Contract Research Organization (CRO) Market to grow by USD 52.46 billion from 2022 to 2027, the market is fragmented due to the presence of prominent companies like BioAgile Therapeutics Pvt. Ltd, Ergomed Plc and Laboratory Corp. of America Holdings -, and many more - Technavio
24 Oct 2023
NEW YORK, Oct. 24, 2023 /PRNewswire/ -- The
contract research organization (CRO) market is estimated to grow by
USD 52.46 billion from 2022 to 2027, growing at a
CAGR of 11.75%. The contract research organization (CRO) market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer contract research organization (CRO) market are BioAgile Therapeutics Pvt. Ltd, Charles River Laboratories International Inc., Clinical Trial Service B.V., CTI Clinical Trial and Consulting Inc., Ergomed Plc, Eurofins Scientific SE, Geneticist Inc., Hangzhou Tigermed Consulting Co. Ltd., ICON plc, IQVIA Holdings Inc., Laboratory Corp. of America Holdings, Linical Co. Ltd., Medpace Holdings Inc., Novotech Health Holdings, Parexel International Corp., Pharmaron Beijing Co. Ltd., PSI CRO AG, Syneos Health Inc., Thermo Fisher Scientific Inc., and WuXi AppTec Co. Ltd.
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Source: PRNewswire
Technavio has announced its latest market research report titled Global Contract Research Organization (CRO) Market 2023-2027
Company Offering:
BioAgile Therapeutics Pvt. Ltd - The company offers contract research organization services such as full-service clinical research, site management, and regulatory affairs services for biopharmaceutical and medical device companies.
Ergomed Plc - The company offers contract research organization services such as clinical trial management, pharmacovigilance, and medical writing services for the pharmaceutical industry.
Laboratory Corp. of America Holdings - The company offers contract research organization services to the pharmaceutical, medical technology, crop protection, and chemical industries.
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By Geography, the market is classified as North America, Europe, Asia, and the Rest of the World (ROW). North America will have the largest share of the market.
North America is estimated to contribute
41% to the growth of the global market during the forecast period. With its modern healthcare infrastructure, the region is a favored destination for pharmaceutical companies to outsource late-stage research and development of medicinal products as it has an increasing number of patients. Moreover, the region's Biopharmaceutical Industry continues to thrive and is targeted at innovative medicines, generics, biologics, and emerging areas such as precision medicine and regenerative therapy.
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Impactful driver- Growth of the biopharmaceutical industry
Key Trend - Increasing number of clinical trials
Major Challenges - Intellectual property issues
Market Segmentation
By Application, the market is classified into clinical research, early-phase development, laboratory, and regulatory consulting. The market share growth by the
clinical research segment will be significant during the forecast period. Research institutions are central to performing tests on clinical samples to monitor patient health in connection with the diagnosis, treatment, and prevention of various neurological disorders. In addition, large companies and government organizations sponsor these research activities, thereby enhancing their R&D activities. Hence, these factors are expected to drive segment growth during the forecast period.
Technavio Research experts have provided more insights on the market share of segments - View Sample Report
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TOC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Service Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Technavio Research
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Website: www.technavio.com
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