The global Contract Research Outsourcing (CRO) System market size is expected to reach USD 104.69 Billion in 2028 and register a revenue CAGR of 10.2% over the forecast period, according to the latest report by Reports and Data. Rising number of clinical trials across the globe, high healthcare research & development budget, especially in developed countries, and increasing outsourcing activities are driving contract research outsourcing market revenue growth.

CRO offers a wide range of support services such as project management, clinical trial data management, database design and build, preclinical research, biopharmaceutical development, data entry and validation, biologic assay development, medicine and disease coding, safety and efficacy summaries, and others. CROs are hired to conduct clinical trials and provide research support for development of safe and efficient drugs and vaccines.

Some Key Factors Contributing to the Global Pharma & Healthcare Market Growth

Unprecedented revenue growth of the global pharma & healthcare industry is attributed to factors such as rising prevalence of chronic and acute diseases worldwide, increasing geriatric population, rising awareness of health & wellness among consumers, and growing demand for more advanced healthcare services. Increasing demand for advanced drugs and therapeutics, growing availability of next-generation diagnostics and treatment options – especially in developing countries like India and China – rise in R&D activities and clinical trials in the pharmaceutical and biotechnology sectors, increasing public and private investments in healthcare research projects, and rising consumer expenditure on healthcare are among the other significant factors contributing to the industry revenue growth.

Some Key Highlights from the Report

  • In December 2021, Thermo Fisher completed acquisition of leading contract research outsourcing firm PPD, Inc., for USD 17.4 Billion. PPD Inc. will be integrated into Thermo Fisher’s laboratory products and services segment. PPD will bring drug development platform, strong laboratory service, excellent patient recruitment capabilities and reputation of quality services, to improve Thermo Fisher’s offerings.
  • Clinic Research Services (CRS) segment is expected to register significantly high revenue growth rate during the forecast period, owing to rapidly increasing global geriatric population, rising prevalence of various chronic diseases and growing demand for new drugs. Clinical trials are necessary to evaluate efficacy of new medicines which work towards improvement of patient’s health.  
  • Oncology segment accounted for largest revenue share in 2020 due to high prevalence of cancer globally and on-going drug pipeline projects to develop effective medicines for the condition. Cancer is among the leading cause of deaths and accounted for approximately 10 Million deaths in 2020 globally. This is creating need for development of novel drugs and therapies which is leading to high demand for CROs in the healthcare industry.
  • Pharma companies are focusing on developing more efficient and safer technology, and this coupled with increasing budget for research & development are factors expected to support revenue growth of the pharmaceutical and biopharmaceutical companies segment during forecast period. Pharma companies are outsourcing R&D at a rapid rate to CROs to save costs on in-house research infrastructure.
  • Asia Pacific Contract Research Outsourcing (CRO) System market is expected to register fastest revenue CAGR during the forecast period owing to, revenue growth and business expansion opportunities offered by untapped markets in the region, and rising demand for clinical trials in developing countries such as China and India. There is an increase in number of clinical trials in China due to regulatory flexibility from Chinese government and China Food and Drug Administration.

Top Players in the Global Contract Research Outsourcing (CRO) System Market:

Charles River Laboratories, Parexel International, IQVIA, Labcorp Drug Development, PRA Health Sciences, Syneos Health, Thermo Fisher Scientific, Inc., ICON plc, Medidata Solutions, and Medpace Holdings, Inc.

The coronavirus pandemic has had a drastic impact on the global healthcare industry, with rising cases of COVID-19 worldwide, substantially growing hospital admission and readmission rates, and rising demand for telehealth and telemedicine services for remote patient monitoring. Furthermore, rising focus on development of rapid COVID-19 diagnostics such as the RT-PCR test kits, increased government funding for vaccine development, stringent regulatory norms and protocols for COVID-19 safety, and increasing sales of COVID-19 safety equipment, such as N-95 masks, face shields, PPE kits, and hand sanitizers, have driven the global pharma & healthcare industry revenue growth over the recent past.  

To know more about the report @ https://www.reportsanddata.com/report-detail/contract-research-outsourcing-market

Contract Research Outsourcing (CRO) System Market Segmentation:

Product Type Outlook (Revenue, USD Billion; 2018–2028)

  • Early Phase Development Services
  • Clinic Research Services (CRS)
  • Laboratory Services
  • Consulting Services
  • Others

Therapeutic Area Outlook (Revenue, USD Billion; 2018–2028)

  • Oncology
  • Central nervous system (CNS) Disorder
  • Immunological Disorders
  • Cardiovascular Diseases
  • Infectious Diseases
  • Respiratory Disorders
  • Diabetes
  • Others

End-Use Outlook (Revenue, USD Billion; 2018–2028)

  • Pharmaceutical and Biopharmaceutical Companies
  • Medical Device Companies
  • Academic Institutes
  • Others

Global Contract Research Outsourcing (CRO) System Market Report: Regional Segmentation

  • North America
    • S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • K.
    • Italy
    • France
    • BENELUX
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • A.E.
    • South Africa
    • Rest of MEA

Global Contract Research Outsourcing (CRO) System Market: Table of Contents

Chapter 1. Methodology & Sources

1.1. Market Definition

1.2. Research Scope

1.3. Methodology

1.4. Research Sources

       1.4.1. Primary Sources

       1.4.2. Secondary Sources

       1.4.3. Paid Sources

1.5. Market Estimation Technique

Chapter 2. Executive Summary

Chapter 3. Key Insights

Chapter 4. Global Pharma & Healthcare Market Segmentation 

4.1. Global Pharma & Healthcare Market COVID-19 Impact Analysis

4.2. Industrial Outlook

       4.2.1. Market indicators analysis

       4.2.2. Market drivers’ analysis

       4.2.3. Market restraints analysis

 4.3. Technological Insights

 4.4. Porter’s Five Forces Analysis

 4.5. Regulatory Framework

 4.6. Price trend Analysis

 4.7. Competitive Metric Space Analysis

Request a customization of the report @ https://www.reportsanddata.com/request-customization-form/1846

Read more Reports:

Intravenous Infusion Pump Market @ https://www.reportsanddata.com/report-detail/intravenous-infusion-pump-market

Thoracic Stent Graft Market @ https://www.reportsanddata.com/report-detail/thoracic-stent-graft-market

Oral Thin Films Market @ https://www.reportsanddata.com/report-detail/oral-thin-films-market

Phototherapy Equipment Market @ https://www.reportsanddata.com/report-detail/phototherapy-equipment-market

Frequently Asked Questions Answered in the Report:

  • What is the estimated revenue growth rate of the global Contract Research Outsourcing (CRO) System market over the forecast period?
  • What are the major factors driving the global market revenue growth?
  • Which are the leading manufacturers and suppliers in the global Contract Research Outsourcing (CRO) System market?
  • Which regional market is expected to lead in terms of revenue share in the global Contract Research Outsourcing (CRO) System market over the forecast years?
  • What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?

Thank you for reading our report. Please connect with us to know more about the report and its customization feature. Our team will ensure the report is well suited to meet your requirements.

About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.