Market Snapshot:
Contract research organization services involves outsourcing of pharmaceutical, medical devices and others healthcare related suppliers with an aim to develop groundbreaking drugs and medicines. With rising investment in healthcare, companies are exploring all possible means to reduce the cost of drug development. These services range from small niche segment to large international full service.The research analyst at AMA estimates Contract Research Organization Services market to grow at a compounded annual growth rate of 7.1%
Segment Analysis
AMA Research have segmented the market of Global Contract Research Organization Services market by Type, Application and Region. On the basis of Type, Clinical Research are dominating the market in the year 2020
On the basis of geography, the market of Contract Research Organization Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Trend
Growing Number of Clinical Trails and Rising Biosimilars and Biologics Markets
Market Drivers
Growing Need for Effective Drug Development and Rising R&D Expenditure
Opportunities
Growing Number of Clinical Trials in Emerging Countries and Rising Investment in Contract Research Organization Services by Emerging Countries
Restraints
- Budgetary Constraints in Small and Medium Scale Industries
- Stringent Regulatory Guidelines Regarding Contract Research Organization Services
In addition to the aforementioned factor, Growing Need for Effective Drug Development
is expected to propel the growth of the market over the forecast period.
The key Players profiled in the study are IQVIA (United States), LabCorp (United States), PAREXEL (United States), ICON plc (Ireland), PPD (United States), PRA Health Sciences (United States), Syneos Health (United States), Charles River (United States) and Wuxi PharmaTech (United States). A lot of United States players are profiled in the research study indicating a strong market dependence.