NOIDA, India, Oct. 20, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, theContract Research Organization (CROs) Service Market was valued at more than USD 65 billion in 2020 and is expected to grow at a CAGR of around 9% from 2021-20277. The analysis has been segmented into Service Type (Early Phase Development Services, Clinical Research Services, Laboratory Services, and Regulatory Consulting Services); Therapeutic Area (Oncology, Clinical Pharmacology, Cardiology, Infectious Disease, Neurology, Gastroenterology & Hepatology, Ophthalmology, and Others); End-users (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, and Academic Institutes); Region/Country.
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The Contract Research Organization (CROs) Service market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Contract Research Organization (CROs) Service market. The Contract Research Organization (CROs) Service market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Contract Research Organization (CROs) Service market at the global and regional levels.
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With the rapid advancement in technology and rising awareness about the biopharmaceutical products and the associated benefits drives the market growth of the biopharmaceutical industry and CRO market. Furthermore, increasing investment in pharmaceutical R&D and the rising number of clinical trials are the important factors that contributes in the market growth of the contract research organizations. Moreover, with the advancement in the bioinformatics and the new softwares launches by the companies are playing important role in the market growth of the CROs. For instance, the IDBS, a software informatics solution provider for biotech and pharma, launched of Polar, new product category, BioPharma Lifecycle Management (BPLM), aimed at streamlining drug development and manufacturing in biopharma research.
Click here to view the Report Description & TOC
https://univdatos.com/report/contract-research-organization-cros-service-market/
The global Contract Research Organization (CROs) Service market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
- Based on service Type, the market is segmented into early phase development services, clinical research services, laboratory services, and regulatory consulting services. The clinical research services is expected to witness significant growth during the forecast period owing to Increasing prevalence of chronic diseases coupled with growing demand for clinical trials in developing countries is escalating the market growth this is due to the strict government regulation on the release of the drugs for the human safety. For instance, the Government of India have set of rules before the release of the drug under the New Drugs and Clinical Trial Rules, 2019 (NDs & CTs Rules, 2019).
- Based on therapeutic area, the market is segmented into oncology, clinical pharmacology, cardiology, infectious disease, neurology, gastroenterology & hepatology, ophthalmology, and others. The oncology segment is predicted to have considerable market share during the forecast period. The increasing number of cancer cases has compelled the medical professionals to develop better methods for the treatment and therapies for the better management of the cancer in future. As per CDC, in 2019, for every 100,000 people, 439 new cancer cases were reported in the U.S. and out of which 146 people died of cancer.
- Based on end-users, the market is segmented into pharmaceutical & biopharmaceutical companies, medical device companies, and academic institutes. The pharmaceutical & biopharmaceutical companies is expected to witness significant growth during the forecast period. This is due to the presence of the small and mid-sized companies that are not much competent to conduct clinical trials is responsible for the growth of the segment during the forecast period.
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Contract Research Organization (CROs) Service Market Geographical Segmentation Includes:
- North America (United States, Canada, and Rest of North America)
- Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, and the Rest of Asia-Pacific)
- Rest of the World
For a better understanding of the market adoption of the Contract Research Organization, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes a significant market for the CROs owing to the rapid growth of biosimilars and biologics market along with this the increasing focus on the development of the better and effective medicines surges the demand for the clinical trials and increases the market share of the region. As per National Institutes of Health (NIH), the 132,736 clinical trials have been registered in the U.S till 2022 and it 32% percent of the total clinical trials registered globally.
The major players targeting the market include
- IQVIA Inc.
- Laboratory Corporation of America Holdings
- Charles River Laboratories International, Inc.
- WuXi AppTec Co. Ltd.
- Syneos Health Inc.
- Parexel International Corporation
- PPD Inc.
- Pharmaron Beijing Co.Ltd
- Clinipace Inc.
- ICON plc
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Contract Research Organization (CROs) Service market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the Contract Research Organization (CROs) Service market?
- Which factors are influencing the Contract Research Organization (CROs) Service market over the forecast period?
- What are the global challenges, threats, and risks in the Contract Research Organization (CROs) Service market?
- Which factors are propelling and restraining the Contract Research Organization (CROs) Service market?
- What are the demanding global regions of the Contract Research Organization (CROs) Service market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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Contract Research Organization (CROs) Service Market Report Coverage
Report Attribute | Details |
Base year | 2020 |
Forecast period | 2021-2027 |
Growth momentum | Accelerate at a CAGR of over 9% |
Market size 2020 | USD 65 billion |
Regional analysis | North America, Europe, APAC, Rest of World |
Major contributing region | North America to Dominate the Global Contract Research Organization (CROs) Service Market |
Key countries covered | United States, Canada, Germany, United Kingdom, Spain, Italy, France, China, Japan, India, and Australia |
Companies profiled | IQVIA Inc., Laboratory Corporation of America Holdings, Charles River Laboratories International, Inc., WuXi AppTec Co., Ltd., Syneos Health Inc., Parexel International Corporation, PPD, Inc. , Pharmaron Beijing Co., Ltd, Clinipace Inc. , ICON plc, Medpace Holdings Inc. |
Report Scope | Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling |
Segments Covered | By Service Type; By Therapeutic Area; By End-users; By Region/Country |
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UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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