Published Date: 2022-04-08
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North American Contract Research Organization Market size is estimated to reach USD 34.2 billion by 2028, according to a latest forecast report by Graphical Research.
Increasing technological advancements and adoption of advance technological tools owing to increasing digitalization is transforming the clinical research for contract research organization (CROs). CROs are developing the industry toward patient-centric digital trials. Moreover, the increasing adoption of technologically advanced tools has uplifted the industry to a substantial level that will help patients in the upcoming years. Moreover, the increasing number of clinical trials and clinical trial data volume adoption of advance technology plays essential role for CROs to advance drug development.
In recent times pharmaceutical companies are increasingly outsourcing research and development activities as a strategy to stay competitive and flexible in world of exponentially growing knowledge, increasingly sophisticated technology. Outsourced R&D activities range from basic research through late-stage development, and include genetic engineering, target validation, assay creation, hit discovery and lead optimization, safety and efficacy assessments in animal models, and human clinical trials. Furthermore, stringent compiling processes regarding drug safety have resulted in increased pressure on the companies over the past years. However, the pharmaceutical industry is anticipated to witness uptick in discoveries and inventions, practicing in-house clinical research and trials will become difficult for the companies.
The laboratory services segment accounted for 12% market share in 2021. The laboratory services offers bioanalytical testing and analytical testing services. The increasing prevalence of target disease such as cardiovascular disease and diabetes are expected to boost the laboratory services. For instance, according to CDC, about 659,000 people die from heart disease each year in the U.S.
Browse detailed statistical insights from the report, “North America Contract Research Organization (CRO) Market Forecast 2028 By Service Type (Early Phase Development Services {Discovery Services, Chemistry, Manufacturing & Control (CMC), Pre-clinical Services [Pharmacokinetics/Pharmacodynamics (PK/PD), Toxicology Testing Services]}, Clinical Research Services {Phase I, Phase II, Phase III, Phase IV}, Laboratory Services {Bioanalytical Testing Services, Analytical Testing Services [Physical Characterization, Raw Material Testing, Batch Release Testing, Stability Testing]}, Consulting Services), By Therapeutic Area (Oncology, Clinical Pharmacology, Cardiology, Infectious Disease, Neurology, Gastroenterology & Hepatology, Ophthalmology), By End-use (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, Academic Institutes), Research Report, Country Outlook (U.S., Canada), Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The infectious disease segmented held over USD 608.8 million revenue for 2021 attributed to increasing prevalence of infectious disease. Moreover, the rising prevalence of zoonotic diseases has further augmented the infectious disease segment growth. Also, increasing number of clinical trials in search of therapies and vaccines to control and prevent the spread of infectious disease and rising government initiatives supporting the R&D activities will boost the market growth.
The medical device companies dominated around 28.3% market share in 2021 on account of increasing demand for advance technological tools for disease diagnosis and treatment is anticipated to upsurge the outsourcing of medical devices. Moreover, CROs offer services that are specifically designed to meet the regulator requirements and trial needs that are unique to the development of medical devices. Thus, the increasing disposable income and adoption of novel technological solutions for effective diagnosis and treatment will boost the industry growth.
Canada contract research organization market will exceed USD 4,244.3 million revenue by 2028. Increasing R&D activities to strengthen the healthcare sector is expected to significantly boost the market size. The increasing disposable income and increasing awareness for early diagnosis and effective treatment creates lucrative opportunity for pharma and biotech companies to develop advance solutions to improve desired outcome. Also, increasing government initiatives and approval from regulatory bodies to implement novel solutions will significantly bolster the market demand.
The North American CRO market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2017 to 2028, for the following segments:
North America Market, By Service Type
North America Market, By Therapeutic Area
North America Market, By End-use
The above information has been provided for the following countries:
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