Seattle, WA -- (SBWire) -- 02/27/2020 --A contract research organization (CRO) are service provider organization that offers various drug developmental and clinical data management services supporting pharmaceutical and biotechnology industries engaged in clinical trials, in the form of outsourced pharmaceutical research services (for both drugs and medical devices). CROs range from large, medium to small, niche specialty groups.
Increasing adoption of regulatory outsourcing services by pharmaceutical and other industries, in order to gain various grants such as fast track designation and orphan drug designation for their products to gain faster approvals in the market are expected to propel the market growth over the forecast period. Many rare diseases are left untreated despite over 500 orphan drug therapies approved in the U.S. For instance, in 2018, according to the Center for Drug Evaluation and Research, a division of the U.S. FDA, 34 out of 59 novel drugs were approved for treating orphan diseases in the U.S.
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The U.S. contract research organization (CROs) market is estimated to be valued at US$ 12,174.4 million in 2019, and is expected to exhibit a CAGR of 9.4% during the forecast period (2019-2027).
Rising number of U.S. Food and Drug Administration (FDA) approvals and clinical trials are supporting growth of biopharmaceutical industry are expected to fuel growth of the U.S. contract research organization (CROs) market. The U.S. is expected to hold dominant position in the contract research organization market over the forecast period due to rising demand for generic drugs, increasing clinical research and development activities, and government support. The U.S. is one of the biggest market for contract research organization due increasing pharmaceutical research and development activities in the country, thereby providing growth opportunities for contract research organizations (CROs). For instance, according to the clinicaltrials.gov, from September 2008 to October 2019, around 34% (125,000) of clinical trial studies were performed in the U.S. out of 317,865 studies, globally.
Increasing use of artificial intelligence and machine learning along with big data is expected to improve the efficiency of clinical trial process and help speed up drug approval process. Artificial intelligence can help in identifying potential hazards in the clinical development process at an early stage, thereby allowing researchers to reduce the cost and time required for research. Artificial Intelligence can also be used in combination with wearable devices for processing and analyzing multiple real-time data. Effective use of wearable sensors can reduce the need for patients to travel for site visits during clinical trials. The system can also be used to compare data sets from ongoing trials and patients' medical records, and make necessary suggestions. These factors are expected to fuel growth of the market over the forecast period. For instance, in June 2018, BioClinica, a global life science service provider, expanded and enhanced SMART technology suite equipped with medical imaging, electronic data capture (EDC), and interactive response technology (IRT) technologies for efficient analysis of clinical trial data.
However, fluctuation in prices and hidden cost of clinical research services are the major factors that are expected to hinder the market growth over the forecast period. Moreover, other costs are involved in the services with increasing use of technological platforms, which includes software for clinical data management, database, document management, and others. Usage of such advanced technology enhances the overall process and provides quality data, however, it increases the cost of outsourcing services, which in turn is expected to hamper growth of the U.S. contract research organization (CROs) market during the forecast period.
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Some of the major companies offering clinical trial management systems include Laboratory Corporation of America Holdings (Covance), IQVIA, Paraxel International Corporation, Syneos Health, PRA Health Sciences, Charles River Laboratoires International Inc. (CRL), Pharmaceutical Product Development (PPD), ICON Public Limited Corporation, Wuxi Apptec, Medpace Holdings, Inc, Medidata Solutions, Inc., Theorem Clinical Research, Pharmaron, Envigo, Clinipace, CMIC Holdings Co., Ltd, EPS International, Synteract, CROMSOURCE, Pharm-Olam, Linical Accelovance, Accumedix, Inc., AlcheraBio LLC, Amarex Clinical Research LLC, Arianne Corporation, Absolute Research Solutions, BioClinica Inc., BioPharma Services Inc., Neurovasc Preclinical Services, Inc., PSI, WCCT Global Inc., RHO, Inc., CATO Research LLC, Spaulding Clinical Research, Celerion, Clindatrix, Inc., Comparative Biosciences, Inc., Axiom Real-Time Metrics, CPC Clinical Research, Axis Clinicals LLC, DP Clinical, Egeen Inc., Grayline, Cmed, Integrium, LLC, MedTrials, Novum, Shin Nippon Biomedical Laboratories, Ltd., KPS Life, Pinnacle Research Group, LLC Promedica International., Alta Science, Prometrika, LLC, 4clinics, and Premier Research.
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Leading Growth of the U.S. Contract Research Organization (CROs) Market to Surpass US $25,049.0 Million by 2027