(EMAILWIRE.COM, March 19, 2020 ) The global CRO services market is projected to reach USD 60.6 billion by 2027 from USD 42.2 billion in 2019, at a CAGR of 7.6%. Increased outsourcing of R&D activities and increasing number of clinical trials are the major factors driving the growth of the CRO services market.

By type, clinical research services segment accounted for the largest share of the CRO services market in 2018

On the basis of type, clinical research services segment accounted for the largest share of the global CRO services market. This can be attributed to factors such as the growing biosimilars and biologics markets, increased R&D investments in pharmaceutical and biopharmaceutical companies, and increase in clinical trial activities.

By therapeutic area, the oncology segment is accounted to grow at the highest CAGR in the CRO services market.

On the basis of therapeutic area, the oncology segment is expected to grow at the highest CAGR in this market. The high growth of this segment is attributed to the increasing number of clinical trials and rising prevalence of cancer worldwide.

The pharmaceutical and the biopharmaceutical companies segment is witnessed the largest share in the CRO services market, by end user.

Based on end user, the pharmaceutical and the biopharmaceutical companies segment witnessed the largest share in this market. Increasing incidence of chronic diseases, technological advancements in medical devices, and adoption of point-of-care (POC) testing are the major factors supporting the largest share of this segment.

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North America is expected to dominate the CRO services market in 2018

North America accounted for the largest share of the CRO services market in 2018, followed by Europe and APAC. High quality standards in the pharmaceutical industry, rising demand among pharmaceutical and biopharmaceutical companies for outsourcing services, and increase in clinical trial activities in the region are the major factors responsible for the large share of North America in the CRO services market.

The prominent players in the global CRO services market include IQVIA (US), LabCorp (US), PAREXEL (US), ICON plc (Ireland), PPD (US), PRA Health Sciences (US), Syneos Health (US), Charles River (US), Wuxi PharmaTech (US), Medpace Holdings (US), SGS (Switzerland), Envigo (UK), and MPI Research (US).

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