The U.S.Contract Research Organization (CROs) Market, by Service Type (DrugDiscovery, Preclinical studies, Early Phase I – IIa, Phase IIa – III, PhaseIIIb – IV, Drug Development, Medical Coding and Writing, Monitoring, ClinicalData Management, Bio-statistics, Site Management, Protocol Development, andBiomarker Discovery), by Therapeutic Application (Oncology, CardiovascularDiseases, Central Nervous System Diseases, Infectious Diseases, MetabolicDisorders, Immunological Disorders, Respiratory Disorders, and Others), and bySize of CRO (Small Size, Medium Size, and Large Size), is estimated to be valued at US$ 12,174.4 million in 2019, andis 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 severalhealthcare IT companies, which develop and modify clinical trial managementsoftware. There is availability of customized software to manage clinicaltrials data according to client requirement and study protocol. For instance,according to the study conducted by the University of Minnesota and Universityof Michigan in 2018, all the companies that conduct clinical trials use OnCoreclinical trial management system, which offers functional features such asClinical Research Management, Study Setup, eCRFs, Financials, Visit Tracking& Data Capture, Study Data Management, and Revenue Management. This isexpected to be one of the important factors expected to drive growth of theclinical trial management market over the forecast period.
Browse 09 Market Data Tables and27 Figures spread through 301 Pages andin-depth TOC on " U.S. Contract Research Organization (CROs) Market, byService 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, andProtocol Development, and Biomarker Discovery), by Therapeutic Application (Oncology, Cardiovascular Diseases, CentralNervous 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. contractresearch organization (CROs) market is largely driven by increased research& development expenditure and increasing outsourcing. This has attributedto shift in the industry focusing towards development of therapeutics for rarediseases, as more biopharmaceutical manufacturers have increased focus towardsrare diseases. Therefore, increasing research and development expenditure inthe healthcare sector is a major factor that is expected to drive growth of theU.S. contract research organization (CROs) market during the forecast period.
For instance, according to thePharmaceutical Research and Manufacturers of America (PhRMA), 2018, overallresearch and development spending of pharmaceutical and biotechnology companieswas around US$ 62.2 billion in 2018 compared to US$ 55.8 billion in 2017, whichwas majority of all biopharmaceutical R&D spending in the U.S. Thisincreasing research and development expenditure has led to an increase innumber of drug approvals in the recent past. For instance, according to theU.S. FDA reports, around 59 novel drugs were approved in 2018 as compared to 46drugs in 2017. Adoption of inorganic strategies such as acquisitions andcollaborations 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, PharmaceuticalProduct Development, LLC (PPD), PRA Health Sciences, Syneos Health, UBC, andVeeva Systems entered into a collaboration to introduce Align Clinical CRO: a newindustry standards group for sponsors and CROs to work together during clinicaltrials. Moreover, in June 2018, LabCorp acquired Sciformix Corporation, ascientific process outsourcing company focused on pharmacovigilance andregulatory solutions for biopharmaceutical and medical device clients.
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Key Takeaways of the U.S.Contract Research Organization (CROs) Market:
The U.S. contract researchorganization (CROs) market is expected to exhibit a CAGR of 9.4% during theforecast period (2019-2027), owing to increasing demand for specializedclinical trial services and increasing number of clinical trials is expected todrive the Early Phase I – IIa segment growth during the forecast period. Forinstance, in 2018, LabCorp introduced a dedicated offering for biotech, medicaldevice, and diagnostics companies. The new service offering comprisesdevelopment services, including non-clinical and first-in-human studies, PhaseI development, central laboratory services, and regulatory and market accessconsulting.
Technological advancement in thefield of clinical research to improve efficiency and efficacy of clinicaltrials is expected to drive the monitoring segment growth in the U.S. contractresearch 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 themanagement of a product portfolio’s complete regulatory lifecycle. The systemis expected to increase speed, efficiency, and improve compliance performance.
Major players operating in theU.S. contract research organization (CROs) market include LaboratoryCorporation of America Holdings (Covance), IQVIA, Paraxel InternationalCorporation, Syneos Health, PRA Health Sciences, Charles River LaboratoiresInternational Inc. (CRL), Pharmaceutical Product Development (PPD), ICON PublicLimited Corporation, Wuxi Apptec, Medpace Holdings, Inc, Medidata Solutions,Inc., Theorem Clinical Research, Pharmaron, Envigo, Clinipace, CMIC HoldingsCo., Ltd, EPS International, Synteract, CROMSOURCE, Pharm-Olam, LinicalAccelovance, Accumedix, Inc., AlcheraBio LLC, Amarex Clinical Research LLC,Arianne Corporation, Absolute Research Solutions, BioClinica Inc., BioPharmaServices 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, CPCClinical 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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