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Contract Research Organization (CRO) Market by End-user and Geography - Forecast and Analysis 2022-2026

  • Published: Apr 2022
  • Pages: 120
  • SKU: IRTNTR73340
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The predicted growth of the contract research organization (CRO) market share from 2021 to 2026 is USD 40.00 billion at a progressing CAGR of 10.06%.

This contract research organization (CRO) market research report extensively covers contract research organization (CRO) market segmentation by:

  • End-user - Pharmaceutical and biopharmaceutical companies, Medical device companies, and Academic institutes
  • Geography - North America, Europe, APAC, and Rest of World (ROW)

The contract research organization (CRO) market vendors are - Azelix LLC, BioAgile Therapeutics Pvt. Ltd, Charles River Laboratories International Inc., Clinical Trial Service BV, Eurofins Scientific SE, Firma Clinical Research LLC, Frontage Holdings Corp., GENETICIST Inc., Guires Ltd., ICON plc, IQVIA Holdings Inc., Laboratory Corp. of America Holdings, Linical Co. Ltd., Medpace Holdings Inc., PAREXEL International Corp., Pharmaron Beijing Co. Ltd., PSI CRO AG, Syneos Health Inc., Thermo Fisher Scientific Inc., and WuXi AppTec Co. Ltd. among others.

What will the Contract Research Organization (CRO) Market Size be During the Forecast Period?

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Contract Research Organization (CRO) Market: Key Drivers, Trends, and Challenges

The growth of biopharmaceutical industry is notably driving the contract research organization (CRO) market growth, although factors such as intellectual property issues hamper the contract research organization industry growth may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the contract research organization (CRO) industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Contract Research Organization (CRO) Market Driver

  • One of the key factors driving growth in the contract research organization (CRO) market is the growth of biopharmaceutical industry.  
  • The biopharmaceutical products capacity to treat previously untreatable illnesses has resulted in the introduction of novel medications to the market and this booming and successful biologics business excites innovators, suppliers, and investors alike.
  • As the pharmaceutical business evolves toward the biopharmaceutical industry for the creation of new medications and biosimilars that are launched in the market by new global actors, the biopharmaceutical industry dynamics change.
  • Geographically, the biopharmaceutical industry is expanding in developing countries such as India and China and as the global demand for various biologics and pharmaceuticals is growing at a steady rate, partnerships between developing and developed countries are rising to increase the development and production of biologics.

Key Contract Research Organization (CRO) Market Trend

  • The intellectual property issues hamper the contract research organization industry growth and will be a major challenge for the contract research organization (CRO) market during the forecast period.
  • A contract research organization (CRO) is a company that provides support to pharmaceutical, biotechnology, and medical device industries in the form of research services outsourced on a contract basis.
  • Intellectual property issues are one of the major concerns faced in outsourcing clinical trials that may potentially slow down the growth of the contract research organization market.
  • The majority of medical devices and medication candidates are patented by regulatory bodies and outsourcing them to a contract research organization could result in data leakage.
  • Patent concerns and provisions for pre- and post-grant disagreement, are highly burdensome and it is vital for CROs to have a greater emphasis on clinical trial agreements as the government scrutinizes clinical trial difficulties. Such concerns tarnish the reputation of CROs and may restrict the growth of the contract research organization industry.

Key Contract Research Organization (CRO) Market Challenge

  • The growing demand for CROs is a contract research organization (CRO) market trend that is expected to have a positive impact in the coming years.
  • Many pharmaceutical product manufacturers and drug discovery companies tend to outsource their clinical trial process to CROs and this enables the pharmaceutical companies to focus on R and D and optimize their operating costs.
  • In developed countries, high operating costs prevented several companies from investing in a research facility due to requirements for high capital, leading to a drop in the R and D investments by companies.
  • To avoid this business problem and optimize operating costs, subcontract laboratories such as CROs carry out research and testing to drive innovation for these companies.
  • The major factors propelling the growth of the global CRO market include the high demand for clinical trials in emerging markets, the high R and D spending of the pharmaceutical industry, the increasing prevalence of chronic diseases, and the focus on rare diseases and multiple orphan drugs in R and D.

This contract research organization (CRO) market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global contract research organization (CRO) market as a part of the global life science tools and services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the contract research organization (CRO) market during the forecast period.

