“U.S. Contract Research Organization (CROs) Market” to Touch US$ 25,049.0 Million during 2020 to 2027, Owing to Increasing Investment and Outsourcing in R&D
Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
According to The U.S. Contract Research Organization (CROs) Market Report, by Service Type (Drug Discovery, Preclinical Studies, Early Phase I – IIa, Phase IIa – III, Phase IIIb – IV, Drug Development, Medical Coding, and Writing, Monitoring, Clinical Data Management, Bio-statistics, Site Management, Protocol Development, and Biomarker Discovery), By Therapeutic Application (Oncology, Cardiovascular Diseases, Central Nervous System Diseases, Infectious Diseases, Metabolic Disorders, Immunological Disorders, Respiratory Disorders, and Others), and by Size of CRO (Small Size, Medium Size, and Large Size), published by Coherent Market Insights, the U.S. contract research organization (CROs) market is estimated to be valued at US$ 12,174.4 million in 2019, and is expected to exhibit a CAGR of 9.4%, during the forecast period (2019-2027).
Increasing adoption of clinical trial management software is expected to propel growth of the U.S. contract research organization (CROs) market. For instance, according to the study conducted by the University of Minnesota and University of Michigan in 2018, all the companies that conduct clinical trials use OnCore clinical trial management system, which offers functional features such as Clinical Research Management, Study Setup, eCRFs, Financials, Visit Tracking & Data Capture, Study Data Management, and Revenue Management.
Moreover, increasing investment and outsourcing in R&D is also expected to aid in growth of the market during the forecast period. For instance, according to the Pharmaceutical Research and Manufacturers of America (PhRMA), 2018, overall research and development spending of pharmaceutical and biotechnology companies was around US$ 62.2 billion in 2018 compared to US$ 55.8 billion in 2017, which was majority of all biopharmaceutical R&D spending in the U.S.
Increasing approval and launch of new drugs is expected to propel growth of the U.S. contract research organization (CROs) market. For instance, according to the U.S. FDA, around 59 novel drugs were approved in 2018 as compared to 46 drugs in 2017.
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Launch of new products is expected to boost growth of the Early Phase I – IIa segment in service type. For instance, in 2018, LabCorp introduced a dedicated offering for biotech, medical device, and diagnostics companies. The new service offering comprises development services, including non-clinical and first-in-human studies, Phase I development, central laboratory services, and regulatory and market access consulting.
The growth of monitoring segment in the U.S. contract research organization (CROs) market is driven by technological advancement in the field of clinical research. For instance, in February 2019, IQVIA Holdings Inc. launched IQVIA RIM Smart, an integrated, cloud-based, end-to-end regulatory information management solution for the management of a product portfolio’s complete regulatory lifecycle.
Major players in the market are focused on adopting collaboration strategies to expand their product portfolio. For instance, in March 2018, contract research organizations (CROs): ICON plc, Medpace, Pharmaceutical Product Development, LLC (PPD), PRA Health Sciences, Syneos Health, UBC, and Veeva Systems entered into a collaboration to introduce Align Clinical CRO: a new industry standards group for sponsors and CROs to work together during clinical trials.
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Major players in the market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in June 2018, LabCorp acquired Sciformix Corporation, a scientific process outsourcing company focused on pharmacovigilance and regulatory solutions for biopharmaceutical and medical device clients.
- The U.S. contract research organization (CROs) market is expected to exhibit a CAGR of 9.4% during the forecast period (2019-2027)
- Major players operating in the U.S. contract research organization (CROs) market include, Laboratory Corporation of America Holdings (Covance), IQVIA, Paraxel International Corporation, Syneos Health, PRA Health Sciences, Charles River Laboratoires International Inc. (CRL), Pharmaceutical Product Development (PPD), ICON Public Limited Corporation, Wuxi Apptec, Medpace Holdings, Inc, Medidata Solutions, Inc., Theorem Clinical Research, Pharmaron, Envigo, Clinipace, CMIC Holdings Co., Ltd, EPS International, Synteract, CROMSOURCE, Pharm-Olam, Linical Accelovance, Accumedix, Inc., AlcheraBio LLC, Amarex Clinical Research LLC, Arianne Corporation, Absolute Research Solutions, BioClinica Inc., BioPharma Services Inc., Neurovasc Preclinical Services, Inc., PSI, WCCT Global Inc., RHO, Inc., CATO Research LLC, Spaulding Clinical Research, Celerion, Clindatrix, Inc., Comparative Biosciences, Inc., Axiom Real-Time Metrics, CPC Clinical Research, Axis Clinicals LLC, DP Clinical, Egeen Inc., Grayline, Cmed, Integrium, LLC, MedTrials, Novum, Shin Nippon Biomedical Laboratories, Ltd., KPS Life, Pinnacle Research Group, LLC Promedica International., Alta Science, Prometrika, LLC, 4clinics, and Premier Research.
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