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Increasing number of drug development projects across the globe is a key factor driving contract research organization market revenue growth

VANCOUVER, BC, UNITED STATES, November 10, 2022 /EINPresswire.com/ -- The global Contract Research Organization (CRO) market size was USD 61.21 Billion in 2021 and is expected to register a revenue CAGR of 10.8% during the forecast period, according to latest analysis by Emergen Research. Increasing number of drug development projects across the globe is a key factor driving market revenue growth.

Over the last decade, pharmaceutical companies have released an increasing number of new drugs each year. These companies are planning on reducing overall expenses, for which they need to reduce research staff and save costs on in-house R&D infrastructure. Outsourcing research work to CROs can help to increase success rate and accelerate drug discovery, resulting in higher profits. In addition, increasing investments and focus on healthcare R&D by major healthcare companies and development of novel drugs and therapies are driving contract research outsourcing market revenue growth. Various companies are now engaging in merger and acquisition activities to increase their market presence.

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Some Key Highlights from the Report

The early phase development services segment revenue is expected to increase at a steady rate over the forecast period due to growing demand for CROs in early phase clinical research. Early phase development provides various services such as protocol writing, phase 1 focused data management, scientific consultation, clinical monitoring, medical writing, and many more.

The infectious diseases segment is expected to register a steady revenue growth rate over the forecast period due to high incidence of infectious diseases such as tuberculosis, meningitis, and flu. Major organizations are spending a large amount on research into causes and symptoms of infectious diseases, as well as in development of medications to treat viral and bacterial infections. They are mainly outsourcing research activities, which creates high demand for CROs.

The Asia Pacific market is expected to register a significantly fast revenue growth rate during the forecast period. This is due to rising development of pharmaceutical infrastructure and growing number of clinical trials in countries across the region, especially in China and India.

Some major companies in the global market report include IQVIA Inc., PPD, Inc., ICON Plc., Syneos Health Inc., Parexel International, Medpace Holdings, Inc., Charles River Laboratories, Inc., PRA Health Sciences, Inc., WuXi AppTec Group, Labcorp Drug Development, Kiecana Clinical Research (KCR), ClinTec International, Advanced Clinical, Pharm-Olam, LLC, and WuXi Biologics.

The research study sheds light on the key growth opportunities and market trends along with other vital market dynamics, including the drivers and restraints on the industry growth. With this report, the prospective buyers can be sure to become capable of adapting to the changes in the Contract Research Organization industry.

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The study has been conducted on the basis of inputs from the industry leaders. Thus, a conscious effort to dive deep and unearth hard to find information pertaining to the growing market landscape and growth prospects over the next few years is clearly visible in the study. The market intelligence report further comprises of discussions about the major vendors operating in the Contract Research Organization space

Segmentation:

Emergen Research has segmented the global contract research organization market based on service type, application, end-use, and region:

· Service Type Outlook (Revenue, USD Billion; 2019-2030)

Clinical Research Services

Phase I

Phase II

Phase III

Phase IV

Early Phase Development Services

Chemistry, Manufacturing and Controls Services

Preclinical Services

Pharmacokinetics/ Pharmacodynamics Services

Toxicology Testing Services

Other Preclinical Services

Discovery Studies

Laboratory Services

Analytical Testing Services

Bioanalytical Testing Services

Consulting Services

Data Management Services

Database Design

Data Entry and Validation

Database Maintenance and Archival

Others

· Application Outlook (Revenue, USD Billion; 2019-2030)

Oncology

Infectious Diseases

Immunological Disorders

Metabolic Disorders

Respiratory Diseases

Cardiovascular Diseases

Neurological Disorders

Others

· End-Use Outlook (Revenue, USD Billion; 2019-2030)

Medical Device Companies

Biopharmaceutical Companies

Academic and Research Institute

Others

Global Contract Research Organization Market Geographical Landscape - Synopsis:

The report closely studies the growth trajectory of the global Contract Research Organization Market. It brings to light the global dominance of the leading regional segments, including North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

Overview of the Contract Research Organization Market Report:

Introduction, Product Scope, Market Overview, and Opportunities

Analysis of the Manufacturers with sales, revenue, and price analysis

Comprehensive analysis of the competitive landscape

Extensive profiling of the key competitors along with their business strategies and market size

Regional analysis of the market along with sales, revenue, market share, and global position

Country-wise analysis of the market along with types, applications, and manufacturing

Strategic recommendations to established players as well as new entrants

The study elaborates on the crucial information pertaining to the regional Contract Research Organization share. It simultaneously focuses on the significant details about the growth patterns of each regional market.

Moreover, the report encases an exhaustive geographical study of the market, emphasizing the business growth prospects and market barriers for each of the key market regions.

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