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(Medical-NewsWire.com, February 16, 2019 ) Key drivers impacting Contract Research Organization Services market growth include globalization of clinical trials, development of new treatments such as personalized medicine, augmenting evolution of technology and greater penetration of CROs into the clinical trial process. The demand or biogenetics and particularly biosimilars will be a clear driver going forward.
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"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 2023", The global CRO services market is projected to reach USD 56.34 Billion by 2023 from USD 39.13 Billion in 2018, at a CAGR of 7.6%.
Strong demand for Contract Research Organization (CRO) Services is leading to heightened market valuations and correspondingly a plethora of blockbuster Merger and Acquisition deals are taking place. M&A activity has led to a few powerful companies with expertise across many areas of the clinical trial process, although many niche players are still playing a critical role. These emerging trends and changing dynamics within the CRO industry are analyzed in detail in this report.”
Contract Research Organization (CRO) Services obtain the lion’s share of their revenue from actual clinical trials, which accounted for nearly REDACTED in CRO revenue last year. Discovery, preclinical and central lab services all represent strong areas of growth despite accounting for a smaller share of revenue. Key drivers impacting CRO market growth include globalization of clinical trials, development of new treatments such as personalized medicine, augmenting evolution of technology and greater penetration of CROs into the clinical trial process. The demand or biogenetics and particularly biosimilars will be a clear driver going forward.
More Information Now at <||>rnhttps://www.whatech.com/market-research/it/562440-digital-transaction-management-market-in-north-america-dominated-by-bfsi-retail-healthcare-education-supply-chain-and-logistics .
The proliferation of therapies for orphan drugs and precision-based medicines, clinical trials are becoming increasingly complex and are driving demand for sophisticated outsourcing partners with expertise in combination products, risk-based monitoring, disease registries, real world evidence and medical affairs. Expanding service offerings and capabilities remain a predominant strategy among CROs.
The Contract Research Organization (CRO) Services market continues to exhibit stellar growth, largely attributable to increased demand for services in clinical trials between Phases II and IV, which account for approximately REDACTED of total CROrevenue. All segments, including preclinical and post-approval, continue to grow solidly as well. Outlook for the industry remains extremely positive.
Report Includes:
- 19 tables
- An overview of the global market for contract research organization (CRO) services
- Analyses of global market trends, with data from 2016, 2017, and projections of compound annual growth rates (CAGRs) through 2022
- Analyses of the CRO market by services, trial phases, and geographical region
- Coverage of all major therapeutic areas covered by CROs in the clinical trial process and the types of services they provide
- Examination of competitive landscape of the market, including mergers and acquisitions, and current pharma CRO contracts
- Company profiles of key market players, including Charles River Laboratories, Icon Plc, Parexel, Pharmaceutical Product Development and Quintiles
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Based on indication, the oncology segment is the largest and one of the most rapidly growing within the CRO space, with nearly REDACTED spent in 2016 on preclinical and clinical oncology trials. Pain management remains one of the faster growing and more lucrative disease areas, with new treatments for chronic and acute pain and rising investigational studies for Non-Steroidal Anti-Inflammatory Drug (NSAID) and analgesic molecules driving this segment.
Current pharma R&D spending is being driven by precision-based medicines and immunotherapies for smaller populations, genetic therapies for oncology and rare disease treatment and generally more demanding and complex protocols for drug development.
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Source: EmailWire.Com 
Source: EmailWire.com
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