Pune, India, Oct. 21, 2021 (GLOBE NEWSWIRE) -- The global CRO Services Market size is slated to hit USD 90,926.3 million by 2026, displaying a CAGR of 11.4% during the forecast period. Rising number of clinical trials across the globe will be the primary force propelling this market in the forthcoming years. Contract research services are provided by organizations that specialize in providing outsourced clinical research services to biotechnology, medical devices, and pharmaceutical companies.
Report Scope & Segmentation
| Report Coverage | Details | |
| Forecast Period | 2019 to 2026 | |
| Forecast Period 2021 to 2028 CAGR | 11.4% | |
| 2026 Value Projection | USD 90,926.3 Million | |
| Base Year | 2018 | |
| Market Size in 2018 | USD 38,396.4 Million | |
| Historical Data for | 2015 to 2017 | |
| No. of Pages | 135 | |
| Segments covered | By Service Type, By Application, By End User, Pharmaceutical & Biotechnological Companies | |
| Growth Drivers | Prominent Players Focus on Strategic Collaborations to Expand Product Portfolio | |
| North America to Dominate: Increasing Research & Development Activities to Favor Growth | ||
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Key Players Operating in The CRO Services Market Include:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
• Pharmaceutical Product Development, LLC.
• Medpace
• Clintec
• IQVIA
• PRA Health Sciences
• ICON plc
• KCR S.A.
• PSI
• Parexel International Corporation.
• Covance
• Other prominent players
North America to Dominate: Increasing Research & Development Activities to Favor Growth
The market can be geographically categorized into Latin America, Europe, North America, the Middle East and Africa, and Asia Pacific. Amongst them, North America will be in the dominant position during the forthcoming years.
The growth is attributable to the rising demand for innovative therapies for managing chronic diseases and increasing investment in research and development activities by many organizations. Moreover, huge spending on healthcare services, growing need for therapeutically effective products, and increasing awareness regarding healthcare will contribute to the growth in this region.
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Prominent Players Focus on Strategic Collaborations to Expand Product Portfolio
The market is highly competitive owing to the presence of a large number of key players. However, the number of collaborations, acquisitions, and mergers have increased since the past few years. It will, in turn, help the mammoth players in gaining high CRO services market share in the coming years. Two of the most recent key industry developments are given below:
February 2019: Pharmaceutical Product Development, LLC (PPD), a provider of clinical trial development, management, and post-approval services, headquartered in the U.S., announced that it is signing an exclusive agreement with Happy Life Tech (HLT), medical AI company based in China.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Mergers & Acquisitions Among Key Players
- The Regulatory Scenario in Key Countries/Region
- Competition Matrix for the Services Provided by Key Players.
- Global CRO Services Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service Type
- Discovery
- Pre-Clinical
- Clinical
- Laboratory Services
- Market Analysis, Insights and Forecast – By Application
- Oncology
- Cardiology
- Infectious Disease
- Metabolic Disorders
- Others
- Market Analysis, Insights and Forecast – By End User
- Pharmaceutical & Biotechnological Companies
- Medical Device Companies
- Academic & Research Institutes
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the World
TOC Continued….!
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Report Focus:
- Extensive product offerings
- Customer research services
- Robust research methodology
- Comprehensive reports
- Latest technological developments
- Value chain analysis
- Potential CRO Services Market opportunities
- Growth dynamics
- Quality assurance
- Post-sales support
- Regular report updates
Reasons to Purchase this Report:
- Comprehensive analysis of the CRO Services Market growth drivers, obstacles, opportunities, and other related challenges.
- Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.
- Identifies market restraints and boosters.
- Identifies all the possible segments present in the market to aid organizations in strategic business planning.
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