Market Research Report
Contract Research Organization (CRO) Services - Global Market Outlook (2018-2027)
|Published by||Stratistics Market Research Consulting||Product code||932685|
|Published||Content info||158 Pages
Delivery time: 2-3 business days
|Contract Research Organization (CRO) Services - Global Market Outlook (2018-2027)|
|Published: March 1, 2020||Content info: 158 Pages||
According to Stratistics MRC, the Global Contract Research Organization (CRO) Services market is accounted for $39.03 billion in 2018 and is expected to reach $89.06 billion by 2027 growing at a CAGR of 9.6% during the forecast period. Some of the key factors propelling the market growth are advancements in the healthcare sector and increasing number of clinical trials. However, the shortage of skilled professionals is the restraining factor for the growth of the market.
A contract research organization (CRO) is a company that provides support to the industries related to medicinal field in the form of research services outsourced on a contract basis. These organizations are designed to reduce expenses for companies developing new medicines and drugs in the markets. They aim to simplify entry into drug markets and simplify drug development.
By therapeutic area, the oncology segment is expected to grow at a significant market share during the forecast period which can be attributed to the increasing number cancer patients all over the world. On the basis of geography, North America is anticipated to hold considerable market share during the forecast period due to the high-quality standards healthcare sector of this region.
Some of the key players in Contract Research Organization (CRO) Services include LabCorp, IQVIA, Charles River, PRA Health Sciences, Syneos Health, PAREXEL, ICON PLC, SGS, MPI Research, WuXi Pharmatech, PPD, MeDPAce Holdings, and Envigo.
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