Global Contract Research Organization (CRO) Services Market To Witness Exponential Growth By 2026

1
Contract Research Organization (CRO) Services
Market Analysis by Top Key Players - IQVIA,
Labcorp, Syneos Health, Thermo Fisher Scientific
2

• The global Contract Research Organization (CRO)
  Services Market is anticipated to witness a CAGR
  of 8 to reach 110 billion by 2026 from 75
  billion in 2021, driven by rising RD spending,
  increasing innovation in therapeutic areas like
  oncology, rare diseases, the need for
  cost-efficiency faster time-to-market,
  stringent regulations, and growing complexity of
  drugs and clinical trials.
• The penetration level of outsourcing to CROs
  varies across the functions and is highest in the
  laboratory testing, clinical trial, and
  post-approval stages compared to discovery and
  pre-clinical stages. The outsourcing ratio is
  proportional to the complexity and regulatory
  expertise required at each stage.
• The following are some typical reasons given by
  the pharmaceutical, biotechnology, and medical
  device sectors for outsourcing to CROs
• Better return on RD investments
• Lack of internal capabilities (esp. small
  biopharma companies)
• Increasing complexity in developing targeted
  therapeutic areas like immuno-oncology therapies
• Stringent regulatory requirements
• Time and cost-efficiency

3
Impact of Covid-19 Growing Attention on Virtual
Clinical Trials Contract Research Organization
(CRO) Services are proactively converting site
activity to decentralized/virtual trials, where
possible, to maintain the integrity and
regulatory compliance of ongoing
studies. COVID-19 has demanded the rapid uptake
of a decentralized clinical trial approach to
monitoring clinical trials. There was a brief
period where, with the pandemic happening, most
companies were faced with a huge stop in their
clinical trial activities, which required
rethinking, retooling, and re-strategizing how
best to re-engage these sites with the clinical
trials that they have currently ongoing.- Former
Division Leader, Industry-Leading CRO,
US Explore Premium Report on Contract Research
Organization (CRO) Services Market
_at_ https//meditechinsights.com/contract-research-o
rganization-cro-services-market/ Market Trend
Towards Full-service CROs/One-stop-shop Model Due
to the complexities intrinsic to drug
development, biopharma companies look for a
full-service CRO offering across the drug
development lifecycle. Apart from the breadth of
services (pre-clinical, clinical, and
commercialization), the trend is toward CROs
offering scalable services, specialized
technologies, and having a global presence.
4
Growing Complexity of Therapeutics, Clinical
Trials The CRO industry is witnessing the
continuously increasing complexity of clinical
trials and targeted therapeutic areas (like
oncology, CNS, cardiovascular, diabetes), making
them more expensive and difficult to develop
in-house. Furthermore, evolving regulatory
environment and burdensome penalties for
non-compliance add to the duration, cost, and
complexity of drug development, making it more
lucrative to outsource. Competitive Landscape
Analysis of Contract Research Organization (CRO)
Services Market The CRO industry has undergone
intense consolidation over the last decade,
shifting from a highly fragmented market to a
fairly consolidated landscape currently. This
trend is mainly driven by the demand of big
pharma to partner with fewer full-service
CROs. Some of the key players in the global
contract research organization (CRO) services
market include IQVIA, Labcorp, Syneos Health,
Thermo Fisher Scientific, Parexel, ICON, Charles
River, WUXI Apptec, Pharmacon Beijing, SGS, among
others.
5
For More Comprehensive Insights, Contact Us
_at_ https//meditechinsights.com/contact-us/ About
Medi-Tech Insights Medi-Tech Insights is a
healthcare-focused business research insights
firm. Our clients include Fortune 500 companies,
blue-chip investors hyper-growth start-ups. We
have completed 100 projects in Digital Health,
Healthcare IT, Medical Technology, Medical
Devices Pharma Services. Contact Ruta
Halde Associate, Medi-Tech Insights 32 498 86 80
79 info_at_meditechinsights.com