LONDON, Aug. 30, 2016 /PRNewswire/ -- The various type of services provided by contract research organizations to biopharmaceutical companies in the drug development process include initial drug discovery studies, pre-clinical studies, early clinical trial phase I-IIa, phase IIb-III, phase IIIb-IV and others. The others segment include various support services such as pharmacovigilance, bio-statistics, clinical data management, site management, monitoring, regulatory services, protocol development and medical writing. Clinical trials typically differ by phase and type. Clinical trials primarily aimed to develop new strategies or products to prevent, detect, and treat disease and to improve overall quality of life of people who are suffering with various diseases.
The global CRO market was estimated to be at USD XX billion in 2012 and is expected to reach USD XX billion in 2020f, growing at a CAGR of XX% during the forecast period of 2015f – 2020f. The CRO market for drug discovery services held a major market share of XX%, the market for clinical trial phase IIIb-IV is forecast to grow at a healthy CAGR of XX% during the forecast period of 2015f-2020f. The major contributing factors behind such an assessment include increased public safety concerns coupled with drug market competitiveness, the large number of patent expirations and increasing number of product recalls due to safety issues. As a result of this, most biopharmaceutical companies and CROs are now continuously focusing on investing in clinical trial phases III and IV to provide accurate safety evidence related to new molecules to gain regulatory approval.
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