CHICAGO, April 17, 2020 /PRNewswire/ -- According to the 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 2025", published by MarketsandMarkets™, the Contract Research Organization Services (CROs) Market is projected to reach USD 73.77 billion by 2025 from USD 47.77 billion in 2020, at a CAGR of 9.1% during the forecast period.
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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 2019, while, the forecast period is 2020 to 2025.
By type, clinical research services segment accounted for the largest share of the CRO services market in 2019
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.
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By therapeutic area, the oncology segment held the highest growth of the CRO services market in 2019
On the basis of therapeutic area, the oncology segment accounted for the highest growth in this market. The highest growth of this segment is attributed to the increasing number of clinical trials and rising prevalence of cancer worldwide.
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 2019
North America accounted for the largest share of the CRO services market in 2019, 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 are 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), and SGS (Switzerland).
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