Contract Research Organizations (CROs) Services Market trends shows 7.4% CAGR to 2021

 

The global CRO services market is estimated to grow at a CAGR of 7.4% from 2016 to 2021, to reach USD 41.86 billion by 2021 from USD 29.29 billion in 2016. Growth in this market is primarily attributed to growing R&D expenditure, increased outsourcing of R&D activities, growing demand for outsourcing analytical testing and clinical trial services, and increase in the number of clinical trials. However, increasing regulatory pressure on CROs can hinder their market growth to a certain extent.

 

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In this report, the global CRO services market is segmented on the basis of services, therapeutic area, end user, and region. On the basis of services, the market is segmented into early-phase development services, clinical research services, laboratory services, and consulting services. The clinical research services accounted for the largest share of the CROs market in 2015, owing to growing number of biosimilars and biologics by pharmaceutical and biopharmaceutical companies, increase in R&D activities, and growing number of clinical trials.

 

On the basis of therapeutic area, the oncology segment accounted for the largest share of the CRO services market. The increasing number of clinical trials conducted for oncology and rising prevalence of cancer worldwide are key market drivers for this segment. In 2015, pharmaceutical and biopharmaceutical companies accounted for the largest share of global CRO services market, by end user. The robust pipeline of pharmaceutical and biopharmaceutical companies; growing R&D expenditure; and increasing outsourcing of early-phase development services, clinical research, and laboratory testing services by pharmaceutical and biopharmaceutical companies to boost profit margins, avoid high capital expenditure, and reduce the time of drug development are expected to drive the CRO services market for pharmaceutical and biopharmaceutical companies.

 

Geographically, the global CRO services market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. In 2015, North America commanded a major share of the global CRO services market. Factors such as high quality standards in the pharmaceutical industry, rapid growth in the biosimilars and biologics market, rising demand for outsourcing of services by pharmaceutical and biopharmaceutical companies, and increase in clinical trial activities in this region are contributing to the large share of North America. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period. Growth in the Asia-Pacific market can be attributed to the fast-growing pharmaceutical industry, favorable government policies, increasing number of pharmaceutical companies establishing manufacturing facilities, and lower cost for clinical trials in this region.

 

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Some of the prominent players in the CRO services market include Quintiles Transnational Holdings Inc. (U.S.), Laboratory Corporation Of America Holdings (U.S.), Pharmaceutical Product Development, LLC (U.S.), PAREXEL International Corporation (U.S.), ICON Plc (Ireland), PRA Health Sciences, Inc. (U.S.), InVentiv Health Inc. (U.S.), Charles River Laboratories International Inc. (U.S.), INC Research Holdings Inc. (U.S.), and Wuxi PharmaTech (Cayman) Inc. (China).

 

Related Report:

 

Global Contract Research Organization (CRO) Market Analysis 2012-2017 and Forecast 2018-2023

Contract research organization (CRO) provide clinical trial and other research support services for the pharmaceutical, biotechnology, medical device industries and also serve government institutions, foundations and universities.

The global Contract Research Organization (CRO) market will reach xxx Million USD in 2018 and CAGR xx% 2018-2023. The report begins from overview of Industry Chain structure, and describes industry environment, then analyses market size and forecast of Contract Research Organization (CRO) by product, region and application, in addition, this report introduces market competition situation among the vendors and company profile, besides, market price analysis and value chain features are covered in this report.

Read More: https://watchersofmarkets.com/products/global-contract-research-organization-cro-market-analysis-2012-2017-and-forecast-2018-2023

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