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 Contract Research Organization 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%.
The global pharmaceutical, biotechnology, and medical device R&D outsourcing industry is constantly evolving. Highly skilled professionals have to keep pace with the continuing changes in pharmaceutical and medical device R&D technologies and methodologies. CROs face challenges in attracting and retaining highly skilled professionals as they compete with pharmaceutical, biotechnology, medical device, and academic and research institutions for qualified and experienced scientists. To compete effectively, companies have to offer higher compensations and other benefits; this may affect the finances and results of operations of players, especially small-scale analytical testing providers. This shortage of skilled professionals may hamper the adoption of new technologies and methodologies, and inhibit the growth of the CRO services market in the coming years.
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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