{"id":703887,"date":"2024-06-24T19:40:02","date_gmt":"2024-06-24T19:40:02","guid":{"rendered":"https:\/\/www.abnewswire.com\/pressreleases\/?p=703887"},"modified":"2024-06-24T19:40:02","modified_gmt":"2024-06-24T19:40:02","slug":"contract-research-organization-cros-services-market-worth-1298-billion-by-2029","status":"publish","type":"post","link":"https:\/\/www.abnewswire.com\/pressreleases\/contract-research-organization-cros-services-market-worth-1298-billion-by-2029_703887.html","title":{"rendered":"Contract Research Organization (CROs) Services Market worth $129.8 billion by 2029"},"content":{"rendered":"
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The European market is the second-largest CRO Services market globally, mainly due to factors such as growing investment in the pharmaceutical and biotechnology R&D along with presence of players involved in pharmaceutical drug development. <\/div>\n<\/div>\n<\/div>\n
Browse 626 market data Tables and 57 Figures spread through 507 Pages and in-depth TOC on “Contract Research Organization (CROs) Services Market by Type (Early Phase, Clinical, Lab, Consulting, Data Management), Therapeutic Area (Cancer, Infectious Disease, Neurology, Dermatology, Immunology, Hematology, Vaccines, CGT) – Global Forecast to 2029<\/div>\n

Contract Research Organization Services Market \/ CRO Services Market<\/a><\/strong> in terms of revenue is estimated to be worth $82.0 billion in 2024 and is poised to reach $129.8 billion by 2029, growing at a CAGR of 9.6% from 2024 to 2029 according to a new report by MarketsandMarkets™. The rising number of products in the drug development pipeline and growing technological advancements in the clinical trials, are the factors supporting market growth.<\/p>\n

Download an Illustrative overview: https:\/\/www.marketsandmarkets.com\/pdfdownloadNew.asp?id=167410116<\/a><\/strong><\/p>\n

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Data management subsegment is the fastest-growing of the CRO Services market by type<\/strong><\/p>\n

Among the type subsegments, the market is segmented as Clinical Research Services, Early Phase Development Services, Laboratory Services, Consulting Services and Data Management Services. In 2023, the data management services segment accounted for the highest growth rate of the CRO Services market by type. Growth in this market segment can be attributed to factors such as availability of technically advanced systems for effective data management as well as requirement of efficient data collection, management and analysis for successful conduction of clinical trials.<\/p>\n

Medical Device Companies is the fastest-growing segment of the CRO Services market by end user<\/strong><\/p>\n

Among the end user subsegments, the CRO services market is segmented into pharmaceutical & biopharmaceutical companies, medical device companies, and academic institutes. In 2023, medical device companies segment accounted for the fastest growing subsegment of the end user segment of CRO Services market. Growth in this market segment can be attributed to one of the major factors which is growth in the number of clinical trials conducted for medical devices.<\/p>\n

Europe: The second-largest region in the CRO Services market.<\/strong><\/p>\n

The European market is the second-largest CRO Services market globally, mainly due to factors such as growing investment in the pharmaceutical and biotechnology R&D along with presence of players involved in pharmaceutical drug development. Moreover, growing number of clinical trials in the region is another factor supporting the growth of European CRO Services market.<\/p>\n

Request Sample Pages: <\/strong>https:\/\/www.marketsandmarkets.com\/requestsampleNew.asp?id=167410116<\/a><\/strong><\/p>\n

Contract Research Organization Services Market \/ CRO Services Market<\/strong> Dynamics:<\/strong><\/p>\n

Drivers:<\/strong><\/p>\n

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  1. Rising pharmaceutical R&D expenditure and increasing drug pipeline<\/li>\n
  2. Technological advancements in clinical trials and innovative trial designs<\/li>\n
  3. High cost of in-house drug development<\/li>\n<\/ol>\n

    Opportunities:<\/strong><\/p>\n

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    1. Favorable growth prospects for biologics and biosimilars market<\/li>\n
    2. Need for novel clinical trial designs for complex cell & gene therapies<\/li>\n
    3. Emergence of hybrid models with CRO-CDMO partnerships<\/li>\n
    4. Growing focus on personalized\/precision medicine<\/li>\n
    5. Development of next-generation biotherapeutic products<\/li>\n<\/ol>\n

      Challenge:<\/strong><\/p>\n

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      1. Lack of adequate patient recruitment and retention for clinical trials<\/li>\n
      2. Changing clinical trial complexities<\/li>\n<\/ol>\n

        Key Market Players of <\/strong>Contract Research Organization Services Market \/ CRO Services Industry<\/strong>:<\/strong><\/p>\n

        The market for CRO Services is competitive, with key players strategizing to capture the market. Prominent players in the CRO Services market are IQVIA Inc. (US), Laboratory Corporation of America Holdings (US), Thermo Fisher Scientific Inc. (US), ICON Plc (Ireland), WuXi AppTec (China), Syneos Health (US), Charles River Laboratories (US), Pharmaron (China), Fortrea, Inc. (US), Eurofins Scientific (Luxembourg) and Medpace, Inc. (US) among others.<\/p>\n

        The primary interviews conducted for this report can be categorized as follows:<\/strong><\/p>\n