Pune, India, Feb. 01, 2022 (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. The demand for CRO services is on the rise owing to the increasing number of clinical trials worldwide.
According to the World Health Organization (WHO), the number of clinical trials registered on its International Clinical Trials Registry Platform (ICTRP) from Europe, Western Pacific, and the Americas were higher than most other regions in 2018. In Western Pacific, for instance, the registered trials were numbered at 14,655, while in Africa they were only 630. Japan and China have seen a meteoric rise in number of trial registrations since 2015, the WHO notes. Thus, steady rise in the number of clinical trials, especially in Asia-Pacific, is touted to be one of the major CRO services market trends in the near future.
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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.
Increasing Number of Non-Profit Organizations are Getting Involved in CRO launches
The demand for CROs has been increasing ever since healthcare institutions have unlocked various benefits of contract research organizations in business operations. With the inflating demand for CROs, investors have identified huge growth potential within establishing CROs. The rise in the number of investors involved in developing contract research organizations has contributed to the growth of the global CRO services market. Besides non-profit organizations, the market continues to witness newer CRO launches from leading companies around the world. IN April 2019, FHI 360 announced the launch of a new CRO service, named FHI Clinical.
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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.
Highlights of the Report:
- In-depth analysis of various insights, namely, Contract Research Organization Services Market trends, growth drivers, opportunities, and other related challenges.
- Comprehensive details of key market players, their core competencies, and Contract Research Organization Services Market share.
- The potency of suppliers and buyers to make better business decisions.
- Lists out the market size in terms of volume.
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Key Players Operating in The Contract Research Organization 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
Report Focus:
- Extensive product offerings
- Customer research services
- Robust research methodology
- Comprehensive reports
- Latest technological developments
- Value chain analysis
- Potential Contract Research Organization Services Market opportunities
- Growth dynamics
- Quality assurance
- Post-sales support
- Regular report updates
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