Infinium Global Research has added a new report on Contract Research Organizations Market. The report covers the analysis of global as well as regional markets of contract research organizations. Moreover, the report gives insights into the factors that affect the global as well as the regional performance of the market in the short run and in the long run. According to the report, the global contract research organizations market is projected to grow at a CAGR of 6.35% over the forecast period of 2019-2025.
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Contract research organizations (CROs) provide research and development (R&D) services to pharmaceutical, biotechnology companies as well as various government institutions, foundations and universities on a contract basis. CROs have started offering services to their vendors for all phases of R&D like pre-clinical services, clinical trials, and post-clinical trial services. Outsourcing R&D operations to CROs allows these companies to focus on their core activities such as sales, marketing, product management, and so on. It also helps them to increase their capability for in-house regulatory services, clinical data management, pharmacovigilance, biostatistics, and so on.
The major driving factors for the growth of the CRO market include pricing pressures in the healthcare markets, the need for R&D productivity, a large number of patent expirations and strict regulatory policies for the drug approvals. In addition, increased outsourcing R&D activities by pharmaceutical companies are one of another driving factors for this market. Apart from these the other driving factors for this market include, company’s vision to focus on their core business activities and to achieve cost efficiency in their business operations. Despite the existence of these drivers, the market for CROs is facing some serious challenges that might hamper the growth of this market. Besides, a shortage of experienced professionals to conduct R&D activities is likely to hamper the growth of the market. Moreover, an increase in R&D investment by various companies is generating a growth opportunity for the market in the upcoming years.
North America Dominated the Contract Research Organizations Market
As per the geographies, North America dominated the CRO services market. Factors such as augmented expenditure on R&D in health care by governments, developing the biopharmaceutical industry, and increasing demand for outsourcing are driving the growth for the North America region. Europe is considered as the second largest region for this market owing to growing investment in R&D activities by key players in supporting the growth for the contract research organizations market in this region. Asia Pacific region is estimated to be the fastest growing region in this market owing to the huge availability of preclinical and clinical trials due to the rising prevalence of diseases and growth in population.
Contract Research Organizations Market: Segmentation
The report on global contract research organizations market covers segments such as service type, therapeutic area, and end user. On the basis of service type, the sub-markets include consulting services, early-phase development services, clinical research services, and laboratory services. On the basis of therapeutic area, the sub-markets include cardiac, central nervous system, oncology, infectious diseases, and other therapeutic areas. On the basis of end user, the sub-markets include academic institutes, pharmaceutical & biopharmaceutical companies, and medical device companies.
Contract Research Organizations Market: Competitive Landscape
The report provides profiles of the companies in the market such as Covance Inc., PAREXEL International, PRA Health Sciences, Pharmaceutical Product Development, LLC, Syneos Health, Laboratory Corporation, IQVIA, ICON Public Limited Company, Charles River Laboratories, Inc., Medpace, Inc., and Other companies.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Contract Research Organizations.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.