Categories: News

Massive Growth of Contract Research Organizations Market to Witness Huge Growth by 2027

A Contract Research Organisation, also called Clinical Research Organization (CRO) is a service organization that provides support to the pharmaceutical and biotechnology industries in the form of outsourced pharmaceutical research services (for both drugs and medical devices). CROs range from large, international full-service organizations to small, niche speciality groups and can offer their clients the experience of moving a new drug or device from its conception to FDA marketing approval without the drug sponsor having to maintain a staff for these services. Organizations and businesses that contract with CROs do so to acquire specific expertise without hiring permanent staff.

The Global Contract Research Organizations Market is expected to grow from xx USD in 2020 to xx USD by 2027 at a CAGR of xx%. An increasing number of clinical trials, an increase in the number of outsourcing of R&D activities, expanding the scope of CRO solutions through technology, increasing, and favourable regulatory environments in the developed regions, investments in research and development and increasing strategic collaborations among market players are the major factors driving the growth of the CRO services market. The global contract research organization market is segmented on the basis of segment, clinical trial phase, and end-users. North America accounted for the largest share of the CRO services market in 2020, followed by Europe and the Asia Pacific. High-quality standards in the pharmaceutical industry, rising demand among pharmaceutical and biopharmaceutical companies for outsourcing services, and increase in clinical trial activities in the region are the major factors responsible for the large share of North America in the CRO services market.

Some of the major players operating in contract research organization market are IQVIA, Clinipace, Charles River Laboratories International, CMIC Holdings, Medpace, Parexel International, EPS International, ICON, PRA Health Sciences, and Synteract.

The CRO market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America dominates the CRO market owing to a well-developed healthcare sector and huge investment. Apart from this, changing lifestyle and increasing healthcare expenditure have boosted the growth of the market in North America.  Moreover, the presence of developed economies like the U.S. and Canada within the region will boost market growth. Europe is the second-largest global contract research organization market, which is followed by the Asia Pacific. Regionally, Europe is divided into Western Europe and Eastern Europe. Western Europe holds the major share of the regional market, which is majorly contributed by Germany, the U.K., and France. However, Eastern Europe is the fastest-growing region due to the huge opportunities in the untapped market.

Joana

Joana, one of the senior writers at Georgia Online, has been taking care of all the national coverage. He loves to write about the latest technology, and before joining Georgia Online, Joana was a part of the editorial board of a local magazine. joana@georgiaonline.ge

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