New York, Sept. 12, 2019 (GLOBE NEWSWIRE) -- Rising number of R&D outsourcing activities, growing demand and number of clinical trials, emphasis on developing novel products, emphasis on R&D activities, Elevated demand for Specialized testing services, technological innovations and development, and emerging new markets in Asia Pacific are key factors contributing to high CAGR of Contract Research Outsourcing Market during forecast period.
According to the current analysis of Reports and Data, the global Contract Research Outsourcing market was valued at USD 38.18 Billion in 2018 and is expected to reach USD 68.14 Billion by the year 2026, at a CAGR of 7.4 %.
The study covers Contract Research Outsourcing (CRO) – An organization that offers comprehensive services to biotechnology, pharmaceutical, and medical devices industries. CRO offers a wide range of support services like project management, clinical trial data management, database design & build, preclinical research, biopharmaceutical development, data entry & validation, biologic assay development, medicine and disease coding, safety and efficacy summaries, and others.
Rise in demand and increased number of clinical trial all over the globe, increased research and development budget and increased outsourcing activities, improved focus of pharmaceutical industries on R&D, and developing novel products boosts the contract research outsourcing market. Likewise, increase in the demand of specialized testing services, emerging new marketplaces, and innovative technologies developing more efficient and safer products, are some of the other key factors propelling contract research outsourcing market growth in the industry. However, fiercely competitive market environment and lack of skilled professionals, are expected to be the major restraints for market growth during 2019-2026.
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Further key findings from the report suggest
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the Contract Research Outsourcing (CRO) market on basis of type, Therapeutic Area type, end use, and region:
Product Type (Revenue, USD Million; 2016–2026)
Therapeutic Area Type (Revenue, USD Million; 2016–2026)
End Use (Revenue, USD Million; 2016–2026)
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Regional Outlook (Revenue in USD Million; 2016–2026)
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