Contract Research Organization (CRO) Market Research Report Information By Type (Drug Discovery, Clinical Development), By Clinical trial (Preclinical Trials, Phase I, Phase II, Phase III, Phase IV, Others), By End User (Academic institutes, Pharmaceutical companies, Medical service companies) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030.
According to MRFR analysis, the global Contract Research Organization (CRO) market is expected to register a CAGR of ~12.30% from 2022 to 2030 and hold a value of over USD 115.19 Billion by 2030.
Contract Research Organization (CRO) refers to a company or organization that provides outsourced research services to pharmaceutical, biotechnology, and medical device companies. CROs play a critical role in drug discovery, clinical trial management, and regulatory compliance, among other services. They can provide a wide range of services, such as preclinical research, clinical trial management, regulatory affairs, data management, biostatistics, and pharmacovigilance. However, the CRO market was not immune to the COVID-19 pandemic. The pandemic caused a significant disruption in clinical trial activities worldwide due to site closures, travel restrictions, and the need for social distancing. This led to delays in clinical trials and a decline in new trial initiations, which affected the CRO market growth in 2020.
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Market Segmentation
The Global Contract Research Organization market has been segmented into type, clinical and end-user.
Based on Type: Drug Discovery and Clinical Development
Based on Clinical Trial: Preclinical trials, phase I, phase II, phase III, phase IV and others
Based on End-User: Academic institutes, pharmaceutical companies, and Medical service companies
Key Players
Some of the market key players are ICON, Laboratory Corporation of America holdings, PRA health science, IQVIA, PPD Inc, Med pace, Envigo, Charles River Laboratories and Paracel international company
Regional Analysis
In terms of regional analysis, North America dominates the global CRO market, followed by Europe and Asia Pacific. The dominance of North America is due to the presence of a large number of pharmaceutical and biotech companies, favorable regulatory policies, and the high adoption of advanced technologies in drug development. The Asia Pacific region is expected to witness significant growth due to the increasing investment in healthcare infrastructure and the growing number of clinical trials in countries such as China and India.
Browse In-depth Market Research Report (90 Pages) on Contract Research Organization (CRO):
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