Contract Research Organization Services (CROs) Market Worth 56.34 Billion USD by 2023
PUNE, India, February 2, 2018 /PRNewswire/ --
According to a new market research report "Contract Research Organization Services (CROs) Market by Type (Discovery, CMC, Preclinical, Clinical Research, Laboratory Services), Therapeutic Area (Oncology, CNS, Cardiovascular), End User (Pharmaceuticals & Medical Device) - Global Forecast to 2023", published by MarketsandMarkets™, the market is projected to reach USD 56.34 Billion by 2023 from USD 39.13 Billion in 2018, at a CAGR of 7.6%. Increased outsourcing of R&D activities and increasing number of clinical trials are the major factors driving the growth of the CRO Services Market. The base year considered for the study is 2017, while, the forecast period is 2018 to 2023.
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By type, clinical research services segment accounted for the largest share of the CRO Services Market in 2017
On the basis of type, clinical research services segment accounted for the largest share of the global CRO Services Market. This can be attributed to factors such as the growing biosimilar and biologics markets, increased R&D investments in pharmaceutical and biopharmaceutical companies, and increase in clinical trial activities.
By therapeutic area, the oncology segment held the largest market share of the CRO Services Market in 2017
On the basis of therapeutic area, the oncology segment accounted for the largest share in this market. The large share of this segment is attributed to the increasing number of clinical trials and rising prevalence of cancer worldwide.
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The medical device companies segment is expected to witness the highest growth rate in the CRO Services Market, by end user, during the forecast period
Based on end user, the medical device segment is expected to register the highest CAGR during the forecast period. Increasing incidence of chronic diseases, technological advancements in medical devices, and adoption of point-of-care (POC) testing are the major factors supporting the growth of this segment.
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North America dominated the CRO Services Market in 2017
North America accounted for the largest share of the CRO Services Market in 2017, followed by Europe and 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.
The prominent players in the global CRO Services Market include IQVIA (US), LabCorp (US), PAREXEL (US), ICON plc (Ireland), PPD (US), PRA Health Sciences (US), Syneos Health (US), Charles River (US), Wuxi PharmaTech (US), Medpace Holdings (US), SGS (Switzerland), Envigo (UK), and MPI Research (US).
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