Who are the Major Contract Research Organization (CRO) Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Azelix LLC
  • BioAgile Therapeutics Pvt. Ltd
  • Charles River Laboratories International Inc.
  • Clinical Trial Service BV
  • Eurofins Scientific SE
  • Firma Clinical Research LLC
  • Frontage Holdings Corp.
  • GENETICIST Inc.
  • Guires Ltd.
  • ICON plc
  • IQVIA Holdings Inc.
  • Laboratory Corp. of America Holdings
  • Linical Co. Ltd.
  • Medpace Holdings Inc.
  • PAREXEL International Corp.
  • Pharmaron Beijing Co. Ltd.
  • PSI CRO AG
  • Syneos Health Inc.
  • Thermo Fisher Scientific Inc.
  • WuXi AppTec Co. Ltd.

 

This statistical study of the contract research organization (CRO) market encompasses successful business strategies deployed by the key vendors. The contract research organization (CRO) market is fragmented and the vendors are deploying growth strategies such as entering into mergers and acquiring other companies to compete in the market.

Product Insights and News

  • Charles River Laboratories International Inc. - Charles River Laboratories International Inc. is a public company headquartered in US. It is a global company generating $3,540.16 million in revenues and has around 20,000 employees. Its revenue from the global contract research organization (CRO) market contributes to its overall revenues along with its other offerings, but it is not a key revenue stream for the company. 
  • Charles River Laboratories International Inc. - The company offers preclinical CRO services to provide a full range of in vivo and in vitro testing evaluations and regulatory support for the safety assessment of pharmaceuticals, medical devices, and animal health products as well as chemicals, agrochemicals, and biocides. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The contract research organization (CRO) market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Contract Research Organization (CRO) Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the contract research organization (CRO) market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Contract Research Organization (CRO) Market?

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41% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for contract research organization (CRO) in North America. Market growth in this region will be faster than the growth of the market in the European and APAC regions.

The access to a large patient pool for various indications to conduct late-stage clinical trials will facilitate the contract research organization (CRO) market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the outbreak of COVID-19 adversely affected all countries in North America, especially the US. However, the pandemic positively impacted the CRO market in North America. As of September 21, 2022, around 82.4 million cases of COVID-19 were reported in the US. A rise in the number of COVID-19 cases in the first quarter of 2020 and early 2021 led to an increase in the demand for various pharmaceuticals used in the treatment of COVID-19.

What are the Revenue-generating End-user Segments in the Contract Research Organization (CRO) Market?

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The contract research organization (CRO) market share growth by the pharmaceutical and biopharmaceutical companies segment will be significant during the forecast period. Pharmaceutical and biopharmaceutical companies have the highest share in the global CRO market. Pharmaceutical companies are increasingly outsourcing their R and D activities, including early-stage research programs, to third-party organizations such as biotech startups and private contract research organizations. There is a boom in life sciences which stimulates the emergence of novel biological targets, therapeutic modalities. The therapeutic and scientific expertise of CROs allows sponsors to achieve their goals in R and D process innovation, globalization of clinical trials, and greater efficiency in conducting those clinical trials.

This report provides an accurate prediction of the contribution of all the segments to the growth of the contract research organization (CRO) market size and actionable market insights on post COVID-19 impact on each segment.

 

Contract Research Organization (CRO) Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 10.06%

Market growth 2022-2026

$ 40.00 billion

Market structure

Fragmented

YoY growth (%)

8.8

Regional analysis

North America, Europe, APAC, and Rest of World (ROW)

Performing market contribution

North America at 41%

Key consumer countries

US, Canada, China, Germany, and UK

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Azelix LLC, BioAgile Therapeutics Pvt. Ltd, Charles River Laboratories International Inc., Clinical Trial Service BV, Eurofins Scientific SE, Firma Clinical Research LLC, Frontage Holdings Corp., GENETICIST Inc., Guires Ltd., ICON plc, IQVIA Holdings Inc., Laboratory Corp. of America Holdings, Linical Co. Ltd., Medpace Holdings Inc., PAREXEL International Corp., Pharmaron Beijing Co. Ltd., PSI CRO AG, Syneos Health Inc., Thermo Fisher Scientific Inc., and WuXi AppTec Co. Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this Contract Research Organization (CRO) Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive contract research organization (CRO) market growth during the next five years
  • Precise estimation of the contract research organization (CRO) market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the contract research organization (CRO) industry across North America, Europe, APAC, and Rest of World (ROW)
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of contract research organization (CRO) market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by End-user

