DUBLIN--(BUSINESS WIRE)--The "Global Contract Research Organizations (CRO) Market - by Type, End User, Region - Market Size, Demand Forecasts, Company Profiles, Industry Trends and Updates (2017-2023)" report has been added to ResearchAndMarkets.com's offering.
The global contract research organizations market was USD 36.27 billion in 2017 and is estimated to reach USD 56.34 billion by 2023 registering a CAGR of 7.62% during the forecasted period.
The market is mainly driven by the rising prevalence of diseases such as cardiovascular and diabetes, increasing expenditure on R&D activities, increasing demand for outsourcing analytical testing, rising emphasis on new treatment therapies for old as well as upcoming diseases and optimal services provided by CRO.
The major restraints are the unavailability of highly skilled scientists causing an inability to meet the requirement as well as difficulty in aligning personnel expertise for certain projects.
North America accounted for the largest market share and will be the dominant region over the forecasted timeframe attributed mainly to the high-quality standards in the pharmaceutical industry, increased expenditure by the government on R&D in health care activities as well as rapid growth in its biosimilars and biologics market. Moreover, a large patient population has boosted the growth of the market.
Europe holds the second position following North America due to favorable government policies and the availability of funds for research. On the other hand, with continuously developing economies like China and India and a huge patient population in the countries, the Asia-Pacific region is also anticipated as a fast-growing region in terms of the global CRO market.
Industry Trends and Updates
- Pfizer, one of the world's premier pharmaceutical companies has appointed Pharmaceutical Product Development (PPD), Inc., a global contract research organization as its third most preferred CRO to extend its global reach, which hopefully is expected to advance Pfizer's growing portfolio.
- WuXi AppTec, a leading open-access R&D capability and technology platform serving pharmaceutical and medical devices market has invested USD 120 million into New Integrated Biologics Solution Center in order to provide integrated solutions for developmental activities and clinical manufacturing facilities.
- Charles River
- Covance Solutions
- Evaluate Group
- Medidata Solutions
- Medspace Holdings, Inc.
- PPD (US)
- PRA Health Sciences
- Syneos Health
- Wuxi Apptec
Key Topics Covered
1. Research Methodology
2. Executive Summary
3. Market Overview
4. Market Dynamics
5. Global Contract Research Organizations (CRO) Market Segmentation, Forecasts and Trends - by Type
6. Global Contract Research Organizations (CRO) Market Segmentation, Forecasts and Trends - by End-User
7. Global Contract Research Organizations (CRO) Market Segmentation, Forecasts and Trends - by Region
8. Company Market Share Analysis
9. Company Profiles
10. Industry Structure
11. Global Contract Research Organizations (CRO) Market - The Road Ahead
For more information about this report visit https://www.researchandmarkets.com/research/h4fw9j/the_global?w=4