Commercialization of Clinical Trials to Propel Contract Research Organizations Services Market

The global market for contract research organizations services market is expected to witness a positive growth curve in the coming years. According to a recent report by Transparency Market Research (TMR), the industry for clinical trials has been gaining momentum, providing an impetus to the growth of this market. The report, titled, “Contract Research Organizations Services Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 20172025,” discusses the various factors that are accountable for the growth of the overall industry and also the upcoming market trends.

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The global contract research organization service (CROS) market has been forecasted to gain from the immense growth of clinical research services. The increasing adoption of evidence-based medicine by a large number therapeutic domains has stoked growthin this segment. Furthermore, the utilization of novel drugs and the growing ubiquity of chronic disorders due to a substantial increase in geriatric population have been anticipated to support the demand for clinical research services too. Additionally, in recent years, oncology has gained traction as a therapeutic area. Rising number of patients diagnosed with cancer globally and surging number of clinical trials, stoking growth in oncology, could bode well for the market as well.

In the recent years, pharmaceutical and biopharmaceutical enterprises have been contributing immensely in the development of the overall CROS market. This is becausereduced time required for validation of processes and products, no requirement of upfront capital, and improved profit margins achieved through outsourcing of laboratory and clinical testing and early phase development services is majorly helping their bottom lines.

Based on geography, Asia Pacific and Europe trailNorth America vis-à-vis market share. Growth in the number of clinical trials, vigorous growth of the biosimilars and biologics market, and the thrust on high quality standards in the pharmaceutical industry are anticipated to propel the North America market in the coming years.

Some of the leading players of the international CROS market are ICON plc, Syneos Health, PAREXEL, LabCorp, and IQVIA. Considering its strong regional presence and performance in the pharma services industry, IQVIA has been projected to have an upper hand in the market. The company’s ability to stretch its penetration of different products, diversified service offerings, excellent client relationships, and improved service and technical capabilities are main reasons for its exceptional growth in the market. Currently it is focusing on improving its customer base by establishing a stronghold in the regional markets It is also mulling upon mergers and acquisitions to cement its position in the market for contract research organization services.

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