Pune, India, Sept. 14, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the North America contract research organization market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 34.2 billion by 2028.
CROs have been a useful resource for pharmaceutical corporations as specialists in technology. They are quick to adopt new technologies, allowing them to deliver unique insights and recommendations by finding creative ways to use these sophisticated tools and customizing them to each sponsor's needs.
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The COVID-19 pandemic has catapulted life sciences to the forefront of investor attention, as R&D is at the heart of every breakthrough. To stay ahead of competition, some CROs have even launched their own proprietary technologies. For example, the CRO ICON creates technologies like as PDx-Pop to integrate current tools and its own approaches to speed up the process of population pharmacokinetic modelling and analysis.
Market research reveals that North America contract research organization market size will be valued at over $34 million by 2028. Illustrated below are the three factors strengthening the market forecast:
Threat of infectious disease spread
According to the CDC, about 7,174 TB cases were reported in the United States in 2020. The growing number of clinical trials for development of novel medicines and vaccines to control and prevent the spread of infectious diseases has pushed M&A in the industry.
For example, Getinge announced in April 2022 that the national group purchasing organization HealthTrust has awarded it an infection control contract. Getinge's infection control products, such as washers, sterilizers, and other solutions, will be available at a discounted rate to HealthTrust members. North America contract research organization market share from infectious illnesses generated $608 million sales in 2021.
Important role of CROs in clinical research during COVID-19
The COVID-19 pandemic's threat to global security and economy has captivated the whole world's attention over the last two years. The pandemic engaged researchers on a global scale, which was a historic development in the industry. A significant amount of money has been committed in clinical research worldwide, with the aim of finding treatments, vaccines, and diagnostics for COVID-19.
In April 2020, the National Institutes of Health (NIH) announced accelerating COVID-19 Therapeutic Interventions and Vaccines partnership with the goal of developing a coordinated research strategy for prioritizing development of promising treatments and vaccines for the disease. North America contract research organization market share from clinical research accounted for more tha$13 billion in 2021 and is predicted to expand considerably through 2028.
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R&D efforts on the rise across U.S. contract research organization industry
According to the CDC, 6 out of every 10 persons in the United States are living with a chronic condition. The rising focus of biotech and pharmaceutical firms on outsourcing clinical trials for diagnosis and treatment of chronic diseases is one of the essential factors driving market expansion in the region. Driven by constant R&D efforts by leading companies, U.S. contract research organization market held a staggering 87% market share in 2021 and is expected to rise significantly between 2022 and 2028.
To achieve optimal clinical trial success, Companies such as Clinipace, Charles River Laboratories, CMIC Holding Co., LTD, IQVIA, and Laboratory Corporation of American Holding (Covance Inc), are opting for M&A strategies. Labcorp announced the acquisition of Toxikon Corporation, a contract research business that provides nonclinical testing services, in December 2021.Toxikon's accession to Labcorp Drug Development will strengthen Labcorp's excellent nonclinical development portfolio and enable the firm to generate a strategic footprint to engage with pharmaceutical and biotechnology clients.
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About Graphical Research:
‘Graphical Research’ provides a large collection of market research and industry analysis reports covering healthcare, automotive, oil and gas, pharmaceutical, IT, agriculture, chemicals, and many other sectors, across diverse regions like North America, Europe, Asia Pacific, Latin America, and others. The comprehensive reports we provide are aligned with the key industry trends and insights in specific regional markets. The data we deliver helps our customers make better strategic decisions. Our goal is to offer competitive and quality customized market research reports.
