The Global Contract Research Organization Market research report aims to provide an unbiased and a comprehensive outlook of the Global market to the readers. Analysts have studied the key trends defining the trajectory of the market. The research report also includes an assessment of the achievements made by the players in the Contract Research Organization Market so far.
The contract research organization market is expected to register a CAGR of about 7.2% during the forecast period.
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The market growth can be attributed to the growing R&D expenditure, increased outsourcing of R&D activities, and a rising number of clinical trials. Efficiency is being considered as the most important factor, in light of the financial burden pharmaceutical companies face from all directions. Patent expiries leading to generic rivalry and ever more stringent demands from regulators continue to have an impact on the bottom lines of pharmaceutical companies.
However, after several years where spending on R&D was reduced, it is now growing yet again. According to the American pharmaceutical review, the involvement of CRO engagement at each clinical phase has also increased and pharmaceutical and biotechnology companies are banking more heavily on contracting out for the early stages of clinical research, from drug discovery through Phases I and II. Now, nearly two thirds (63%) of companies are appointing contract development and manufacturing organizations (CDMOs) and CROs for Phase II studies. This strong trend of outsourcing will lead to the growth of the contract research organization market.
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Scope of the Report
The contract research organization market report covers companies involved in contract-based research, development, and consulting services in the healthcare industry. Contract research organizations offer several services, including regulatory submission, clinical operations, data management, biostatistics, as well as quality assurance.
Early-Phase Development Services Segment is Poised to Register Robust Growth.
With a growing number of patents expiring, the competition from generic counterparts of drugs is increasing and drug makers are under pressure to replace the revenue loss due to generics. Furthermore, R&D costs are increasing due to the complexity of drug molecules and more stringent regulatory requirements. Drug discovery and development process are becoming increasingly complex. To counter this complexity and streamline the operations, pharmaceutical firms are outsourcing early drug development processes. Additionally, leading CROs have developed significant expertise in the field of early-phase development and CROs are leveraging this expertise to offer highly efficient and accurate early-phase development services. CROs are also allowing small and middle size to enter the complex drug development process without significant investment in capital equipment. Pertaining to these reasons, the early-phase development services segment is poised to register robust growth rates.
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Influence of the Contract Research Organization market report:
- Comprehensive assessment of all opportunities and risk in the Contract Research Organization market.
- Contract Research Organization market recent innovations and major events.
- Detailed study of business strategies for growth of the Contract Research Organization market-leading players.
- Conclusive study about the growth plot of Contract Research Organization market for forthcoming years.
- In-depth understanding of Contract Research Organization market-particular drivers, constraints and major micro markets.
- Favorable impression inside vital technological and market latest trends striking the Contract Research Organization market.
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