LONDON, Dec. 4, 2020 /PRNewswire/ -- A contract research organization (CRO), also known as a clinical research organization, is a service provider organization, which supports pharmaceutical and biotechnology companies for drug development and medical device companies by providing outsourcing services.In recent years, pharmaceutical companies have increased their investment in outsourcing clinical activities, which further supported the growth of the contract research organizations market.

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Meticulous Research,in its latest publication, titled "Contract Research Organizations (CRO) Marketby Services (Clinical Research [Phase II, Phase III], Pre-Clinical [Pharmacokinetics, Toxicology], Laboratory Services, and others), Therapeutic Area (Oncology, Immunology), End User (Pharma and Biotech, Medical Device), and Geography - Forecast to 2027",states that the contract research organizations (CROs) market is poised to grow at a CAGR of 6.5% from 2020 to 2027 to reach $64.4 billion by 2027.

The growth of the contract research organizations market is mainly attributed to the rising demand for biopharmaceuticals, increasing number of clinical trials, and growing government support for biopharmaceutical manufacturing. Also, significant opportunities from emerging markets, increasing demand for biosimilars, and continuous advancements in bioprocessing techniques offer growth opportunities for the players operating in the contract research organizations market.

To provide efficient analysis, Meticulous Research has segmented the overall CROs market based on service (clinical research [phase II and phase III], pre-clinical [pharmacokinetics and toxicology], laboratory services, and others), therapeutic area (oncology and immunology), end user (pharma & biotech and medical device), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).

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Geographically, in 2020, North America is estimated to command the largest share of the global contract research organizations market, followed by Asia-Pacific. The major share of this region is mainly attributed to the growing investments in the pharmaceutical and biopharmaceutical industries, greater adoption of advanced technologies, rising prevalence of non-communicable diseases, growth in drug development programs, and the presence of key service providers. Further, the growth during the forecast period will be driven by the expected rise in the demand for biosimilars - due to the patent expiry of many innovators' molecules in the next 5 to 10 years.

In terms of service, the clinical research services segment is estimated to account for the largest share of the overall CROs market in 2020. The large share of this segment is mainly attributed to an increase in the number of clinical trials globally, growth in outsourcing activities to conduct clinical trials at low costs, and growth in collaborations between key players and clinical service providers to reduce failures.

Based on therapeutic area, the oncology segment is estimated to account for the largest share of the overall contract research organizations market in 2020. The large share of this segment is mainly attributed to an increase in the number of oncology clinical trials globally, growth in government investments for the development of personalized medicines for oncology, and high demand for biosimilars for cancer.

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By end user, the pharmaceutical and biotechnology companies segment is estimated to account for the largest share of the overall CROs market in 2020. The major share of this segment is primarily attributed to an increase in R&D investments for drug development, growing collaborations of pharmaceutical companies with CROs to conduct clinical trials, and government initiatives to support the growth of pharmaceutical companies.

The report includes a competitive landscape based on extensive assessment of the key strategic developments by leading market participants in the industry over the past four years. The key players profiled in the global contract research organizations market report are IQVIA Holdings Inc. (U.S.), Laboratory Corporation of America Holdings (U.S.), Charles River Laboratories International, Inc. (U.S.), Wuxi Apptec Co., Ltd. (China), Medpace Holdings, Inc. (U.S.), PRA Health Sciences, Inc. (U.S.), Syneos Health, Inc. (U.S.), PARAXEL International Corporation (U.S.), Envigo RMS LLC (U.S.), ICON plc (Ireland), PPD, Inc. (U.S.), and SGS S.A. (Switzerland).

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Scope of the Report:

Contract Research OrganizationsMarket, by Service

Contract Research Organizations Market, by Therapeutic Area

Contract Research Organizations Market, by End User

Contract Research OrganizationsMarket, by Geography

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Contract Research Organizations (CROs) Market to Reach $64.4 Billion by 2027, Growing at a CAGR of 6 - PharmiWeb.com