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The global Contract Research Outsourcing (CRO) market size is expected to reach USD 104.69 Billion in 2028 and register a revenue CAGR of 10.2%.

NEW YORK CITY, NY, UNITED STATES, June 30, 2023/EINPresswire.com/ -- The projected revenue of the global Contract Research Outsourcing (CRO) Market is estimated to reach USD 104.69 Billion by 2028, with a compound annual growth rate (CAGR) of 10.2% during the forecast period. The market's growth is primarily fueled by the increasing prevalence of chronic diseases and their impact on people's quality of life, as well as the growing investments made by governments worldwide to develop new drugs.

CRO companies offer a wide array of supportive services, including project management, clinical trial data management, database design, preclinical research, biopharmaceutical development, data entry and validation, biologic assay development, medicine and disease coding, safety and efficacy summaries, and more. These companies are hired to conduct clinical trials and provide research assistance in the development of safer and more effective drugs and vaccines.

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The contract research outsourcing market is experiencing revenue growth due to several factors, including the rising number of global clinical trials, increased healthcare research and development budgets, and a growing trend of outsourcing activities. Moreover, developing countries are witnessing a surge in clinical trials and drug pipeline projects, further propelling the market's revenue growth. CROs play a crucial role by conducting clinical trials on behalf of companies that lack the necessary infrastructure for such trials.

Segments Covered in the Report –

• The contract research outsourcing (CRO) market can be categorized based on different factors. In terms of product type, it includes early phase development services, clinic research services (CRS), laboratory services, consulting services, and others.

• Early phase development services refer to the support provided during the initial stages of drug development, including activities such as preclinical research and biopharmaceutical development. Clinic research services encompass various aspects of clinical trials, such as project management, data management, and safety and efficacy summaries. Laboratory services involve conducting biologic assay development, data entry and validation, and other related tasks. Consulting services offer expertise and guidance in the field of contract research outsourcing. Lastly, the category of "others" includes additional specialized services that may be specific to certain CRO companies.

• In terms of therapeutic areas, the CRO market covers a range of fields. These include oncology, central nervous system (CNS) disorders, immunological disorders, cardiovascular diseases, infectious diseases, respiratory disorders, diabetes, and others. Each of these therapeutic areas requires specialized research and clinical trials to develop effective treatments and medications.

• The end-use outlook of the CRO market involves different sectors that benefit from contract research outsourcing. Pharmaceutical and biopharmaceutical companies rely on CROs to conduct clinical trials and support drug development processes. Medical device companies also utilize CRO services to ensure the safety and efficacy of their products. Academic institutes often collaborate with CROs for research projects and clinical trials. Additionally, there may be other industries or organizations that leverage the expertise and services of CROs.

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Strategic development:

Thermo Fisher successfully concluded the acquisition of PPD, Inc., a prominent contract research outsourcing firm, in December 2021, with a transaction value of USD 17.4 Billion. PPD, Inc. will be seamlessly integrated into Thermo Fisher's laboratory products and services division. By incorporating PPD's drug development platform, robust laboratory services, exceptional patient recruitment capabilities, and esteemed reputation for delivering high-quality services, Thermo Fisher aims to enhance its overall offerings.

Parexel made an official announcement in July 2021 regarding a definitive merger agreement. As per the agreement, EQT Private Equity and Goldman Sachs will acquire Parexel for a total of USD 8.5 Billion. This merger is expected to stimulate growth and facilitate business expansion for Parexel. The company anticipates that there will be no other significant changes resulting from this transaction.

Competitive Landscape:

The global contract research outsourcing market presents a competitive landscape characterized by the presence of numerous key players operating both on a global and regional scale. These companies are actively involved in product development initiatives and strategic alliances to enhance their product portfolios and establish a strong foothold in the global market. Among the major companies profiled in the market report are Charles River Laboratories, Parexel International, IQVIA, Labcorp Drug Development, PRA Health Sciences, Syneos Health, Thermo Fisher Scientific, Inc., ICON plc, Medidata Solutions, and Medpace Holdings, Inc.

As the demand for contract research outsourcing services continues to grow, these companies play a significant role in catering to the needs of pharmaceutical, biopharmaceutical, and medical device companies seeking efficient and reliable research support. By engaging in product development endeavors, these players strive to offer innovative and comprehensive solutions to their clients. Moreover, strategic alliances and collaborations further bolster their capabilities, enabling them to expand their market reach and better serve clients across different geographical regions.

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With the industry's fragmentation, there is ample room for competition, fostering an environment of continuous innovation and improvement. These key players leverage their expertise, experience, and technological advancements to stay at the forefront of the market and meet the ever-evolving demands of the life sciences sector.

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