Demand for Global Contract Research Organization Market Size & Share to Surpass USD 65.5 Billion by 2028, Exhibit a CAGR of 6.4% - CRO Industry Trends, Value, Analysis & Forecast Report by Facts & Factors

NEW YORK, July 14, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Contract Research Organization (CRO) Market - Global Industry Insights, Growth, Size, Share, Comparative Analysis, Trends and Forecast 2022 – 2028” in its research database.

“According to the latest research study, the demand of global Contract Research Organization (CRO) Market size & share in terms of revenue was worth of USD 52.1 billion in 2021 and it is expected to exceed around USD 65.5 billion mark by 2028, growing at a compound annual growth rate (CAGR) of about 6.4% during the forecast period 2022 to 2028.”

What is Contract Research Organization (CRO)? How big is the Contract Research Organization (CRO) Industry?

Market Overview:

A contract research organization (CRO) is a life sciences company that provides research services to the pharmaceutical, biotechnology, and medical device sectors on a contract basis. Biopharmaceutical development, biologic assay development, commercialization, clinical development, clinical trial management, pharmacovigilance, outcomes research, and real-world evidence are all services that a CRO can provide. The market's growth has been majorly affected by the increasing adoption of modern technology for efficient R&D outcomes and the expanding outsourcing tendencies in the clinical trials industry. The CRO market statistics are being transformed and propelled by the huge change from maintaining manual/paper-based records to digital data capturing technology.

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• Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
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• About 219+ Pages Research Report (Including Recent Research)
• Provide detailed chapter-by-chapter guidance on Request
• Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
• Includes Tables and figures have been updated
• The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
• Facts and Factors research methodology

(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)

Report Scope

Global Contract Research Organization (CRO) Market: Dynamics

The rise in the number of approved products worldwide can be ascribed to biopharmaceutical companies' increased investments in the development of biologics and biosimilars. Biologics, such as proteins, peptides, and monoclonal antibodies, account for more than half of all drug candidates in the discovery stage. In 2022, biologics are predicted to account for roughly half of the income earned by the top 100 pharmaceutical products. To stay up with the constant changes in pharmaceutical and medical device R&D technologies and methodologies, deliver quality services, and follow good laboratory procedures, highly skilled experts are necessary. CROs confront issues in attracting and maintaining highly competent experts, as they compete for qualified and experienced scientists in pharmaceutical, biotechnology, and medical device businesses, as well as academic and research institutions.

Browse the full “Contract Research Organization (CRO) Market By Service Type (Early Phase Development Services, Clinical Research Services, Laboratory Services, Regulatory Consulting Services), By Therapeutic Area (Oncology, Clinical Pharmacology, Cardiology, Infectious Disease, Neurology, Gastroenterology & Hepatology, Ophthalmology, Others), By End-use (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, Academic Institutes), By Application, By Technology, By Function, and By Region - Global Industry Insights, Growth, Size, Share, Comparative Analysis, Trends and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/contract-research-organization-cro-market

Contract Research Organization (CRO) Market: COVID-19 Impact Analysis

With the World Health Organization (WHO) calling the COVID-19 outbreak a pandemic, a number of prominent pharmaceutical and biopharmaceutical businesses have ramped up R&D and production efforts to create and sell SARS-CoV-2 viral diagnostic kits, vaccines, and treatments. Many pharmaceutical and biotechnology businesses have partnered with CROs through long-term agreements, partnerships, and collaborations all over the world to speed up the R&D process. COVID-19 study has also attracted the attention of contract research organizations (CROs). There have been a number of new service launches as well as agreements, partnerships, and collaborations with other pharmaceutical firms and academic institutes for the research and development of COVID-19 vaccines, therapeutics, and diagnostics. Expansion of manufacturing facilities has also been funded. As a result, the COVID-19 epidemic has functioned as a stimulus for outsourcing drug development procedures, benefiting every part of the pharmaceutical contract research sector.

Contract Research Organization (CRO) Market: Segmentation Analysis

The contract research organization market is divided into four categories based on service type: early phase development services, clinical research services, laboratory services, and regulatory consulting services. Over the projected period, the clinical research services segment is expected to increase at a healthy rate. Clinical research services are divided into four phases: Phase I, Phase II, Phase III, and Phase IV. The rising frequency of chronic diseases and demand for effective pharmaceuticals and diagnostics goods are credited for the segment's rise.

Oncology, clinical pharmacology, cardiology, infectious disease, neurology, gastroenterology & hepatology, ophthalmology, and others are the therapeutic areas in which the contract research organization market is divided. By 2029, the oncology segment is predicted to increase at a high rate. Because of the rising frequency of cancer, sponsors are focusing their efforts on creating new treatments and medical technologies for better cancer management. As a result, the number of clinical studies and drug discoveries for cancer treatment has increased. As a result of the aforementioned factors, rising cancer rates are likely to drive segmental expansion.

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Competitive Landscape

The report contains qualitative and quantitative research on the global contract research organization (CRO) market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.

Some of the main competitors dominating the global Contract Research Organization (CRO) market include - 

• Charles River Laboratories
• Clinipace Inc.
• CMIC HOLDING Co., Ltd
• EPS International Co., Ltd (EPS Group)
• ICON plc
• IQVIA
• Laboratory Corporation of American Holding (Covance Inc)
• Medpace, Inc
• PAREXEL International Corporation
• Pharmaceutical Product Development, LLC (a part of Thermo Fisher Scientific, Inc.)
• Worldwide Clinical Trials
• WuXi AppTec

Key Insights from Primary Research:

• As per the analysis shared by our research analyst, the Contract Research Organization (CRO) market is estimated to grow annually at a CAGR of around 6.4% over the forecast period (2022-2028).
• In Terms Of Revenue, The Contract Research Organization (CRO) market size was valued at around USD 52.1 billion in 2021 and is projected to reach USD 65.5 billion, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• Based on service type segment, the clinical research services category is likely to grow at a healthy rate over the forecast period.
• Based on therapeutic areas the oncology market is expected to grow at a rapid pace by 2029,.
• On the basis of region, the “North America” region was the leading revenue generator over the forecast period.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Contract Research Organization (CRO) industry?
• What are the main driving factors propelling the Contract Research Organization (CRO) Market forward?
• What are the leading companies in the Contract Research Organization (CRO) Industry?
• What segments does the Contract Research Organization (CRO) Market cover?
• How can I receive a free copy of the Contract Research Organization (CRO) Market sample report and company profiles?

Regional Dominance:

The market for contract research organizations in North America is expected to increase significantly over the forecast period. The strong market growth can be attributed to the region's high concentration of pharmaceutical and biotechnology industries. Furthermore, the pharmaceutical and biotechnology industries' increased focus on outsourcing clinical trials for the treatment of various diseases is likely to drive the market size in North America.

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The global contract research organization (CRO) market is segmented as follows:

By Service Type

• Early Phase Development Services
• Clinical Research Services
• Laboratory Services
• Regulatory Consulting Services

By Therapeutic Area

• Oncology
• Clinical Pharmacology
• Cardiology
• Infectious Disease
• Neurology
• Gastroenterology & Hepatology
• Ophthalmology
• Others

By End-use

• Pharmaceutical & Biopharmaceutical Companies
• Medical Device Companies
• Academic Institutes

By Application

• Glazing
• Flooring & Joining
• Sanitary & Kitchen
• Others

By End-Use Industry

• Residential
• Industrial
• Commercial

By Technology

• Water-Based
• Solvent-Based
• Reactive
• Others

By Function

• Bonding
• Protection
• Insulation
• Soundproofing
• Cable Management

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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