Global Clinical Research Organization (CRO) Market to Reach USD 220.3 Billion By 2031| Growth Market Reports

PUNE, India, June 26, 2023 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Global Clinical Research Organization (CRO) Market Segments - By Service (Clinical Research Services, Early Phase Development Services, Laboratory Services, Consulting Services, and Others), By Molecule Type (Small molecules and Biologics), By End-user (Pharmaceutical & Biotechnology Company, Research & Academic Institute, and Others), and Region: Size, Share, Trends and Opportunity Analysis, 2023-2031", the market size was USD 80.6 Billion in 2022 and is expected to surpass USD 220.3 Billion expanding at a CAGR of 12.2% by the end of 2031. The market is driven by technological advancements in the field of medicine and intensive research & development.

Recent Developments:

In November 2022, one of the market players from the United States, IQVIA, came into partnership with an Israeli company, Clalit Health Services, to combine their genomic research, data, and clinical trial delivery. This collaboration is expected to transform pharmaceutical research and healthcare infrastructure for Israel as well as the world.

Key Market Players Profiled in the Report

• Asymchem Laboratories (Tianjin) Co., Ltd
• Charles River Laboratories.
• Dalton Pharma Services
• Domainex
• Eurofins Scientific
• Evotec
• Frontage Holdings Corporation
• Genscript
• Hangzhou Tigermed Consulting Co., Ltd.
• ICON plc
• Inotiv
• IQVIA Inc

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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics. It provides an in-depth analysis of the market segments, which include service, molecule type, end-user, and competitor analysis.

This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.

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Regional Highlights:

On the basis of region, the global clinical research organization (CRO) market is classified as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is projected to dominate the global market during the projection period, due to its well-developed healthcare system and facilities. The presence of several key players within the region furthers the growth of the market. Moreover, several pharmaceutical companies in North America are outsourcing research and development which is boosting the demand for clinical research organizations in the region.

Europe is expected to be a rapidly growing region in the global market during the projected period, owing to the rising geriatric population and the surge in the number of diseases. Furthermore, with the rising cost of surgeries, pharma companies depend on contract research organizations for higher productivity and efficiency.

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Key Takeaways from the Study:

• The clinical research organization (CRO) is a system that provides support to industries in the field of biotechnology, pharmaceuticals, and medical devices in the form of research services that are outsourced on a contract basis. CROs play a crucial role in the development of pharmaceuticals and therapies.
• The CROs help reduce strain on the internal resources of the company. These organizations possess the necessary resources and infrastructure required to conduct clinical trials efficiently. Furthermore, their already-established relationships with various clinical sites all around the world aid in identifying and recruiting patients suitable for clinical trials.
• Increasing drug development activities have a significant impact on the growth of the clinical research organizations (CROs) market. Most of the biotechnology and pharmaceutical companies continue to invest in research and development to bring new drugs and devices into the market.
• The intensive research and development work in the field of medical science is expected to provide significant growth opportunities to the market. It helps by offering cost-effective ways to conduct the studies and research while maintaining efficiency.
• The clinical research services segment holds the dominant share of the market. It is attributed to the increase in the prevalence of chronic diseases as well as the growing demand for effective medications.
• The small molecules segment is expected to propel the market during the forecast period due to the increase in the number of chronic diseases. Such prevalence of chronic ailments is anticipated to increase the demand for innovative medicines and treatments, which is projected further the growth of the market.
• The pharmaceutical & biotechnology company segment is anticipated to drive the market owing to the growing population and rising prevalence of chronic diseases. This rise leads to the requirement for more drugs, which in turn, drives the segment.

Read 383 Pages Research Report with Detailed TOC on "Global Clinical Research Organization (CRO) Market Segments - By Service (Clinical Research Services, Early Phase Development Services, Laboratory Services, Consulting Services, and Others), By Molecule Type (Small molecules and Biologics), By End-user (Pharmaceutical & Biotechnology Company, Research & Academic Institute, and Others), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast, 2023 – 2031"

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Key Segments Covered

By Service

• Clinical Research Services
• Early Phase Development Services
• Laboratory Services
• Consulting Services
• Others

By Molecule Type

• Small molecules
• Biologics

By End-user

• Pharmaceutical & Biotechnology Company
• Research & Academic Institute
• Others

Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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