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.
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"
* The sample copy includes: Report Summary, Table of
Contents, Segmentation, Competitive Landscape, Report Structure, Methodology.
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of this report: https://www.coherentmarketinsights.com/insight/request-sample/3179
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 R&D 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.
For instance, in March 2018,
contract research organizations (CROs): ICON plc, Medpace, Pharmaceutical
Product Development, LLC (PPD), PRA Health Sciences, Syneos Health, UBC, and
Veeva Systems entered into a collaboration to introduce Align Clinical CRO: a new
industry standards group for sponsors and CROs to work together during clinical
trials. Moreover, in June 2018, LabCorp acquired Sciformix Corporation, a
scientific process outsourcing company focused on pharmacovigilance and
regulatory solutions for biopharmaceutical and medical device clients.
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Report: https://www.coherentmarketinsights.com/market-insight/us-contract-research-organizations-market-3179
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 portfolio’s complete regulatory lifecycle. The system
is expected to increase speed, efficiency, and improve compliance performance.
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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