Market Review
As per the Market Research Future report on contract research organization (CRO), its market is expected to garner a 11.48% CAGR during the forecast period of 2017-2023.
A company that provides research services, outsourced on a contract basis, to certain healthcare sectors. The pharmaceuticals, medical devices, and biotechnology are the predominant sectors.
The influential pharmaceutical companies are highly reliant on services provided by contract research organizations. The rise in number of pharmaceutical companies is boosting the demand for setting up more contract research organizations. The increase in number of medical conditions and the need for enhanced medical service is creating boundless scope for research and developmental activities. The expiry of patented drugs and other medical formulation has become a major concern. Moreover, developing drug resistance is also a matter of concern. Hence, this is triggering a surge in the need for contract research organization market. These factors are likely to impel the global CRO market growth.
Considering the drawbacks of the market, the high labor cost, exchange rate volatility, structural changes in employment and industry can set-back the CRO growth over the assessment period.
Segmental Analysis
The global contract research organization market size study has been segmented based on clinical trial phase, end user, and segment.
Based on the clinical trial, the contract research organization market has been segmented into preclinical trials, phase I, phase II, phase III, and phase IV.
Based on the end-user, the contract research organization market has been segmented into academic institutes, pharmaceutical or biotech companies, and medical device companies.
Based on the segments, the contract research organization market sizehas been segmented into drug discovery, clinical development, and post management services.
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Regional Overview
Based on the region, the contract research organization market study has been performed across the Americas, Europe, Asia Pacific, and the Middle East Asia and Africa. The geographic insights of the market state that the American CRO market is to secure the paramount position. The increase in number of patients, robust healthcare facilities, increase in the healthcare expenditure, and changing lifestyle are likely to bolster the regional market growth in the near future. Moreover, the existence of strong economies like the US and Canada are expected to augment the market growth.
Europe is anticipated to be the prime position that is likely to experience the fastest expansion of the CRO market over the evaluation period. The availability of funds for research and developmental activities, the increase in government initiatives, and vast patient pool are factors identified to fuel the European CRO market growth.
The Asia Pacific CRO market is estimated to grow at a rapid rate. The existence of emerging economies like China and India, the hike in per capita income, and the increase in number of patients are factors identified to propel the regional CRO market growth.
The socio-economic backwardness, low per capita income, and lack of firm medical infrastructure are factors responsible for the CRO market stagnancy in the Middle East Asia and Africa. MRFR predicts that the MEA & Africa to hold the least market share.
Key Players
ICON plc (Europe), Pharmaceutical Product Development, LLC. (U.S.), Laboratory Corporation of America Holdings. (U.S.), PAREXEL International Corporation (U.S.), PRA Health Sciences, Inc. (U.S.), QuintilesIMS (U.S.), INC Research LLC (U.S.), and others.
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Global Healthcare Contract Research Organization (CRO) Market is expected to reach USD 51.3 billion by 2024.
Healthcare Contract Research Organization (CRO) is also termed as clinical research organization is a company that helps conduct research for a sponsor company like medical device, pharmaceutical, and biotechnology.
The Healthcare CRO Market is estimated to grow at a significant CAGR of 6.5% over the future period as the scope and its applications are rising enormously across the globe.
Rising investment in research & development sector from pharmaceutical industries and development of drugs for the treatment of several chronic diseases like neurological disorder, immunological disorders, and metabolic disorders are documented as major factors of Healthcare Contract Research Organization (CRO) Market that are estimated to enhance the growth in the years to come.
This Research will help you to understand the Volume, growth with Impacting Trends.
Click HERE To get SAMPLE PDF (Including Full TOC, Table & Figures) @ https://www.millioninsights.com/industry-reports/healthcare-contract-research-organization-cro-market/request-sample Clinical, drug discovery, and pre-clinical are the types that could be explored in Healthcare Contract Research Organization (CRO) in the forecast period.
