A recent report published by Infinium Global Research on contract research organizations market provides an in-depth analysis of segments and sub-segments in the global as well as regional contract research organizations market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional contract research organizations market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global contract research organizations market. According to the report, the global contract research organizations market is projected to grow at a CAGR of 6.35% over the forecast period of 2019-2025.
Contract research organizations (CROs) provide research and development (R&D) services to pharmaceutical, biotechnology companies as well as various government institutions, foundations and universities on a contract basis. CROs have started offering services to their vendors for all phases of R&D like pre-clinical services, clinical trials, and post-clinical trial services. Outsourcing R&D operations to CROs allows these companies to focus on their core activities such as sales, marketing, product management, and so on. It also helps them to increase their capability for in-house regulatory services, clinical data management, pharmacovigilance, biostatistics, and so on.
The major driving factors for the growth of the CRO market include pricing pressures in the healthcare markets, the need for R&D productivity, a large number of patent expirations and strict regulatory policies for the drug approvals. In addition, increased outsourcing R&D activities by pharmaceutical companies are one of another driving factors for this market. Apart from these the other driving factors for this market include, company’s vision to focus on their core business activities and to achieve cost efficiency in their business operations. Despite the existence of these drivers, the market for CROs is facing some serious challenges that might hamper the growth of this market. Besides, a shortage of experienced professionals to conduct R&D activities is likely to hamper the growth of the market. Moreover, an increase in R&D investment by various companies is generating a growth opportunity for the market in the upcoming years.
As per the geographies, North America dominated the CRO services market. Factors such as augmented expenditure on R&D in health care by governments, developing the biopharmaceutical industry, and increasing demand for outsourcing are driving the growth for the North America region. Europe is considered as the second largest region for this market owing to growing investment in R&D activities by key players in supporting the growth for the contract research organizations market in this region. Asia Pacific region is estimated to be the fastest growing region in this market owing to the huge availability of preclinical and clinical trials due to the rising prevalence of diseases and growth in population.
The report on global contract research organizations market covers segments such as service type, therapeutic area, and end user. On the basis of service type, the sub-markets include consulting services, early-phase development services, clinical research services, and laboratory services. On the basis of therapeutic area, the sub-markets include cardiac, central nervous system, oncology, infectious diseases, and other therapeutic areas. On the basis of end user, the sub-markets include academic institutes, pharmaceutical & biopharmaceutical companies, and medical device companies.
The report provides profiles of the companies in the market such as Covance Inc., PAREXEL International, PRA Health Sciences, Pharmaceutical Product Development, LLC, Syneos Health, Laboratory Corporation, IQVIA, ICON Public Limited Company, Charles River Laboratories, Inc., Medpace, Inc., and Other companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of contract research organizations market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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