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Global Contract Research Organization (CRO) Services Market Size to USD 163.48 billion by 2028


Global Contract Research Organization (CRO) Services Market Size to USD 163.48 billion by 2029

The Global Contract Research Organization (CRO) Services Market Size is projected to grow from USD 73.38 billion in 2022 to USD 163.48 billion by 2028, at a CAGR of 12.1% in forecast period, 2022-2028. Contract research organizations (CRO) are the companies that provide clinical research based services to medical device industries, pharmaceuticals & biotechnology, and various government research organizations on contract basis. These primarily provide services for biologic assay development, biopharmaceutical development, preclinical research, commercialization of new entities, clinical research, clinical trials management, and others. CROs provide the expert advice, guidance, and execution, which is required to complete clinical trials efficiently, without any need for a sponsor having to hire such research staff on a full-time basis. Due to this CRO services are expected to gain popularity and rising adoption of these services in the healthcare sector during the forecast period.

The Global Contract Research Organization (CRO) Services Market Size is projected to grow from USD 73.38 billion in 2022 to USD 163.48 billion by 2029

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The impact of the COVID-19 didn’t much affect the healthcare sector in anyways. The pandemic did put all sectors on a temporary halt, but the healthcare sector and medical supplies sector was working with more effort than usual. During the pandemic, increasing clinical trials to develop vaccines against the COVID-19. For instance, in January 2021, ICON PLC announced a collaboration with BioNTech and Pfizer Inc. to provide clinical trial services for the development of COVID-19 vaccine program across the globe. In this program, ICON PLC has also provided document management, site training, and operational support for patient informed consent form review. Thus, due to the increasing clinical trials on vaccines development, which is projected to boost the CRO services market during the forecast period.


Increasing investment in R&D activity


Most biopharmaceutical, pharmaceutical, and medical device manufacturers continue to invest heavily in the production and development of vaccines, novel drugs and devices. For instance, in 2019, Laboratory Corporation of America Holdings, invested $485 million to purchase the Envigo nonclinical CRO services to expand the global research capabilities. Moreover, growing globalisation and rapid technological advancements are encouraging many pharmaceutical and biotech industries to outsource their research development to many CROs. This is anticipated to boost the outsourcing of CRO services by biotechnology companies, pharmaceutical companies, and research and academic organisations.


Increasing number of services offered by CROs


The services offered by CROs such as clinical operations, regulatory submission, data management, quality assurance and biostatistics and the rising trend of collaborations are the major factors which drive the market growth. For instance, in October 2020, PPD Inc. announced its expansion by opening a new multipurpose clinical research laboratory in Suzhou, China, to provide vaccine services, bioanalytical, and biomarker for clinical trials of pharmaceutical development. Thus, due to this the market is projected to show significant growth during the forecast period.

The Global Contract Research Organization (CRO) Services Market Size is projected to grow from USD 73.38 billion in 2022 to USD 163.48 billion by 2029

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North America is the largest market for CRO services due to the rise in several chronic diseases such as cancer, diabetes, and others, which is likely to enhance the market demand during the forecast period. The region is likely to continue its dominance due to high healthcare awareness, growing demand for therapeutically effective and technologically advanced products, and huge spending on healthcare services. Moreover, due to the COVID-19 outbreak, increasing number of clinical trials for the development of coronavirus vaccines, which also increases CRO services in this region.


Europe is the second-largest market for CRO services due to a huge focus on research and development activities by leading pharmaceutical, and biotechnology companies in the region.


KEY INDUSTRY DEVELOPMENTS:

In December 2021, Laboratory Corporation of America Holdings (US) acquired Toxikon Corporation (US) to collaborate with pharmaceutical and biotechnology clients in the Boston, Massachusetts, area and strengthen its non-clinical development portfolio.


InJanuary 2021, IQVIA Inc. (US) launched the Clinical Data Analytics Suite (CDAS), a new SaaS-based clinical data analytics platform that combines structured and unstructured data from clinical trials into a single standardized setting for easier access and use, produces scalable repositories, and drives predictive analytics.


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https://extrapolate.com/Healthcare-Medical-Devices-Biotechnology/contract-research-organization-cro-services/25633

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