companies, medical device companies, academic institutes ,and others. On the basis of region ,the market is segmented into North America ,Europe ,Asia Pacific ,Latin America ,and Middle East & Africa.
Regional Analysis:
The global contract research organization (CRO) services market is divided into North America ,Europe ,Asia Pacific ,Latin America ,and Middle East & Africa .North America dominates the global contract research organization (CRO) services market due to increasing demand for outsourcing clinical trials in this region .
The presence of major players in this region also contributes to its growth .Europe holds a significant share in this market due to increasing number of clinical trials being conducted in this region.
Asia Pacific is expected to witness significant growth during forecast period due to increasing number of CROs in this region .Latin America and Middle East & Africa are expected to witness moderate growth during forecast period due to lack of awareness about Contract Research Organization in these regions.
Competitive Landscape:
The major players operating in this market are Vial CRO, Parexel International Corporation (US), IQVIA Holdings Inc.(US), Covance Inc.(US), Syneos Health Inc.(US), Charles River Laboratories International Inc.(US), ICON plc(Ireland), PRA Health Sciences Inc.(US), Wuxi AppTec Co., Ltd(China), Pharmaceutical Product Development LLC(US), LabCorp(US).
These players are focusing on strategic collaborations with other players operating in this industry in order to expand their product portfolio and strengthen their position in this industry. For instance
In April 2019 Parexel International Corporation collaborated with Medidata Solutions Inc., a provider of cloud based solutions for life sciences industry for providing integrated technology solutions for clinical trial operations .This collaboration will help Parexel International Corporation expand its product portfolio as well as strengthen its position in this industry.
