Contract research organizations (CROs) offer testing and consulting services for every stage of the drug R&D process for commercial manufacturers such as pharmaceutical and biopharmaceutical companies and medical device firms. The CRO services market is valued at USD 36.27 Billion in 2017 and projected to reach to USD 56.34 Billion by 2023, at a CAGR of 7.6%. Base year considered for the report is 2017 and forecast period includes 2018–2023. Growing R&D expenditures, increased outsourcing of R&D activities, and increasing number of clinical trials are the major factors driving the growth of the CRO services market.
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.
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.
The prominent players in the global CRO services market are IQVIA (US), LabCorp (US), PAREXEL (US), PRA Health Sciences (US), PPD (US), ICON plc (Ireland), Syneos Health (US), Charles River (US), WuXi PharmaTech (China), SGS (Switzerland), Envigo (UK), and MPI Research (US).
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