San Francisco, California, March 27, 2018: A recent market study by TMR Research, titled, “Contract Research Organization Services (CROs) Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025,” states that being in a nascent stage, there are not too many customers or companies selling their services in the market. However, over the course of the forecast period, the revenue in the market will rise considerably on account of new stakeholders betting big on it. This would, in turn, lead to emergence of more contract research organizations providing services. As a result, over the years, the market would likely become fragmented and highly competitive with a number of CROs operating in it.
At present, contract research organizations (CRO) are gradually seeing a surge in demand on the back of progress in clinical development programs and requirement of innovative pharmaceutical products worldwide. Since development of new pharmaceutical products are an involved and costly process, taking well over a decade, companies are increasingly outsourcing preclinical and other drug development phases to CROs. This helps them to lower the time taken for marketing the product. The high rate of failure of clinical trials is another reason behind the surging popularity of contract research organization services (CROs).
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Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa are some of the key geographic regions in the global contract research organization services (CROs). North America, among them, is a dominant region because of the presence of a solid pharmaceutical industry in the region and the swift growth in biosimilars and biological market.
Some of the prominent participants in the global market for contract research organization services (CROs) are IQVIA, Charles River, ICON plc, MPI Research, PRA Health Sciences, LabCorp, Envigo, WuXi PharmaTech, PAREXEL, Syneos Health, and SGS.