    • 5.1 Market segments
      • Exhibit 24: Chart on End-user - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on End-user - Market share 2021-2026 (%)
    • 5.2 Comparison by End-user
      • Exhibit 26: Chart on Comparison by End-user
      • Exhibit 27: Data Table on Comparison by End-user
    • 5.3 Pharmaceutical and biopharmaceutical companies - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Pharmaceutical and biopharmaceutical companies - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Pharmaceutical and biopharmaceutical companies - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Pharmaceutical and biopharmaceutical companies - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Pharmaceutical and biopharmaceutical companies - Year-over-year growth 2021-2026 (%)
    • 5.4 Medical device companies - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Medical device companies - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Medical device companies - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Medical device companies - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Medical device companies - Year-over-year growth 2021-2026 (%)
    • 5.5 Academic institutes - Market size and forecast 2021-2026
      • Exhibit 36: Chart on Academic institutes - Market size and forecast 2021-2026 ($ million)
      • Exhibit 37: Data Table on Academic institutes - Market size and forecast 2021-2026 ($ million)
      • Exhibit 38: Chart on Academic institutes - Year-over-year growth 2021-2026 (%)
      • Exhibit 39: Data Table on Academic institutes - Year-over-year growth 2021-2026 (%)
    • 5.6 Market opportunity by End-user
      • Exhibit 40: Market opportunity by End-user ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 42: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 43: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 44: Chart on Geographic comparison
      • Exhibit 45: Data Table on Geographic comparison
    • 7.3 North America - Market size and forecast 2021-2026
      • Exhibit 46: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 47: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 48: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.4 Europe - Market size and forecast 2021-2026
      • Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.5 APAC - Market size and forecast 2021-2026
      • Exhibit 54: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.6 Rest of World (ROW) - Market size and forecast 2021-2026
      • Exhibit 58: Chart on Rest of World (ROW) - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on Rest of World (ROW) - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on Rest of World (ROW) - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on Rest of World (ROW) - Year-over-year growth 2021-2026 (%)
    • 7.7 US - Market size and forecast 2021-2026
      • Exhibit 62: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.8 China - Market size and forecast 2021-2026
      • Exhibit 66: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.9 Germany - Market size and forecast 2021-2026
      • Exhibit 70: Chart on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on Germany - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on Germany - Year-over-year growth 2021-2026 (%)
    • 7.10 Canada - Market size and forecast 2021-2026
      • Exhibit 74: Chart on Canada - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on Canada - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on Canada - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on Canada - Year-over-year growth 2021-2026 (%)
    • 7.11 UK - Market size and forecast 2021-2026
      • Exhibit 78: Chart on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on UK - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on UK - Year-over-year growth 2021-2026 (%)
    • 7.12 Market opportunity by geography
      • Exhibit 82: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 83: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 84: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 85: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 86: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 87: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 88: Matrix on vendor position and classification
            • 10.3 Charles River Laboratories International Inc.
              • Exhibit 89: Charles River Laboratories International Inc. - Overview
              • Exhibit 90: Charles River Laboratories International Inc. - Business segments
              • Exhibit 91: Charles River Laboratories International Inc. - Key news
              • Exhibit 92: Charles River Laboratories International Inc. - Key offerings
              • Exhibit 93: Charles River Laboratories International Inc. - Segment focus
            • 10.4 Eurofins Scientific SE
              • Exhibit 94: Eurofins Scientific SE - Overview
              • Exhibit 95: Eurofins Scientific SE - Business segments
              • Exhibit 96: Eurofins Scientific SE - Key news
              • Exhibit 97: Eurofins Scientific SE - Key offerings
              • Exhibit 98: Eurofins Scientific SE - Segment focus
            • 10.5 ICON plc
              • Exhibit 99: ICON plc - Overview
              • Exhibit 100: ICON plc - Product / Service
              • Exhibit 101: ICON plc - Key offerings
            • 10.6 IQVIA Holdings Inc.
              • Exhibit 102: IQVIA Holdings Inc. - Overview
              • Exhibit 103: IQVIA Holdings Inc. - Business segments
              • Exhibit 104: IQVIA Holdings Inc. - Key news
              • Exhibit 105: IQVIA Holdings Inc. - Key offerings
              • Exhibit 106: IQVIA Holdings Inc. - Segment focus
            • 10.7 Laboratory Corp. of America Holdings
              • Exhibit 107: Laboratory Corp. of America Holdings - Overview
              • Exhibit 108: Laboratory Corp. of America Holdings - Business segments
              • Exhibit 109: Laboratory Corp. of America Holdings - Key news
              • Exhibit 110: Laboratory Corp. of America Holdings - Key offerings
              • Exhibit 111: Laboratory Corp. of America Holdings - Segment focus
            • 10.8 Medpace Holdings Inc.
              • Exhibit 112: Medpace Holdings Inc. - Overview
              • Exhibit 113: Medpace Holdings Inc. - Product / Service
              • Exhibit 114: Medpace Holdings Inc. - Key offerings
            • 10.9 PAREXEL International Corp.
              • Exhibit 115: PAREXEL International Corp. - Overview
              • Exhibit 116: PAREXEL International Corp. - Product / Service
              • Exhibit 117: PAREXEL International Corp. - Key offerings
            • 10.10 Syneos Health Inc.
              • Exhibit 118: Syneos Health Inc. - Overview
              • Exhibit 119: Syneos Health Inc. - Business segments
              • Exhibit 120: Syneos Health Inc. - Key offerings
              • Exhibit 121: Syneos Health Inc. - Segment focus
            • 10.11 Thermo Fisher Scientific Inc.
              • Exhibit 122: Thermo Fisher Scientific Inc. - Overview
              • Exhibit 123: Thermo Fisher Scientific Inc. - Business segments
              • Exhibit 124: Thermo Fisher Scientific Inc. - Key news
              • Exhibit 125: Thermo Fisher Scientific Inc. - Key offerings
              • Exhibit 126: Thermo Fisher Scientific Inc. - Segment focus
            • 10.12 WuXi AppTec Co. Ltd.
              • Exhibit 127: WuXi AppTec Co. Ltd. - Overview
              • Exhibit 128: WuXi AppTec Co. Ltd. - Business segments
              • Exhibit 129: WuXi AppTec Co. Ltd. - Key offerings
              • Exhibit 130: WuXi AppTec Co. Ltd. - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 131: Inclusions checklist
                • Exhibit 132: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 133: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 134: Research methodology
                • Exhibit 135: Validation techniques employed for market sizing
                • Exhibit 136: Information sources
              • 11.5 List of abbreviations
                • Exhibit 137: List of abbreviations
              • growth due to the increasing number of tests for infectious and chronic diseases: The incidence of infectious and chronic diseases has increased over the past decade. The outbreak of the COVID-19 pandemic in 2020 has increased the demand for laboratory testing for COVID-19 across the world. An increase in demand for laboratory testing for infectious diseases, such as COVID-19 and chronic diseases, will be a driver for the life sciences tools and services industry in the future. The growth of the tools and services industry will continue to be strong in emerging markets such as China and India. Developed economies such as Japan and the EU will exhibit moderate growth rates.
                • product development to decrease prices: As the pricing pressure increases, life sciences tools manufacturers will have to rethink product development processes. A value first product design philosophy can help control costs and deliver what customers value the most.

