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(Medical-NewsWire.com, September 07, 2018 ) The global Contract Research Organization (CRO) Market estimated to grow at a CAGR of 8.6% during the forecast period from 2018 to 2025. The market for CROs was valued at USD 35,818.9 Mn in 2017 and is estimated to reach US$ 68,198.3 Mn by 2025.
The global CROs market is segmented on the basis of type, end user and geography. On the basis of type, the market is segmented into early phase services, clinical research services, laboratory services, and post-approval services. On the basis of end user, the CROs market is segmented into pharmaceutical & biotechnology companies and medical devices companies.
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The CROs market is aimed to describe, define and estimate the forecast for market size of the CROs till 2025. The report strategically analyzes macro and micro-markets to entail the major factors impacting the growth of the global CROs market. The market report for CROs is appropriate to cater the needs and demands of various stakeholders that include pharmaceutical, biotechnology and medical companies in the form of research services.
North America is expected to be the dominant region in the global CROs market. This dominance is primarily driven by the increasing number of clinical trials, and rapid growth of biosmilars and biologics market, are going to propel the growth of CROs market. The large adoption in the trend of CROs has been witnessed not only by the pharmaceutical companies, but also by government organizations. For instance, in January 2015, the U.S. government allotted a fund of US$ 215 million as an initiative in precision medicine. On the other hand, Asia Pacific is expected to witness significant growth in the market owing to factors such as lower cost of clinical trials, and increasing number of pharmaceutical and biotech companies in the region.
The major players operating in the CROs market include IQVIA, PAREXEL International Corporation, Syneos Health, Laboratory Corporation of America Holdings, PRA Health Sciences, Inc., Charles River, ICON plc, Pharmaceutical Product Development, LLC., WuXi AppTec, Medpace among others. The global CROs market is highly competitive and driven by large number of novel product launches and approvals. For instance, in June 2018 IQVIA launched IQVIA ePromo, a new cloud-based content management technology solution. IQVIA Content Management platform offerings include solutions across clinical, regulatory and commercial, transforming the vision of "molecule to market" into a reality.
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Source: EmailWire.Com 
Source: EmailWire.com
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