Global Contract Research Organization Services Market is expected to grow at a CARG of 7.7% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Contract Research Organization Services Market By Services Type (Drug-Discovery, Clinical, Pre-Clinical, Laboratory Services), Therapeutic Areas (Infectious Diseases, Oncology, Diabetes, Central Nervous System, Respiratory, Autoimmune Disorder, Cardiovascular, Others), End-User, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, And Forecast 2020 To 2027.
The global contract research organization (CRO) services market is expected to grow from USD 39.41 billion in 2019 to USD 71.35 billion by 2027, at a CARG of 7.7% during the forecast period 2020-2027.
North American region dominates the market globally. This growth is due to increasing investments in R&D by government organizations and rising demand of effective therapies for the management of chronic diseases are likely to increase the CRO services market sales in this region. The region is predicted to dominate the market because of growing demand for technologically advanced and therapeutically effective products, high healthcare awareness and huge spending in healthcare services.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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The key players of this market are LabCorp, PRA Health Sciences, IQVIA, Syneos Health, SGS, PARECEL, Charles River, ICON Plc, WuXi AppTec and Medpace.
WuXi AppTec invested $5million in life science-focused creacion ventures.
The service type segment includes drug-discovery, clinical, pre-clinical and laboratory services. Clinical section has the largest share. The therapeutic area section includes infectious diseases, oncology, diabetes, central nervous system, respiratory, autoimmune disorder, cardiovascular and others. Oncology is dominant in the therapeutic area segment. The end-user segment includes medical devices companies, pharmaceutical & biotechnological companies, academic & research institutes and others. Pharmaceutical & biotechnological companies has the largest share.
The CRO market is driven by increased demand for outsourcing analytical testing and clinical trial services, rise in regulatory pressure on CRO, Increase in R&D activities and rise in number of clinical trials. However, aligning of personnel expertise for projects is difficult which can hamper the market growth. Also, lack of skilled scientists may also hinder the market growth.
About the report:
The global contract research organization (CRO) services market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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