According to a new market research report "Contract Research Organization Services (CROs) Marketby Type (Discovery, CMC, Preclinical, Clinical Research, Laboratory Services), Therapeutic Area (Oncology, CNS, Cardiovascular), End User (Pharmaceuticals & Medical Device) - Global Forecast to 2023", published by MarketsandMarkets™, the global market is projected to reach USD 56.34 Billion by 2023 from USD 39.13 Billion in 2018, at a CAGR of 7.6%.
Early buyers will receive 10% customization on this report
Increased outsourcing of R&D activities and increasing number of clinical trials are the major factors driving the growth of the CRO
By type, clinical research services segment accounted for the largest share of the Contract Research Organization Services Market in 2017
On the basis of type, clinical research services segment accounted for the largest share of the global Contract Research Organization Services Market. This can be attributed to factors such as the growing biosimilars and biologics markets, increased R&D investments in pharmaceutical and biopharmaceutical companies and increase in clinical trial activities.
By therapeutic area, theoncology segmentheld the largest market share of the Contract Research Organization Services Market in 2017
On the basis of therapeutic area, the oncology segment accounted for the largest share in this market. The large share of this segment is attributed to the increasing number of clinical trials and rising prevalence of cancer worldwide.
The medical device companies segment is expected to witness the highest growth rate in theContract Research Organization Services Market, by end user, during the forecast period
Based on end user, the medical device segment is expected to register the highest CAGR during the forecast period. Increasing incidence of chronic diseases, technological advancements in medical devices, and adoption of point-of-care (POC) testing are the major factors supporting the growth of this segment.
North America dominated the Contract Research Organization Services Market in 2017
North America accounted for the largest share of the Contract Research Organization Services Market in 2017, followed by Europe and Asia Pacific. High quality standards in the pharmaceutical industry, rising demand among pharmaceutical and biopharmaceutical companies for outsourcing services, and increase in clinical trial activities in the region are the major factors responsible for the large share of North America in the Contract Research Organization Services Market.
The prominent players in the global Contract Research Organization Services Market include IQVIA (US), LabCorp (US), PAREXEL (US), ICON plc (Ireland), PPD (US), PRA Health Sciences (US), Syneos Health (US), Charles River (US), Wuxi PharmaTech (US), Medpace Holdings (US), SGS (Switzerland), Envigo (UK), and MPI Research (US).
Know more about the Contract Research Organization Services Market:
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact: Mr. Shelly Singh MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: email@example.com