Contract Research Organization Market To Reach USD 124230 Million By 2027 at a CAGR of 11.4% - Valuates Reports

BANGALORE, India, Aug. 11, 2021 /PRNewswire/ -- Contract Research Organization Market by Product-Type: Biologic Assay Development, Clinical/Preclinical Research, Commercialization and Clinical Trial Management, Application: The Medical Device, Pharmaceutical Firms, Others. Global Opportunity Analysis and Industry Forecast, 2021–2027. It is published in Valuates Reports under the Pharmaceuticals & Biotech Category.

The global Contract Research Organization (CRO) market size is projected to reach USD 124230 million by 2027, from USD 58000 million in 2020, at a CAGR of 11.4% during 2021-2027.

Major factors driving the growth of the contract research organization market are:

• Increasing investment in pharmaceutical R&D and clinical trials. CROs can offer their clients the expertise of moving a new drug or device from its conception to FDA/EMA marketing approval, without the drug sponsor having to maintain a staff for these services.
• In recent years, pharmaceutical businesses have suffered a considerable drop in profitability. Working with a CRO offers various benefits, including decreasing or eliminating the need to hire research staff, invest in in-house R&D and manufacturing facilities. CRO can avoid having to spend capital on human resources or equipment. Thus, CRO potentials can boost success rates and speed up drug research and development, resulting in larger profitability.

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TRENDS INFLUENCING THE GROWTH OF CONTRACT RESEARCH ORGANIZATION MARKET 

Increasing investment in pharmaceutical R&D to drive the CROs services market. Clinical trials are difficult projects to organize, collaborate on, and provide clinical patient care. Sponsors are increasingly relying on CROs to execute trials effectively because they already have the required resources in place. A CRO can be counted on to manage all of the obligations given to them when working under a TORO(Transfer of Regulatory Obligations), saving the Sponsor time and money.

The need to handle increasingly complex drugs and clinical trials is expected to drive the contract research organization. Drug development has become more difficult due to advances in cell and gene therapies, antibody-drug conjugates, cytotoxic chemical products, and in vitro and in vivo processing procedures. CROs are helping to compensate for the pharmaceutical industry's lack of innovation. Many of them are continuously developing and improving technologies to provide sample analysis, assay validation, and lot release testing prior to manufacturing with a commitment to the highest performance standards, accuracy, and efficiency.

By hiring a CRO sponsor can save time negotiating the regulatory and legal constraints that the company may not be familiar with. Regulatory organizations, for example, will frequently require approval of the clinical trial itself. These bodies may differ depending on where the trial will take place. After that, there are protocols and procedures for having a product approved for human use. A CRO may have more experience with these procedures and requirements, and thus be able to ensure that all rules and regulations are followed more swiftly and efficiently, speeding up the clinical trial process. This is expected to further drive the contract research organization market. 

With the World Health Organization (WHO) calling the COVID-19 outbreak a pandemic, a number of prominent pharmaceutical and biopharmaceutical businesses have ramped up R&D and production efforts to create and sell SARS-CoV-2 viral diagnostic kits, vaccines, and treatments. Many pharmaceutical and biotechnology businesses have partnered with CROs through long-term agreements, partnerships, and collaborations all over the world to speed up the R&D process. 

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CONTRACT RESEARCH ORGANIZATION MARKET SHARE ANALYSIS:

Based on region, North America is expected to be the most lucrative market due to the accelerating number of pharma and biopharma companies, alongside the robust investments in R&D activities in the region.

Based on application, the medical device segment is expected to be the most lucrative, due to the high demand for special CRO services that meet the unique needs of these companies. The segmental growth will further be stimulated by the increasing clinical studies as they play a crucial role during medical device development.

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Contract Research Organization Market by Type

• Biologic Assay Development
• Clinical/Preclinical Research
• Commercialization and Clinical Trial Management

Contract Research Organization Market by Application

• The Medical Device
• Pharmaceutical Firms
• Others

Contract Research Organization Market By Regions

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Russia
• Nordic
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA

Contract Research Organization Market By Company

• Labcorp
• IQVIA
• Syneos Health
• Parexel
• PRA
• PPD
• CRL
• ICON
• Wuxi Apptec
• Medpace Holdings

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