The global Contract Research Organizations market was valued around $44 billion in 2017. North America was the largest region in the Contract Research Organizations market with about 31% of the market. The USA was the largest country in Contract Research Organizations Market.
A Contract Research Organization (CRO) is a service provider, which offers end-to-end solutions in conducting clinical trials for biopharmaceutical and medical device companies. The core services offered by CROs to biopharmaceutical companies include initial drug discovery solutions, toxicology studies, bio-analytical services, central laboratory, site monitoring, data management services, vigilance, bio-statistics, study and development program design and consulting, regulatory affairs and a variety of post-marketing surveillance services.
Full service offerings have become key advantages for larger CROs over their smaller and mid-sized competitors that often specialize in a few specific functions, as even smaller biopharmaceutical companies typically prefer to conduct all outsourced development operations at the same provider, eliminating inefficiencies and delays that often arise with numerous providers working a single project.
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Contract Research Organizations Market Size
The global contract research organizations market size is expected to grow to over $70 billion by 2021 at an annual growth rate of about 10%. This is mainly due the rising cost of drug development, increasing patent expirations of drugs and rising investments in the pharmaceutical and biologics industry in emerging economies. CROs are trying to expand their scope of services by providing solutions across all research and development phases through new technologies.
IQVIA was the largest competitor with about 12% of the Contract Research Organizations Market, followed Laboratory Corporation of America Holdings with over 6%, ICON Plc with around 5%, followed by PAREXEL and PPD (exact figures are mentioned in report).
IQVIA company provides services to biotech companies, medical device companies, pharmaceuticals, government agencies and medical researchers. IQVIA is the largest player in the clinical CRO market with focus on Phase II-IV trials.
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Company profiles included in the contract research organizations market report are IQVIA, Laboratory Corporation of America Holdings, ICON Plc, PAREXEL and PPD
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