U.S. Contract Research Organization (CROs) Market | Coherent Market Insights

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• U.S. CONTRACT RESEARCH ORGANIZATIONS (CROS)
  MARKET ANALYSIS
• U.S. Contract Research Organization (CROs)
  Market, by Service Type (Drug Discovery,
  Preclinical studies, Early Phase I IIa, Phase
  IIa III, Phase IIIb IV, Drug Development,
  Medical Coding and Writing, Monitoring, Clinical
  Data Management, Bio-statistics, Site Management,
  Protocol Development, and Biomarker Discovery),
  by Therapeutic Application (Oncology,
  Cardiovascular Diseases, Central Nervous System
  Diseases, Infectious Diseases, Metabolic
  Disorders, Immunological Disorders, Respiratory
  Disorders, and Others), and by Size of CRO (Small
  Size, Medium Size, and Large Size) - Size, Share,
  Outlook, and Opportunity Analysis, 2019 - 2027

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• The U.S. Contract Research Organization (CROs)
  Market, by Service Type (Drug Discovery,
  Preclinical studies, Early Phase I IIa, Phase
  IIa III, Phase IIIb IV, Drug Development,
  Medical Coding and Writing, Monitoring, Clinical
  Data Management, Bio-statistics, Site Management,
  Protocol Development, and Biomarker Discovery),
  by Therapeutic Application (Oncology,
  Cardiovascular Diseases, Central Nervous System
  Diseases, Infectious Diseases, Metabolic
  Disorders, Immunological Disorders, Respiratory
  Disorders, and Others), and by Size of CRO (Small
  Size, Medium Size, and Large Size), is estimated
  to be valued at US 12,174.4 million in 2019,
  and is expected to exhibit a CAGR of 9.4, during
  the forecast period (2019-2027), as highlighted
  in a new report published by Coherent Market
  Insights.

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• Globally, there are several healthcare IT
  companies, which develop and modify clinical
  trial management software. There is availability
  of customized software to manage clinical trials
  data according to client requirement and study
  protocol. For instance, according to the study
  conducted by the University of Minnesota and
  University of Michigan in 2018, all the companies
  that conduct clinical trials use OnCore clinical
  trial management system, which offers functional
  features such as Clinical Research Management,
  Study Setup, eCRFs, Financials, Visit Tracking
  Data Capture, Study Data Management, and Revenue
  Management. This is expected to be one of the
  important factors expected to drive growth of the
  clinical trial management market over the
  forecast period.Browse 09 Market Data Tables and
  27 Figures spread through 301 Pages and in-depth
  TOC on " U.S. Contract Research Organization
  (CROs) Market, by Service Type (Drug Discovery,
  Preclinical studies, Early Phase I IIa, Phase
  IIa III, Phase IIIb IV, Drug Development,
  Medical Coding and Writing, Monitoring, Clinical
  Data Management, Bio-statistics, Site Management,
  and Protocol Development, and Biomarker
  Discovery), by Therapeutic Application
  (Oncology, Cardiovascular Diseases, Central
  Nervous System Diseases, Infectious Diseases,
  Metabolic Disorders, Immunological Disorders,
  Respiratory Disorders, and Others), and by Size
  of CRO (Small Size, Medium Size, and Large Size),
  - Global Forecast to 2027"

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• Growth of the U.S. contract research organization
  (CROs) market is largely driven by increased
  research development expenditure and increasing
  outsourcing. This has attributed to shift in the
  industry focusing towards development of
  therapeutics for rare diseases, as more
  biopharmaceutical manufacturers have increased
  focus towards rare diseases. Therefore,
  increasing research and development expenditure
  in the healthcare sector is a major factor that
  is expected to drive growth of the U.S. contract
  research organization (CROs) market during the
  forecast period.
• For instance, according to the Pharmaceutical
  Research and Manufacturers of America (PhRMA),
  2018, overall research and development spending
  of pharmaceutical and biotechnology companies was
  around US 62.2 billion in 2018 compared to US
  55.8 billion in 2017, which was majority of all
  biopharmaceutical RD spending in the U.S. This
  increasing research and development expenditure
  has led to an increase in number of drug
  approvals in the recent past. For instance,
  according to the U.S. FDA reports, around 59
  novel drugs were approved in 2018 as compared to
  46 drugs in 2017. Adoption of inorganic
  strategies such as acquisitions and
  collaborations by major players in CRO market is
  expected to drive the U.S. contract research
  organization (CROs) market.

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Key Takeaways of the U.S. Contract Research
Organization (CROs) Market

• The U.S. contract research organization (CROs)
  market is expected to exhibit a CAGR of 9.4
  during the forecast period (2019-2027), owing to
  increasing demand for specialized clinical trial
  services and increasing number of clinical trials
  is expected to drive the Early Phase I IIa
  segment growth during the forecast period. For
  instance, in 2018, LabCorp introduced a dedicated
  offering for biotech, medical device, and
  diagnostics companies. The new service offering
  comprises development services, including
  non-clinical and first-in-human studies, Phase I
  development, central laboratory services, and
  regulatory and market access consulting.
• Technological advancement in the field of
  clinical research to improve efficiency and
  efficacy of clinical trials is expected to drive
  the monitoring segment growth in the U.S.
  contract research organization (CROs) market
  during the forecast period. For instance, in
  February 2019, IQVIA Holdings Inc. launched IQVIA
  RIM Smart, an integrated, cloud-based, end-to-end
  regulatory information management solution for
  the management of a product portfolios complete
  regulatory lifecycle. The system is expected to
  increase speed, efficiency, and improve
  compliance performance.

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• Major players operating in the U.S. contract
  research organization (CROs) market include
  Laboratory Corporation of America Holdings
  (Covance), IQVIA, Paraxel International
  Corporation, Syneos Health, PRA Health Sciences,
  Charles River Laboratoires International Inc.
  (CRL), Pharmaceutical Product Development (PPD),
  ICON Public Limited Corporation, Wuxi Apptec,
  Medpace Holdings, Inc, Medidata Solutions, Inc.,
  Theorem Clinical Research, Pharmaron, Envigo,
  Clinipace, CMIC Holdings Co., Ltd, EPS
  International, Synteract, CROMSOURCE, Pharm-Olam,
  Linical Accelovance, Accumedix, Inc., AlcheraBio
  LLC, Amarex Clinical Research LLC, Arianne
  Corporation, Absolute Research Solutions,
  BioClinica Inc., BioPharma Services Inc.,
  Neurovasc Preclinical Services, Inc., PSI, WCCT
  Global Inc., RHO, Inc., CATO Research LLC,
  Spaulding Clinical Research, Celerion,
  Clindatrix, Inc., Comparative Biosciences, Inc.,
  Axiom Real-Time Metrics, CPC Clinical Research,
  Axis Clinicals LLC, DP Clinical, Egeen Inc.,
  Grayline, Cmed, Integrium, LLC, MedTrials, Novum,
  Shin Nippon Biomedical Laboratories, Ltd., KPS
  Life, Pinnacle Research Group, LLC Promedica
  International., Alta Science, Prometrika, LLC,
  4clinics, and Premier Research.

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