                  Research Framework

                  Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                  TechnavioINFORMATION SOURCES

                  Primary sources

                  • Manufacturers and suppliers
                  • Channel partners
                  • Industry experts
                  • Strategic decision makers

                  Secondary sources

                  • Industry journals and periodicals
                  • Government data
                  • Financial reports of key industry players
                  • Historical data
                  • Press releases
                  Technavio

                  TechnavioDATA ANALYSIS

                  Data Synthesis

                  • Collation of data
                  • Estimation of key figures
                  • Analysis of derived insights

                  Data Validation

                  • Triangulation with data models
                  • Reference against proprietary databases
                  • Corroboration with industry experts
                  Technavio

                  TechnavioREPORT WRITING

                  Qualitative

                  • Market drivers
                  • Market challenges
                  • Market trends
                  • Five forces analysis

                  Quantitative

                  • Market size and forecast
                  • Market segmentation
                  • Geographical insights
                  • Competitive landscape
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                  The contract research organization (cro) market growth will increase by $40003.24 million during 2022-2026.
                  The contract research organization (cro) market is expected to grow at a CAGR of 10.06% during 2022-2026.
                  Technavio has segmented the contract research organization (cro) market by end-user (Pharmaceutical and biopharmaceutical companies, Medical device companies, and Academic institutes) and geographic (North America, Europe, APAC, and Rest of World (ROW)).
                  Azelix LLC, BioAgile Therapeutics Pvt. Ltd, Charles River Laboratories International Inc., Clinical Trial Service BV, Eurofins Scientific SE, Firma Clinical Research LLC, Frontage Holdings Corp., GENETICIST Inc., Guires Ltd., ICON plc, IQVIA Holdings Inc., Laboratory Corp. of America Holdings, Linical Co. Ltd., Medpace Holdings Inc., PAREXEL International Corp., Pharmaron Beijing Co. Ltd., PSI CRO AG, Syneos Health Inc., Thermo Fisher Scientific Inc., WuXi AppTec Co. Ltd. are a few of the key vendors in the contract research organization (cro) market.
                  North America will register the highest growth rate of 41.08% among the other regions. Therefore, the contract research organization (cro) market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
                  The key factors driving the contract research organization (cro) market growth are:
                  • Growth of biopharmaceutical industry
                  • Growing demand for CROs
                  The contract research organization (cro) market vendors should focus on grabbing business opportunities from the pharmaceutical and biopharmaceutical companies segment as it accounted for the largest market share in the base year.
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