Contract Research Organization Services Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029

This report titled “Contract Research Organization (CRO) Services Market - Growth, Future Prospects, and Competitive Analysis, 2021 - 2029” offers strategic insights into the trends in contract research organization services market along with the market size and forecast for the duration 2019 to 2029. The said research study incorporates in-depth analysis of multiple market segments based on service type, research type, client type and geographical distribution.

The global CRO market is becoming increasingly competitive with growing number of mergers and collaborations between market players to reach full capabilities and gain international footprint. In addition, several players are also focused on developing their niche in the market. Rapid growth of this market has also resulted in creating further skilled job opportunities in major hubs spread across North America, Asia Pacific and Asia Pacific.

Based on service types, the global CRO services market is categorized into clinical trial services (drug discovery, precilinical trials, phase I trials, phase II trials, phase III trials, phase IV/post market surveillance trials), medical writing services, regulatory services, clinical data management services and others. On the basis of research type, the global CRO services market is segmented into clinical trial laboratories, contract research organizations and academia. In addition, pharmaceutical companies, medical device companies and academic organizations form the major client types for CRO services. Market size and forecast for all the considered segmentation is presented in this report for the period 2019-2029 (US$ Mn) along with their respective CAGRs for the forecast period 2021-2029 (Value %).

In terms of geographical distribution, the global CRO services is studies for five major regions namely, North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Market size and forecast for each regional and country-level market are included in the report for the considered periods. To further elucidate, the geographical distribution of the global CRO services market is performed as follows:

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• Rest of Europe
• Asia-Pacific
• Japan
• China
• Rest of Asia-Pacific
• Middle East and Africa
• Latin America

Along with the quantitative information sets, this report also provides qualitative information sets such as market dynamics and executive summary for the global CRO services market. Tools such as competition assessment and attractive investment proposition are also included in the report to provide the readers with competitive mapping assistance. This study concludes with company profiles section. This section includes major information about the key companies engaged in development, and provision of CRO services.

Based on the service type, the global contract research organization services market is segmented as follows:

• Clinical Trial Services
• Drug Discovery
• Precilinical Trials
• Phase I Trials
• Phase II Trials
• Phase III Trials
• Phase IV (Post Market Surveillance) Trials
• Medical Writing Services
• Regulatory Services
• Clinical Data Management Services 
• Others 

With the growing complexity of R&D trends, the demand for service providers have never been as great. The growth of CRO services overall indicates that such complex demands are being efficiently met by CROs. Recently, pharma companies are increasingly focusing on containing operational costs and reducing development timelines while simultaneously maintaining quality. Constraints in terms of payer pricing, R&D budget and significant costs of clinical development are urging manufacturers to consolidate disease areas for drug development. Such factors are together are facilitating increase in CRO business due to the potential flexibility offered by service providers. CROs are continuously aligning their service offerings for pharmaceutical manufactures in alignment of these prime trends. Among the considered CRO services late stage clinical trials hold the strongest market position and are expected to retain their significance through the forecast period. Tendency to outsource clinical trial activities only after retaining the core early trials in-house, and convenience of large-scale recruiting through outsourcing are the key factors supporting this assessment.

For the purpose of this study, the global contract research organization services market is categorized into:

• North America
• Europe
• Asia Pacific
• Latin America (LATAM)
• Middle East and Africa (MEA)

At present, North America and Europe are the largest regional markets for CRO services. These regions are domicile for several large, mid and small sized (niche) CROs that offer a wide range of service packages for pharmaceutical and biopharmaceutical manufacturers. Outsourcing of early-stage CRO services is also rapidly picking up pace in North America and Europe when compared with other regions. Urge cost containment and focus on core competencies, along with growing need for skilled workforce along with the need for streamlining operational processes are the key market derivers in these regions. On the other hand, Asia Pacific is the fastest growing market for CRO activities. Availability of huge recruiting eligible patient pool in the region along with offering of competitive service pricing, and emergence of several large-sized pharma companies in the region make Asia Pacific a significantly lucrative hub for CRO activities. China and Japan are anticipated to be the most prominent country-level markets for CRO services during the forecast period.


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