Contract Research Organization Services Market Witnessing Stunning Growth in COVID-19 Outbreak 2020 with IQVIA, Covance Inc., Parexel International Corporation

Contract Research Organization Services (CROs) is basically a company that supports pharmaceutical, medical device, or a biotechnology industry for research services that are outsourced on contract. The major services offered by contract research organizations may comprise biopharmaceutical development, commercialization, biological assay development, clinical research, pharmacovigilance, clinical trials management, and preclinical research. CROs were basically started to help the medical devices companies, pharmaceuticals, and others in reducing cost for the development of new medicines or drugs in the market. They streamline the process of the entry of new drug or medicine and reduce the barriers in its development. Most contract research organizations particularly provide clinical trial support or clinical study for medical devices or drugs.

Market Industry Reports (MIR) has published a new report titled "Contract Research Organization Services (CROs) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019-2030." According to the report, the Global Contract Research Organization Services (CROs) Market is estimated to account for over US$ 40 Billion by 2019. The market is anticipated to grow at a CAGR of ~7.0% from 2019 to 2030.

Prominent Players in the Contract Research Organization Services (CROs) Market

Some of the prominent players in the contract research organization services (CROs) market include IQVIA, Covance Inc., Parexel International Corporation., PRA Health Sciences., PPD, Inc., ICON plc, Syneos Health., Charles River, Medpace, Inc. and WuXi AppTec among others.

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Scope of Report:

The market growth can be attributed to several factors such as increasing number of clinical trials, increased outsourcing of R&D activities and growth in the biosimilars and biologics market which are anticipated to further contribute to this substantial market growth between 2019 and 2030. However, clinical trial failures and stringent & differing government regulations are likely to restrain market growth to a certain extent.

To obtain better insights regarding the market scenario, prominent players are increasingly focusing on collaborative initiatives with several institutes, research centers, and companies. For instance, In August 2017, INC Research Holdings, Inc., a global Phase I-IV Contract Research Organization (CRO), and inVentiv Health, Inc., a privately held global CRO & Contract Commercial Organization (CCO), announced successful completion of their merger creating the only fully integrated biopharmaceutical solutions organization, including an end-to-end CRO and CCO.

Growing incidences of diseases and emergence of new disease cases has necessitated the need for new curable drugs for treatment. Whereas, in developing countries, there are large number of unmet clinical needs due to the occurrence of infectious and tropical diseases in the region. These overall factor, has led to increase in the number of clinical trials conducted which will in turn is expected to support growth of the market over the forecast period.

Regional Analysis:

Asia Pacific is the fastest-growing market for contract research organization services (CROs) and is anticipated to contribute significantly to the global market share. The growth in this region can be attributed to the rising unmet health care needs and improving healthcare infrastructure. Additionally, companies have shifted their focus to the emerging countries due to the increasing regulatory requirements and approval timeline in developed countries.

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Table of Contents

INTRODUCTION

Market Definition
Market Classification
Geographic Scope
Years Considered for the Study: Historical Years - 2016 & 2017; Base Year - 2018; Forecast Years - 2019 to 2030
Currency Used

RESEARCH METHODOLOGY
Research Framework
Data Collection Technique
Data Sources
Secondary Sources
Primary Sources
Market Estimation Methodology
Bottom Up Approach
Top Down Approach
Data Validation and Triangulation
Market Forecast Model
Limitations/Assumptions of the Study

ABSTRACT OF THE STUDY

MARKET DYNAMICS ASSESSMENT
Overview
Drivers
Barriers/Challenges
Opportunities

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