Contract Research Organization (CRO) Market 2019 Latest Innovation By IQVIA, Laboratory Corporation of America Holdings, PAREXEL International Corporation, Syneos Health
Global Contract Research Organization Market Analysis to 2025 is a specialized and in-depth study of the Contract Research Organization industry with a focus on the global market trend. The report aims to provide an overview of global Contract Research Organization market with detailed market segmentation by product/application and geography. The global Contract Research Organization market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the Contract Research Organization players and offers key trends and opportunities in the market.
The global contract research organization (CRO) market is expected to reach US$ 68,198.3 Mn in 2025 from US$ 35,818.9 in 2017. The market is estimated to grow with a CAGR of 8.6% from 2018-2025.
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In 2017, the clinical research services segment held a largest market share of 54.4% of the contract research organization (CRO) market, by product. This segment is also expected to dominate the market in 2025. This is primarily attributed the increasing number of new drug molecules and medical devices for the treatment of various therapeutic areas and the requirement for the fulfillment of stringent regulatory requirements before product approvals. However, the laboratory services segment is anticipated to witness the fastest growth rate of 10.3% during the forecast period, 2018 to 2025.
Drug discovery services segment is anticipated to grow at a CAGR of 7.7% during the forecast period. Increasing R&D expenditure by the pharmaceutical companies and increasing demand of outsourcing of services to the CROs to save time and cost is expected to boost the demand for these services in the coming years.
Company Profiles Cover In This Report:-
- Laboratory Corporation of America Holdings
- PAREXEL International Corporation
- Syneos Health
- PRA Health Sciences
- Charles River
- ICON plc
- Pharmaceutical Product Development, LLC
- WuXi AppTec
North America is the largest geographic market and it is expected to be the largest revenue generator during the forecast period, whereas Asia Pacific is expected to witness highest growth owing to factors such as, increasing focus of industry players to expand in India & Japan and improving regulatory policies that are favorable for conducting clinical trials along with a large pool of patient participants.
Product approvals and acquisitions were observed as the most adopted strategy in global contract research organization industry. Few of the product approvals and acquisitions made by the players in the market are listed below;
2018: In June, 2018, Laboratory Corporation of America Holdings acquired Sciformix Corporation, a scientific process outsourcing company focused on pharmacovigilance and regulatory solutions for biopharmaceutical and medical devices clients. Sciformix has become part of Covance, Laboratory Corporation of America Holdings’s drug development business.
2018: In June, IQVIA launched Virtual Research Solutions, a new suite of technology-led study options offering advances in patient-centric trial design and execution. Powered by the IQVIA CORE, Virtual Research Solutions combines unparalleled information assets, advanced analytics, technologies and critical domain expertise to design and execute trials and late-phase studies.
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