The global contract research
organization services market will derive growth from increasing clinical trials
in the coming years. According to a report by Fortune Business Insights, titled
“Contract Research Organization
Services: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 38,396.4 Mn in 2018. Fortune Business Insights states
that the market will reach US$ 90,926.3 Mn by 2026, thereby exhibiting a CAGR of 9.9%.
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A
contract research organization is a company that is engaged in providing
various pharmaceutical services such as product development, statistical
analysis, and regulatory updates. The contract research organization also helps
in submitting applications for new drug approvals and framing these
applications within the regulatory compliances, all while ensuring the
applications meets safety standards as stated by the related authorities.
Factors such as increasing healthcare expenditure by the government as well as
private organizations will favor the growth of the global contract research
organization services market in the forthcoming years.
Increasing Number of Non-Profit Organizations are Getting
Involved in CRO launches
The demand for CROs has been
increasing ever since healthcare institutions have unlocked various benefits of
contract research organizations in business operations. With the inflating
demand for CROs, investors have identified huge growth potential within
establishing CROs. The rise in the number of investors involved in developing
contract research organizations has contributed to the growth of the global CRO
services market. Besides non-profit organizations, the market continues to
witness newer CRO launches from leading companies around the world. IN April
2019, FHI 360 announced the launch of a new CRO service, named FHI Clinical.
The company claims to help companies involved in the hard-to-reach market and
focuses on resource-limited settings. Fortune Business Insights states that
such new CRO launches will have a positive impact on the global contract
research organizations services market and will favor growth of the market in
the coming years.
Read More in this Press Release:
Increasing
Mergers and Strategic Collaborations to Favor Market Growth
Increasing mergers and acquisitions
aimed at developing existing CROs and establishing new CROs are a primary factor that will account for the
growth of the global contract research organization services market. The global
CRO services market will also benefit from a recent surge in the number of
company collaborations and agreements. In 2018, Cereno Scientific announced
that it is collaborating with leading CRO ‘OCT’. The company announced the
collaboration with the aim of conducting phase 2 clinical trials for study of
Cereno’s latest drug ‘CS1’. Fortune Business Insights states that Cereno’s
latest partnership will have a significant impact on the overall market. The
report includes company collaborations and mergers, similar to Cereno’s latest
merger.
Read More Details Here:
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