Contract Research Organization Services (CROs) Market : Drivers, Challenges, Opportunities

The global Contract Research Organization Services Market is projected to reach USD 56.34 Billion by 2023 from USD 39.13 Billion in 2018, at a CAGR of 7.6%. Market growth can be attributed to the growing R&D expenditure, increased outsourcing of R&D activities, and increasing number of clinical trials.

Geographically, the global CRO services market has been segmented into five major regional segments North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2017, North America accounted for the largest share of the CRO services market in 2017, followed by Europe and Asia Pacific. North America’s leading position in contract research organization services market is primarily attributed to the high-quality standards in the pharmaceutical industry, rapid growth in its biosimilars and biologics market, and increase in clinical trial activity.

Drivers
1 Growing R&D Expenditure
2 Increased Outsourcing of R&D Activities
3 Increasing Number of Clinical Trials

Opportunities
1 Growth in the Biosimilars and Biologics Markets
2 Rising Demand for Specialized Testing Services
3 Emerging Asian Markets

PDF Brochure: https://www.marketsandmarkets.com/pdfdownload.asp?id=167410116

Challenges
1 Intense Competition in the CRO Services Market
2 Shortage of Skilled Professionals

Industry Trends 
1 Growing Consolidation in the CRO Industry
2 Increasing Outsourcing of Clinical Trials to Emerging Markets
3 Adoption of New Technologies

Industry Key Players:

IQVIA (US), LabCorp (US), Syneos Health (US), PAREXEL (US), PPD (US), ICON plc (Ireland), PRA Health Sciences (US), and Charles River (US) are some of the key players in the global CRO services market.