LONDON, April 25, 2019 (GLOBE NEWSWIRE) -- A report from The Business Research Company shows that the CRO production in North America is worth over $18 billion accounting for more than 42% of the global CRO production, while the CRO consumption in North America is worth nearly $20 billion. The difference can be explained by the use of low cost offshore locations for some CRO activities by the US pharmaceutical firms, although the majority of outsourced activity remains within the US market. The large market size can be attributed to the presence of a large number of pharmaceutical companies and large-scale drug development activities in the region.

A Contract Research Organization (CRO) is a service provider, which offers end-to-end solutions in conducting clinical trials for biopharmaceutical and medical device companies. The core services offered by CROs to biopharmaceutical companies include initial drug discovery solutions, toxicology studies, bio-analytical services, central laboratory, site monitoring, data management services, vigilance, bio-statistics, study and development program design and consulting, regulatory affairs and a variety of post-marketing surveillance services. Many pharmaceutical companies often outsource their R&D activities to CROs and it is expected that these companies will increase their outsourcing activities for drug development process to CROs in future.

By service type, drug discovery was the largest segment in 2017, which accounted for about 33% of the CRO market. By therapeutic area, oncology was the largest segment in 2017.

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Contract Research Organizations Global Market Opportunities And Strategies To 2021 is one of a series of new reports from The Business Research Company that provides contract research organizations market overviews, analyzes and forecasts CRO market size and growth for the global CRO market, contract research organizations market share, CRO market players, CRO market size, contract research organizations market segments and geographies, contract research organizations market trends, contract research organizations market drivers and contract research organizations market restraints, CRO market’s leading competitors’ revenues, profiles and market shares. The contract research organizations market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches. The Business Research Company has over 300 industry reports, covering over 2400 market segments and 56 geographies.

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