Northbrook, IL -- (SBWire) -- 12/07/2020 --According to the new market research report "Contract Research Organization Services (CROs) Market by Type (Discovery, CMC, Preclinical, Clinical Research, Laboratory Services), Therapeutic Area (Oncology, CNS, Cardiovascular), End User (Pharmaceuticals & Medical Device) - Global Forecast to 2025", published by MarketsandMarkets™, is projected to reach USD 73.77 billion by 2025 from USD 47.77 billion in 2020, at a CAGR of 9.1% during the forecast period.
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Market Segmentation in Detailed:
By type, clinical research services segment accounted for the largest share of the CRO services market in 2019
On the basis of type, clinical research services segment accounted for the largest share of the global CRO services market. This can be attributed to factors such as the growing biosimilar and biologics markets, increased R&D investments in pharmaceutical and biopharmaceutical companies, and increase in clinical trial activities.
By therapeutic area, the oncology segment held the highest growth of the CRO services market in 2019
On the basis of therapeutic area, the oncology segment accounted for the highest growth in this market. The highest growth of this segment is attributed to the increasing number of clinical trials and rising prevalence of cancer worldwide.
The medical device companies segment is expected to witness the highest growth rate in the CRO services market, by end user, during the forecast period
Based on end user, the medical device segment is expected to register the highest CAGR during the forecast period. Increasing incidence of chronic diseases, technological advancements in medical devices, and adoption of point-of-care (POC) testing are the major factors supporting the growth of this segment.
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Objectives of the Study;
- To define, describe, segment and forecast the global CRO services market by type, therapeutic area, end-user, and region
- To forecast the size of the CRO services market with respect to the five key regions, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market
North America accounted for the largest share of the CRO services market in 2019, followed by Europe and Asia Pacific. High quality standards in the pharmaceutical industry, rising demand among pharmaceutical and biopharmaceutical companies for outsourcing services, and increase in clinical trial activities in the region are the major factors responsible for the large share of North America in the CRO services market.
The prominent players in the global CRO services market are IQVIA (US), LabCorp (US), PAREXEL (US), ICON plc (Ireland), PPD (US), PRA Health Sciences (US), Syneos Health (US), Charles River (US), Wuxi PharmaTech (US), Medpace Holdings (US), and SGS (Switzerland).
Contract Research Organization Services (CROs) Market Worth $73.77 Billion by 2025
North America dominated the CRO services market in 2019