The global clinical research organizations market is slated to experience a spectacular growth in the upcoming ten years. According to a recent estimate, the industry is anticipated to grow at a promising compound annual growth rate (CAGR) of US$139.6 billion by 2033, highlighting the critical role CROs play in pharmaceutical research and development.
The industry segment of businesses and organizations that offer clinical research services to biotechnology, pharmaceutical, and medical device industries is known as the Clinical Research Organization (CRO) market. It includes all business dealings and monetary exchanges related to contracting out research projects and clinical trials.
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The market is driven by the growing need for economical and successful drug development methods. In order to take advantage of CROs’ specialized knowledge, resources, and infrastructure, pharmaceutical and biotech companies frequently outsource their clinical research operations to them. This enables the corporations to rely on CROs to carry out clinical studies while concentrating on their core capabilities, which include medication discovery and marketing.
Key Takeaways:
- The global clinical research organization (CRO) market is projected to reach a staggering US$139.6 billion by 2033, reflecting a significant growth trajectory from its 2022 valuation of US$58.0 billion.
- This robust growth highlights the increasing importance of CROs in streamlining and accelerating drug development processes.
Competitive Landscape:
The market’s key vendors are concentrating on diversifying their product offerings to strengthen their market share in clinical research organizations and to broaden their presence in developing nations. Pricing strategies, market strategies, technology improvements, regulatory compliance, and acquisition and distribution agreements with other companies to extend their business are the main tactics used by manufacturers to acquire a competitive edge in the market.
For instance:
- In January 2020, Charles River announced a scientific collaboration with Takeda Pharmaceutical Company Limited in order to focus on drug discovery in the four core therapeutic areas that Takeda works on. These four therapeutic areas include oncology, gastroenterology, neuroscience, and rare disease. This collaboration focuses on delivering preclinical candidates.
- In July 2022, Labcorp launched a new test called the neurofilament light chain (NfL) blood test, which will help in the identification and confirmation of neurodegenerative diseases like multiple sclerosis, Alzheimer’s disease, Parkinson’s disease, and others.
Key Companies Profiled:
- Charles River Laboratories
- Laboratory Corporation of America Holdings
- IQVIA Inc
- Parexel International Corporation
- ICON plc.
- Medpace, Syneos Health
- CTI Clinical Trial and Consulting Services
- Neuroservices Alliance
- QPS Neuropharmacology
- MD Biosciences
- EphyX Neuroscience
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Key Segments Covered in Clinical Research Organization Industry Research
By Service:
- Drug discovery Services
- Pre-clinical Services
- Clinical Services
- Post Approval Services
By Production:
- In-house
- Outsourced
By Indication:
- Oncology
- CNS
- Cardiovascular Diseases
- Metabolic Disorders
- Immunology
- Respiratory
- Musculoskeletal Disorders
- Hematological Disorders
- Other
By End User:
- Pharmaceutical & Biotechnology Companies
- Medical Device Companies
- Governments & Private Firms
- Academic Institutions
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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