(EMAILWIRE.COM, October 18, 2018 ) The global contract research organization 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%. Market growth can be attributed to the growing R&D expenditure, increased outsourcing of R&D activities, and increasing number of clinical trials.

The report analyzes the global CRO services market, by type, therapeutica area, end user, and region. Based on type, clinical research services accounted for the largest share of global CRO services market in 2017. This can be attributed to rapid growth in the geriatric population and the subsequent increase in the prevalence of chronic diseases, increasing development of new drugs, and growing acceptance of evidence-based medicine for various therapeutic areas.

Based on therapeutic area, oncology accounted for the largest share of the global CRO services market in 2017. The large share of this segment can be attributed to the increasing number of clinical trials and rising prevalence of cancer worldwide.

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The global CRO services market, by end user, is segmented into pharmaceutical and biopharmaceutical companies, medical device companies, and academic institutes. In 2017, the pharmaceutical and biopharmaceutical companies segment accounted for the largest share of the contract research organization services market. The large share of this segment can be attributed to the increased outsourcing of early phase development services and clinical and laboratory testing services by pharmaceutical companies to boost profit margins, avoid high capital expenditure, and reduce the time duration to validate the process and product.

Geographically, the global CRO services market has been segmented into five major regional segments North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2017, North America accounted for the largest share of the CRO services market in 2017, followed by Europe and Asia Pacific. North America’s leading position in contract research organization services market is primarily attributed to the high-quality standards in the pharmaceutical industry, rapid growth in its biosimilars and biologics market, and increase in clinical trial activity.

The prominent players in the global CRO services market are IQVIA (US), LabCorp (US), PAREXEL (US), PRA Health Sciences (US), PPD (US), ICON plc (Ireland), Syneos Health (US), Charles River (US), WuXi PharmaTech (China), SGS (Switzerland), Envigo (UK), and MPI Research (US).

IQVIA dominates the CRO services market, led by its strong performance in the biopharmaceutical services industry with wide geographical coverage. The company’s foothold in the market is primarily attributed to various factors such as strong technical and service capabilities, good client relationships, diversified service offerings, and its ability to expand the penetration of its offerings to a broad range. The company has registered significant growth in the biopharmaceutical services industry, and has a presence in all major markets, including the US, Japan, Germany, France, Spain, and Italy, in addition to Brazil, Russia, India, and China (BRIC countries). To increase its geographic presence and customer base, the company focused on expansion as a key growth strategy. Over the past three years, the company has made three major expansions. Moreover, IQVIA also focused on mergers and acquisitions to enhance and strengthen its position in the global contract research organization services market.

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