U.S. Contract Research Organization (CROs) Market to Surpass US$ 33,203.1 Mn by 2030 - Coherent Market Insights

U.S. Contract Research Organization (CROs) Market, by Service 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, Protocol Development, and Biomarker Discovery), by Therapeutic Application (Oncology, Cardiovascular Diseases, Central Nervous System Diseases, Infectious Diseases, Metabolic Disorders, Immunological Disorders, Respiratory Disorders, and Others), and by Size of CRO (Small Size, Medium Size, and Large Size) is estimated to be valued at US$ 15,918.6 Million in 2022 and is expected to exhibit a CAGR of 9.6 % during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.

Contract research organizations support the pharmaceutical, biotechnology, and medical device industries. The market growth can be attributed to the growing research and development R&D expenditure, increased outsourcing of R&D activities, and a rising number of clinical trials.

For instance, according to National Center for Science and Engineering Statistics, expenditures for research and development in U. S. totaled $2.4 billion in FY 2020, an increase of 1% from FY 2019.

U.S. Contract Research Organization (CROs) Market– Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.

However, the COVID-19 pandemic had a positive impact on the U.S. Contract Research Organization (CROs) Market, owing to the increasing efforts by key players in market to conduct clinical trials of vaccines for COVID-19 infection.  Thus, increasing efforts by key players to develop vaccines and carry out research and development activities for COVID-19 infection is expected to drive the market growth over the forecast period.

U.S. Contract Research Organization (CROs) Market: Key Developments

For instance, in January 2021, ICON PLC announced a collaboration with Pfizer Inc. and BioNTech to provide clinical trial services for the development of Pfizer and BioNTech's investigational COVID-19 vaccine program. As a part of this program, ICON worked in more than 153 sites in Europe, South Africa, and the U.S., and Latin America for the recruitment of 44,000 participants for the clinical trial studies.

Browse 09 Market Data Tables and 27 Figures spread through 301 Pages and in-depth TOC on “U.S. Contract Research Organization (CROs) Market”- Forecast to 2030, U.S. Contract Research Organization (CROs) Market, by Service 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, and Protocol Development, and Biomarker Discovery), by Therapeutic Application  (Oncology, Cardiovascular Diseases, Central Nervous System Diseases, Infectious Diseases, Metabolic Disorders, Immunological Disorders, Respiratory Disorders, and Others), and by Size of CRO (Small Size, Medium Size, and Large Size)

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https://www.coherentmarketinsights.com/market-insight/us-contract-research-organizations-market-3179

Moreover, increase in the funding to key market players by various government organization is expected to drive growth of market. For instance, according to the Pharmaceutical Research and Manufacturers of America (PhRMA), the PhRMA members had invested nearly as US$  83 billion in R&D activities in 2019. Furthermore, more than 260 vaccines are in the pipeline by the biopharmaceutical companies for various diseases, including COVID-19, as per PhRMA, 2020.

Key Takeaways of the U.S. Contract Research Organization (CROs) Market:

• The U.S. contract research organization (CROs) market is expected to exhibit a CAGR of 9.6% during the forecast period (2022-2030), owing to increasing demand for specialized clinical trial services and increasing number of clinical trials, which is expected to drive the Early Phase I – IIa segment growth during the forecast period. For instance, in 2018, LabCorp introduced a dedicated offering for biotech, medical device, and diagnostics companies. The new service offering comprises development services, including non-clinical and first-in-human studies, Phase I development, central laboratory services, and regulatory and market access consulting.
• Technological advancement in the field of clinical research to improve efficiency and efficacy of clinical trials is expected to drive the monitoring segment growth in the U.S. contract research 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 the management of a product portfolio’s complete regulatory lifecycle.
• Major players operating in the U.S. Contract Research Organization (CROs) market include Laboratory Corporation of America Holdings (Covance), IQVIA, Paraxel International Corporation, Syneos Health, PRA Health Sciences, Charles River Laboratoires International Inc. (CRL), Pharmaceutical Product Development (PPD), ICON Public Limited Corporation, Wuxi Apptec,Medpace Holdings, Inc,Medidata Solutions, Inc., Theorem Clinical Research, Pharmaron, Envigo, and Clinipace.