Rise in Number of Drug Development Projects to Propel Demand for CRO Services
CRO services have gradually penetrated the healthcare sector in the past few years. With significant developments in the healthcare sector in terms of research, medications, drug delivery, etc., CROs are increasingly gaining prominence. As healthcare providers continue to recognize the benefits and advantages of consulting and opting for CRO services, the demand for such services is expected to grow at a significant pace during the forecast period (2019-2027). In the past few years, instead of outsourcing the entire project, biotech companies are leaning toward outsourcing part of clinical trials to CROs. In addition, stakeholders in the current contract research organization (CRO) services market are focusing their attention toward catering to niche and customized requirements of clinical trials.
Get Sample of the Report @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=24467
In recent times, CRO services are assisting companies in the early phase development of new drugs and medications. Clinical research, consulting, and laboratory CRO services are increasingly being used by pharmaceutical companies, a factor expected to propel the growth of the contract research organization (CRO) services market during the assessment period. In addition, stakeholders involved in the current contract research organization (CRO) services market are expected to collaborate with each other to formulate open technology standards that are likely to revolutionize the future of clinical trial operations. Due to these factors and positive outlook of the healthcare sector, the global contract research organization (CRO) services market is expected to reach a value of ~US$ 96.4 Bn by 2027.
Focus on R&D in Pharmaceuticals Offers Growth Opportunities for Stakeholders
In the past decade, research and development in the pharmaceutical sector has experienced considerable increase. Established companies in the pharmaceutical sector are leaning toward leaner business models wherein dependence on external entities, such as CROs, is high. The significant growth of the biotech sector in the past decade has played an important role in resulting in rise in the number of companies involved in research and drug development. The exponential rise in the number of active and upcoming drug development companies and research projects created a huge window of opportunity for stakeholders involved in the contract research organization (CRO) services market. In the past decade, outsourcing of large or complex aspects of the drug development process has become imperative for the development of new drugs effectively and cost-effectively.
Read Report Overview@ https://www.transparencymarketresearch.com/contract-research-organizations-services-market.html
Although drug developers are increasingly leveraging CROs services, they are continually seeking solutions to address a host of challenges involved with this approach, such as high R&D cost, obtaining access and tracking the operations that are outsourced, and capacity constraints, among others. At present, stakeholders in the contract research organization (CRO) services market are increasingly adapting to the evolving research & development requirements and are expected to manage contracted work in several modalities. The number of outsourced projects in the last decade has transformed the overall structure of the drug development industry.
Adoption of CROs Services to Accelerate Early Phase Drug Development
The lack of horizontal integration in the contract research organization (CRO) services market has largely been responsible for the inefficiencies in the operations and workflows. Furthermore, this has also isolated drug development processes, which has thus, encouraged the formulation of integrated CRO services models.
Request Report Methodology@ https://www.transparencymarketresearch.com/sample/sample.php?flag=RRM&rep_id=24467
The growing adoption of integrated model across the pharmaceutical sector has played an integral role in improving efficiency and minimizing the make-test cycle. While the horizontal integration model offered significant benefits and efficiencies in the drug development phase, its adoption in the U.S. was relatively slower than European countries such as the U.K. The demand for CROs services for early phase drug development and clinical research is expected to grow in the coming decade, due to a range of factors, including improved efficiency, streamlined management of R&D costs, low risk of repeat studies, accelerated drug development, and lowered operational costs, among others.
Apart from offering monetary benefits, integrated contract organization services are likely to simply the supply chain and efficient management of clinical data.
Contract Research Organization (CRO) Services Market: Overview
- The global contract research organization (CRO) Services market was valued at ~US$ 49 Bn in 2018 and is projected to expand at a high CAGR from 2019 to 2027. The global market is driven by increased spending on research and development by manufacturers, patent expiries of various biologics leading to increase in the number of clinical trials, rising penetration of CROs, and growing focus of market players on conducting clinical trials in emerging markets.
Make an Enquiry Before Buying @ https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=24467
- Contract research organizations (CROs) are engaged in offering a range of research services on a contract basis to pharmaceutical, medical device, and biotechnology companies
- Large biopharmaceutical companies have been outsourcing most of their research and development activities in order to shift from fixed costs to variable costs, increase their access to new technological capabilities, and expand their global reach. This is promoting growth of the global contract research organization (CRO) services market.
- Rising prevalence of cancer globally is a key factor driving the number of clinical trials being conducted. Furthermore, the global number of clinical trials in oncology increased from over 2,400 in 2007 to over 7,000 in 2017.
Contract Research Organization (CRO) Services: Market Segmentation
- The global contract research organization (CRO) services market has been segmented based on service type, therapeutic indication, end user, and region
- In terms of service type, the global contract research organization (CRO) services market has been categorized into early phase development, clinical research services, laboratory services, and consulting services. The early phase development segment has been sub-segmented into discovery services, chemistry, and preclinical services. The preclinical services sub-segment has been further divided into toxicology, pharmacokinetics, and others. The clinical research services segment has been sub-classified into phase I, phase II, phase III, and phase IV. The laboratory services segment has been sub-categorized into bioanalytical services, analytical services, and others.
- Based on therapeutic indication, the global contract research organization (CRO) services market has been segregated into oncology, infectious diseases, immunological diseases, respiratory diseases, cardiovascular diseases, neurological disorders, and others
- Based on end user, the global contract research organization (CRO) services market has been divided into medical device companies, biopharmaceutical companies, and others
Get Customization Research on this Report @ https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=24467
Contract Research Organization (CRO) Services Market: Regional Segmentation
- In terms of region, the global contract research organization (CRO) services market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global contract research organization (CRO) services market in 2018 and the trend is expected to continue throughout the forecast period
- The contract research organization (CRO) services market in Asia Pacific is anticipated to expand at a high CAGR during the forecast period. Japan is one of the largest industries for clinical trials in Asia Pacific and it witnesses significant product registrations. Large-sized CROs operating worldwide are focused on expanding their presence in Japan through investments in facilities and resources in functional services such as central laboratories, imaging, and clinical supplies.
Request Report Methodology@ https://www.transparencymarketresearch.com/sample/sample.php?flag=RRM&rep_id=24467
Contract Research Organization (CRO) Services Market: Major Players
- Key players operating in the global contract research organization (CRO) services market are
- Laboratory Corporation of America Holdings
- IQVIA Inc.
- Syneos Health, Inc.
- Parexel International Corporation
- PRA Health Sciences, Inc.
- PPD, Inc.
- Charles River Laboratories, Inc.
- Icon plc
- WuXi AppTec Group
- Medpace
About Us
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
For More Research Insights on Leading Industries, Visit Our YouTube Channel and hit subscribe for Future Update - https://www.youtube.com/channel/UC8e-z-g23-TdDMuODiL8BKQ
Contact
Rohit Bhisey
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: [email protected]
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.
