Global CRO Services Market 2021-2028 Size, Share, Growth, Trends, Revenue, Competitive Landscape, Forecast Report by Fortune Business Insights

Pune, India, Nov. 22, 2021 (GLOBE NEWSWIRE) — According to Fortune Business Insights, the global CRO Services Market size is slated to hit USD 90,926.3 million by 2026, displaying a CAGR of 11.4% during the forecast period. Rising number of clinical trials across the globe will be the primary force propelling this market in the forthcoming years. Contract research services are provided by organizations that specialize in providing outsourced clinical research services to biotechnology, medical devices, and pharmaceutical companies.

The demand for CRO services is on the rise owing to the increasing number of clinical trials worldwide. According to the World Health Organization (WHO), the number of clinical trials registered on its International Clinical Trials Registry Platform (ICTRP) from Europe, Western Pacific, and the Americas were higher than most other regions in 2018. In Western Pacific, for instance, the registered trials were numbered at 14,655, while in Africa they were only 630. Japan and China have seen a meteoric rise in number of trial registrations since 2015, the WHO notes. Thus, steady rise in the number of clinical trials, especially in Asia-Pacific, is touted to be one of the major CRO services market trends in the near future.

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North America to Dominate: Increasing Research & Development Activities to Favor Growth

The market can be geographically categorized into Latin America, Europe, North America, the Middle East and Africa, and Asia Pacific. Amongst them, North America will be in the dominant position during the forthcoming years.

The growth is attributable to the rising demand for innovative therapies for managing chronic diseases and increasing investment in research and development activities by many organizations. Moreover, huge spending on healthcare services, growing need for therapeutically effective products, and increasing awareness regarding healthcare will contribute to the growth in this region.

Key Players Operating in The CRO Services Market Include:

Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:

•              Pharmaceutical Product Development, LLC.

•              Medpace

•              Clintec

•              IQVIA

•              PRA Health Sciences

•              ICON plc

•              KCR S.A.

•              PSI

•              Parexel International Corporation.

•              Covance

•              Other prominent players

Click here to get the short-term and long-term impact of COVID-19 on this market.

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Prominent Players Focus on Strategic Collaborations to Expand Product Portfolio

The market is highly competitive owing to the presence of a large number of key players. However, the number of collaborations, acquisitions, and mergers have increased since the past few years. It will, in turn, help the mammoth players in gaining high CRO services market share in the coming years. Two of the most recent key industry developments are given below:

February 2019: Pharmaceutical Product Development, LLC (PPD), a provider of clinical trial development, management, and post-approval services, headquartered in the U.S., announced that it is signing an exclusive agreement with Happy Life Tech (HLT), medical AI company based in China.

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Detailed Table of Content:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Mergers & Acquisitions Among Key Players
  • The Regulatory Scenario in Key Countries/Region
  • Competition Matrix for the Services Provided by Key Players.
• Global Contract Research Organization Services Market Analysis, Insights and Forecast, 2015-2026
  • Key Findings / Summary
  • Market Analysis, Insights and Forecast – By Service Type
    • Discovery
    • Pre-Clinical
    • Clinical
    • Laboratory Services
  • Market Analysis, Insights and Forecast – By Application
    • Oncology
    • Cardiology
    • Infectious Disease        
    • Metabolic Disorders
    • Others
  • Market Analysis, Insights and Forecast – By End User
    • Pharmaceutical & Biotechnological Companies
    • Medical Device Companies
    • Academic & Research Institutes
    • Others
  • Market Analysis, Insights and Forecast – By Region
    • North America
    • Europe
    • Asia pacific        
    • Rest of the World

TOC Continued….!

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