Contract Research Organization Market to grow at a Significant Rate During the Forecast Period
Growing expenses for research and development is driving the growth of Global Contact Research Organization Market during 2022-2026.
According to TechSci Research
report, “Global Contract
Research Organization Market By
Service (Early Phase Development Services, Clinical Research Services,
Laboratory Services, Consulting Services and Data Management Services) By Size
of CROs (Small Size, Medium Size, Large Size) By Application (Oncology, Central
Nervous System, Cardiovascular, Respiratory, Infectious Diseases, Autoimmune
Disorders, Others) By End User (Pharmaceutical and Biopharmaceutical Companies,
Medical Device Companies, Academic Institutes) By Region, Competition Forecast
& Opportunities, 2026”, the global contract research organization market is
anticipated to show growth with a double digit CAGR in the upcoming five years.
The market has shown a consistent growth in the future, but the recent wake of
enhanced and rapid research work is expected to boost the growth in forecast
period, 2022-2026. Government aid, humanitarians support toward the research
and developments of effective drugs, effective treatment plans and their
performances on the diseases by conducting human trials are also supporting the
growth of the global contract research organization market positively.
Contract research
organizations (CROs) are organizational systems that help pharmaceutical and
biopharmaceutical companies with their drug trials, data management, and
performs long term and strategic role in developmental processes. These
organizations are rapidly increasing, and the market is growing on the need to
finding cure for terminal and unknown diseases. Moreover, colleges and
universities are actively promoting higher studies and doctoral research by the
students which is boosting the growth of global contract research organization
market in next five years.
Due to the onset of COVID-19
and urgency to find the cure, prevention, and containment of the virus drove
the market growth to rise exponentially in 2020. Countries across the world
were cumulatively putting in their effort to find the vaccine for the disease
that caused millions of deaths in the span of few months. By the middle of the
year, vaccines were already in for various phases of trial that boosted the
growth of CROs multiple fold. The economy was adversely affected in many
countries but a complete governmental focus and support from health industry
itself resulted in the growth of the contract research organization market.
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The global contract research
organization market is segmented on the basis of service, size of CROs, application,
end user, and regional distribution. Based on application, the market is
further fragmented into oncology, central nervous system, cardiovascular,
respiratory, infectious diseases, autoimmune disorders, and others. Oncology
application is anticipated for the largest share in the market, owing to the rising
cases of cancer and the evolving nature of the carcinogenic cells. Research has
suggested that cancerous cells have the tendency to grow on their own and
sometimes the reason for the cancers are because of the DNA alterations.
Extensive studies and research are regularly being conducted thereby
requirement of the CROs for the trials and data management and record
maintenance is driving the growth of the market in the next five years.
North America region is
anticipated toward the largest market in the world, owing to its excellence in
the efficient and high standard pharmaceutical industry. Healthcare industry in
the countries like USA, Canada, and Mexico are considered best, thereby guaranteeing
the better and effective drugs, effective treatment, and thus requires regular
clinical trials for the new developing drugs. Moreover, rapid growth in the
region’s biosimilar and biologics market is also driving the growth of the
market.
Some of the major competitors in the market are Abbott Laboratories, Agilent
Technologies, Inc., PerkinElmer Inc., Fluidigm Corporation, Illumina, Inc., GE
Healthcare, Bio-Rad Laboratories Inc., Cepheid Inc., Thermo Fisher Scientific,
Inc., F. Hoffmann-La Roche AG, bioMérieux SA, Horiba, Ltd., Qiagen N.V., Randox
Laboratories Ltd., OriGene Technologies, Inc., Dynamic Biosensors GmbH, General
Electric Company, Genalyte, Inc., Hologic, Inc., Arbor Biosciences, among
others. The companies are focusing on extensive research and
developments activities to stay competitive in the market. Other competitive
strategies include formation of alliances and partnerships.
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“Outbreak of pandemic, and regular research has enhanced the
role of pharmaceutical and biopharmaceutical companies in the healthcare
industry. The companies are in continuous need of outsourcing for early phase
development, clinical and laboratory testing of the developed drugs there by
creating maximum demand for CROs, Since the method boosts the profit margins,
aids in avoiding high expenses, and thus reduces the time to conduct the whole
developing and testing process and validation procedure of product, the market
is very promising for the future endeavors. New investors can create a
partnership with the pharmaceutical companies for an effective business in the
future,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based Global management consulting firm.
“Global Contract Research Organization Market
By Service (Early Phase Development Services, Clinical Research Services,
Laboratory Services, Consulting Services and Data Management Services) By Size
of CROs (Small Size, Medium Size, Large Size) By Application (Oncology, Central
Nervous System, Cardiovascular, Respiratory, Infectious Diseases, Autoimmune
Disorders, Others) By End User (Pharmaceutical and Biopharmaceutical Companies,
Medical Device Companies, Academic Institutes) By Region, Competition Forecast
& Opportunities, 2026”, has evaluated the future growth
potential of Global contract research organization and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global contract research organization.
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