Contract Research Organization Services (CROs) Market worth $60.6 billion by 2027
Contract Research Organization Services (CROs) Market by Type (Discovery, CMC, Preclinical, Clinical Research, Laboratory Services), Therapeutic Area (Oncology, CNS, Cardiovascular), End User (Pharmaceuticals & Medical Device) - Global Forecast to 2023
(EMAILWIRE.COM, April 02, 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.
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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.
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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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
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.
Download PDF Brochure : https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=167410116
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.
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).
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact Information:
MarketsandMarkets™
Mr. Sanjay Gupta
Tel: 1-888-600-6441
Email us
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MarketsandMarkets™
Mr. Sanjay Gupta
Tel: 1-888-600-6441
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results