Infinium Global Research Contract Research Organizations Market | Page 2

A latest report has been added to the wide database of Contract Research Organizations Market by Infinium Global Research. This report studies the Contract Research Organizations Market by therapeutic area (cardiac, central nervous system, oncology, and infectious diseases), end-user (early-stage development services and last-stage development services) market status and outlook of global and major regions, from manufacturers, and end industries. The objective of the study is to identify market sizes of different segments & countries in recent years and to forecast the values for the next six years. Contract Research Organizations Market provides opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape, latest trends, and product offerings of the major companies in the Contract Research Organizations Market. According to report the global contract research organizations market is projected to grow at a CAGR of 7.5% over the forecast period of 2017-2023. Contract research organizations (CROs) provide research and development (R&D) services to pharmaceutical, biotechnology companies as well as various government institutions, foundations and universities on a contract basis. During the recent years, many pharmaceutical and biotechnology companies have become increasingly reliant on CROs and other contract research service providers to conduct their R&D operations. CROs have started offering services to their vendors for all phases of R&D like pre-clinical services, clinical trials and post-clinical trial services. Outsourcing R&D operations to CROs allows these companies to focus on their core activities such as sales, marketing, product management, etc. It also helps them to increase their capability for in-house regulatory services, clinical data management, pharma-covigilance, biostatistics, etc. Pharmaceutical companies outsource their R&D services to CROs for various benefits, in which some of the key benefits for them include access to capabilities which is not found in-house, increase their global research and operations, improve quality with cost-efficient resource utilization, access to innovation and achieve timely availability of product into the market. Market Insights The major driving factors for the growth of global CRO market include pricing pressures in the healthcare markets, the need for R&D productivity, large number of patent expirations and stringent regulatory policies for the drug approvals. In addition, increased outsourcing R&D activities by pharmaceutical companies are one of the major driving factors for this market. Apart from these the other driving factors for this market include, company’s vision to focus on their core business activities and to achieve cost efficiency in their business operations. Despite the existence of these drivers, the market for CROs is facing some serious challenges that might hamper the growth of this market. Some of the challenges of this market include stringent regulatory compliance for product approvals, shortage of experienced professionals to conduct R&D activities and large number of product recalls from the market due to