DUBLIN–(BUSINESS WIRE)–The “Contract Research Organization Services (CROs) Market by Type (Discovery, CMC, Preclinical, Clinical Research, Laboratory Services), Therapeutic Area (Oncology, CNS, Cardiovascular), End User (Pharmaceuticals & Medical Device) – Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The global CRO services market is projected to reach USD 73.77 billion by 2025 from an estimated USD 47.78 billion in 2020, at a CAGR of 9.1%.
Increased outsourcing of R&D activities and an increasing number of clinical trials are some of the major factors driving the growth of this market. However, lack of skilled labor in the CRO services market is one of the major challenges for the players operating in CROs market.
Data management services segment to witness the highest growth rate during the forecast period.
Among the CRO services, the laboratory services segment is expected to register the highest CAGR during the forecast period. The high growth of this segment is attributed to the growing outsourcing of data management services by pharmaceutical and biopharmaceutical companies.
Oncology segment to grow at the highest CAGR from 2020 to 2025.
The oncology segment is expected to grow at the highest CAGR during the forecast period. The increasing number of clinical trials and the rising prevalence of cancer worldwide are the major factors supporting its growth during the forecast period.
APAC to witness the highest growth rate during the forecast period.
The Asia Pacific region is expected to witness the highest CAGR during the forecast period, owing to the rapid growth in the pharmaceutical and biopharmaceutical industry, low cost of clinical trials, rising number of CROs, and favorable government policies in the region.
Market Dynamics
Drivers
- Growing R&D expenditures
- Increased outsourcing of R&D activities
- Increasing demand for outsourcing analytical testing and clinical trial services
- Increase in clinical trials
Restraints
- Regulatory pressure on CROs
Opportunities
- Growing biosimilars and biologics market
- Rising demand for specialized testing services
Challenges
- Growing competition in the CRO industry
- Regulatory pressure on pharma and medical device manufacturers to drive more detailed chemical analysis of drugs, and devices
- Shortage of skilled professionals
Companies Profiled
- IQVIA
- LabCorp
- Charles River Laboratories
- WuXi Apptec
- Syneos Health Inc.
- Paraxel International
- PRA Health Sciences
- PPD
- ICON Plc
- Medpace Holdings
- SGS
- PSI CRO AG
- Axcent Advanced Analytics (A3)
- BIO Agile Therapeutics
- Firma Clinical Research
- Acculab Lifesciences
- Azelix
- CTSERV
- PEPGRA
- Dove Quality Solutions
For more information about this report visit https://www.researchandmarkets.com/r/wx3qo5
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