According to a new market research report published by Global Insight Services “Contract Research Organization (CROs) Services Market is expected to reach US$ XX bn by 2031”. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
A contract research organization (CRO) is a company that provides services to the pharmaceutical, biotechnology, and medical device industries. These services include clinical research, preclinical research, regulatory affairs, and marketing. CROs offer a variety of services to their clients, which can be divided into four main categories:
Clinical research services: These services include the design and implementation of clinical trials, as well as the management and analysis of data.
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Key Players
- IQVIA Inc.
- Syneos Health Inc.
- Parexel International Corporation,
- PPD, Inc.
- Laboratory Corporation of America Holdings
- Charles River Laboratories International, Inc.
Key Trends
The following are key trends in the contract research organization (CRO) services industry:
Increasing focus on new drug development: The CRO industry is increasingly focused on providing services that enable the development of new therapies. This is in response to the needs of the biopharmaceutical industry, which is under pressure to develop new drugs to address unmet medical needs.
Consolidation: The CRO industry is consolidating, with the top 10 firms accounting for about 60% of the market. This consolidation is occurring as the industry matures and as biopharmaceutical companies seek to partner with fewer, larger CROs that can provide a full range of services.
Expansion into new services and geographies: The CRO industry is expanding into new services and geographies to meet the needs of the biopharmaceutical industry. For example, many CROs are now offering services such as patient recruitment and retention, which are essential for clinical trials. In addition, CROs are expanding their operations into emerging markets such as Asia and Latin America, where there is growing demand for their services.
Key Drivers
The key drivers of Contract Research Organization (CROs) Services market are the increasing demand for cost-effective drug development services, the trend of outsourcing clinical research activities, and the growing number of clinical trials.
The demand for cost-effective drug development services is driven by the need to reduce the cost of drug development. The trend of outsourcing clinical research activities is driven by the need to focus on core competencies and the desire to access the expertise of specialized service providers. The growing number of clinical trials is driven by the need to develop new drugs and the increasing prevalence of chronic diseases.
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Market Segments
By Type
- Clinical Research Services
- Early phase development Services
- Laboratory Services
- Consulting Services
- Data Management Services
By Therapeutic Area
- Oncology
- Infectious Diseases
- CVS Disorders
- Neurology
- Vaccines
- Immunological Disorders
- Others
By End User
- Pharmaceutical & Biopharmaceutical Companies
- Medical Device Companies
- Academic Institutes
Reasons to buy Contract Research Organization (CROs) Services Market Report:
- Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
- Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
- Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
- Develop business and M&A strategies through understanding of latest trends and emerging players in the market
- Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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