The global U.S. Contract Research Organization (CROs) Market is estimated to be valued at US$ 17446.79 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Contract research organizations (CROs) provide clinical trial and research support services for pharmaceutical, biotechnology, medical device and government and academic institutions. They play a vital role in advancing healthcare and drug development by assuming responsibility for the planning and conducting of preclinical and clinical trials, data management, statistical analysis and regulatory affairs. Outsourcing clinical research provides cost advantages to pharmaceutical and biotechnology companies in terms of operational efficiencies.
Market key trends:-
Increasing adoption of artificial intelligence (AI) and data science by CROs are major trends witnessed in the market. Use of advanced technologies such as AI and data science helps enhance data quality, conduct better analysis and interpretation and reduce project timelines significantly. It further helps in predicting treatment responses, patient recruitment and retention. Advancements in technologies have improved clinical trial design, case report form design, treatment effect analysis and site performance. Furthermore, growing use of decentralized or virtual clinical trials is another trend gaining traction. Decentralized clinical trials aid in reducing costs while improving patient access and comfort. They provide real-time data collection and allow participants to complete visits and assessments from home.
Segment Analysis:-
The U.S. contract research organization (CROs) market is divided into early-phase development services and late-phase development services based on phases of clinical research. The late-phase development services segment holds the largest market share due to the rising demand for regulatory services from pharmaceutical and biotechnology companies for new drugs approval. This segment handles phase III and phase IV clinical trials which are larger in size and scope compared to early-phase trials, thereby contributing significantly to the overall revenue of CROs.
Key Takeaways:-
The Global U.S. Contract Research Organization (Cros) Market Demand is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period, due to increasing R&D expenditure in pharmaceutical and biotechnology industries.
Regional analysis: North America dominates the global U.S. CROs market currently. Going forward, the Asia Pacific region is expected to witness the highest growth rate owing to the low costs of clinical trials and rapid growth in clinical research activities in countries like China and India.
Key players: Key players operating in the U.S. CROs market are 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, and Clinipace. The market leaders like IQVIA, Covance, and Syneos Health together hold around 50% of the global market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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