The contract research organization (CRO) market is expected to reach US$ 88,835. 19 million in 2028 from US$ 50,093. 56 million in 2021; it is expected to grow at a CAGR of 8. 5% from 2021 to 2028.
New York, Oct. 21, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Contract Research Organization Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type and End User" - https://www.reportlinker.com/p06176777/?utm_source=GNW
The growth of the market is primarily attributed to the surge in R&D expenditures and outsourcing activities, and rise in the number of clinical trials.Moreover, increasing demand for specialized testing services is expected to foster market growth during the forecast period.
However, the dearth of skilled professionals hinders the market growth.Healthcare service providers have been focusing adapting to the challenging transformations triggered by the COVID-19 pandemic.
European countries such as Italy and Spain have registered the maximum number of deaths due to COVID-19.Clinical research plays a crucial role in developing diagnostics and medicines to fight the ongoing COVID-19 pandemic through rapid and accurate clinical trials, as well as in collecting robust and reliable outcomes in a variety of settings on a large scale.
Intensive global research collaborations among stakeholders and industries involving all countries are driving the market growth.
Based on type, the contract research organization (CRO) market is segmented into early phase services, clinical research services, laboratory services, and post-approval services.The early phase services segment further bifurcated into drug discovery services and preclinical services.
The clinical research services segment is the largest shareholder in the market and is expected to register the highest CAGR during the forecast period.By end user, the contract research organization (CRO) market is segmented into pharmaceutical and biotechnology companies, and medical devices companies.
The pharmaceutical and biotechnology companies segment holds a larger share in the market and is estimated to register a higher CAGR during 2021-2028.
The Association of Clinical Research Organization, European Federation of Pharmaceuticals Industries Associations, and US Food and Drug Administration are among the primary and secondary sources referred to while preparing the report on the contract research organization (CRO) market.
Read the full report: https://www.reportlinker.com/p06176777/?utm_source=GNW
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