Contract research organization market to gain significant revenue by 2025
Category: #headlines  By Ronak Bora  Date: 2020-07-13
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Contract research organization market to gain significant revenue by 2025

According to the latest research report, the global contract research organization market is expected to record 7.6% CAGR during the forecast period 2019-2025.

Rise in R&D investment coupled with favorable government initiatives towards drug development for various chronic diseases is anticipated to offer lucrative growth scope for CRO (contract research organization) market over 2019-2025.

CROs provides support to biotechnology, pharmaceutical & medical device industries in the form of research services outsourced on a contract basis. Contract research organizations are primarily designed to reduce costs for companies that are into developing new drugs and medicines. Worldwide CRO market size is expected to surpass USD 61 billion by 2025.

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Escalating number of clinical trials in emerging economies is a key metric for global CRO market growth. CROs are exhibiting heightened interest towards conducting clinical trials in developing regions to capitalize on the advantages of low cost and availability of a vast pool of patients offered by them. Moreover, given the lack of affordability and access to quality healthcare services in these regions, patients voluntarily agree to participate in such company-sponsored trials.

From early phase development services segment, global CRO market amassed  gains worth  over USD 6.3 billion in 2018 and is estimated to showcase exponential growth rate over the analysis period. By generating an integrated program, early development solutions enable customers to capitalize on the value of early-stage portfolios. In addition, early phase trails are critical to drug development plans as they help in assessing the probability of success of clinical trials, thus offering significant advantages in terms of reduction of development expenses and time to market. Moreover, early phase trials, Proof-of-Concept (POC), and First-In-Human (FIH) help to ascertain the exact target population and are increasingly becoming commonplace , which is likely to intensify CRO market trends.

In terms of revenue, oncology segment held a major share of CRO market and is forecast to register a CAGR of around 7.5% during the forecast timeline. This massive boost is a result of increasing prevalence of cancer cases across the globe. As per WHO estimates, cancer has risen to epidemic proportions, precisely to 18.1 million new cases and accounted for 9.6 million deaths in 2018 on a global scale. Mounting incidences of cancer is leading to increase in new drug development as well as clinical trial activities for disease treatment,  hence fostering CRO market size.

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Key players in CRO market include IQVIA, Laboratory Corporation of America Holdings, Parexel International Corporation, Syneos Health, ICON and PRA Health Sciences. These industry players are undertaking various strategic initiatives to enhance their financial stability, which has aided them to evolve as major industry players. Other emerging industry players include Charles River Laboratories International, PRA Health Sciences, Medpace, Worldwide Clinical Trials, Wuxi AppTec, Synteract, CMIC, EPS International, Clinipace and Clinitec,

Partial Chapter of the Table of Content

Chapter 2. Executive Summary

2.1. Contract research organization industry 3600 synopsis, 2014 - 2025

2.1.1.  Business trends

2.1.2.  Service type trends

2.1.3.  Therapeutic area trends

2.1.4.  End-use trends

2.1.5.  Regional trends

Chapter 3. Contract Research Organization Industry Insights

3.1. Industry segmentation

3.2. Industry landscape, 2014 - 2025

3.3. Industry impact forces

3.3.1.  Growth drivers

3.3.1.1.  Increasing R&D expenditure worldwide

3.3.1.2.  Rising number of clinical trials in emerging economies

3.3.1.3.  Growing outsourcing of R&D activities globally

3.3.1.4.  Rising technological advancements

3.3.2.  Industry pitfalls and challenges

3.3.2.1.  Intellectual property rights issues

3.4. Growth potential analysis

3.4.1.  By service type

3.4.2.  By therapeutic area

3.4.3.  By end-use

3.5. Regulatory landscape

3.6. Porter’s analysis

3.7. Competitive landscape, 2018

3.7.1.  Company market share analysis, 2018

3.7.2.  Strategy dashboard

3.8. PESTEL analysis

Browse full table of contents (TOC) of this report @ https://www.decresearch.com/toc/detail/contract-research-organization-cro-market

 

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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