The report highlights the trends prevalent in the global CROs market and the factors driving the market along with those that act as deterrents to its growth.

PUNE, MAHARASHTRA, INDIA, January 30, 2020 /EINPresswire.com/ -- According to a new market research study titled “Contract Research Organization Market to 2025 – Global Analysis and Forecasts by Type, and End User”, the global CROs market was valued at US$ 35,818.9 Mn in 2017 and is estimated to reach US$ 68,198.3 Mn by 2025.

The government initiatives to increase number of clinical trial participant as well as increasing number of clinical trials in the forecast period. However, dearth of skilled professionals and extensive competition among CROs are expected to act as major challenges hindering the market growth.

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The Contract research organization (CROs) include the services such as medicine and disease coding, project management, data entry & validation, clinical trial data management among others. The CROs by type, the dominance of clinical trials services segment attributes to the alleviation from large costs that are incurred by the companies for in-house activities, long duration of clinical trial phase, globalization of clinical trials, increasing number of drug discovery procedures, use of e-clinical facilities for data optimization, record & validation, and others.

Leading Players of Contract research organization (CRO) Market:
1. IQVIA
2. PAREXEL International Corporation
3. Syneos Health
4. Laboratory Corporation of America Holdings
5. PRA Health Sciences, Inc.
6. Charles River
7. ICON plc
8. Pharmaceutical Product Development, LLC.
9. WuXi AppTec
10. Medpace

The global CROs market is a matured market in the developing countries as well as developing economies worldwide. The market on the basis of type is segmented into early phase services, clinical research services, laboratory services, and post-approval services. Clinical trial services segment led the market in 2017, and is expected to retain its dominance during the forecast period owing to the easy availability as well as affordability. On the other hand, laboratory services are expected to grow with a rapid CAGR owing to collect, combine and report the trials data from different clinical sites.

Clinical trials comprise a long duration and can require six to seven years for successful completion. These trials includes the use of placebos with randomization, and follow up of double blinded protocols to minimize biases of the drug. According to the PAREXEL Biopharmaceutical Sourcebook (2016-17), over 60% sponsors across the globe have increased outsourcing the in-house activities, majorly in terms of drug discovery and pre-clinical trial procedures. The aforementioned factors are expected to increase the market for global CROs market over the forecast period.

Key Elements that the report acknowledges:

• Market size and growth rate during forecast period.
• Key factors driving the “Contract research organization market” market.
• Key market trends cracking up the growth of the “Contract research organization market” market.
• Challenges to market growth.
• Key vendors of “Contract research organization market” market.
• Detailed SWOT analysis.
• Opportunities and threats faces by the existing vendors in Global “Contract research organization” market.
• Trending factors influencing the market in the geographical regions.
• Strategic initiatives focusing the leading vendors.
• PEST analysis of the market in the five major regions.

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