Increasing the number of clinical trials is expected to bolster the CROs market from 2018 to 2025
In the recent years, CROs market has progressed significantly. The global market for CROs is anticipated to grow from US$ 35,818.9 Mn in 2017 to US$ 68,198.3 by 2025 at a CAGR of 8.6%. Increasing R&D expenditures and outsourcing activities, government initiatives to increase number of clinical trial participant as well as increasing number of clinical trials, are the significant factors expected to contribute for growth of the CROs market over the forecast years. However, dearth of skilled professionals and extensive competition among CROs are expected to act as major challenges hindering the market growth. On the other hand, the growing market of biologics and biosimilars is expected to provide opportunistic scenario for the growth of global contract research organizations (CROs) market to a significant rate.
Increasing prevalence of various communicable and non-communicable diseases are increasing the demand for the development of new drugs or medical devices for the treatment. The clinical trials are performed to examine the medical strategy, treatment, or device for human use. The clinical studies help in understanding and determining the best medical approaches for certain therapeutic area. Clinical trials are conducted primarily to collect data regarding the safety and efficacy of new drug and device development. Before the approval of drug molecules and the medical devices by the regulatory authorities, series of clinical studies are conducted. This is in turn expected to increase the demand of the clinical trial activities for various therapeutic areas.
The advancement in the field of the healthcare industry is driving the prominent players in this market for more research and developments for the CROs market. The key players in the market such as Parexel International Corporation that is provides a vast spectrum of expertise in clinical research and logistics. The increasing technological advancement implementing similar improved features in the new products are expected to drive the demand for CROs market. For instance, PAREXEL International Corporation, introduced PAREXEL’s Medical Writing Solutions, a newly integrated, end-to-end offering that provides a wide variety of communication services needed at each critical stage of the drug development and commercialization process.
Some of the key players operating the global 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, Medpaceamong others.