Clinical Trial Services is the largest segment driving the growth of U.S. Contract Research Organization (CROs) Market

The global U.S. Contract Research Organization (CROs) Market is estimated to be valued at US$ 17446.79 Mn or Millions in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:-

Contract research organizations (CROs) aid pharmaceutical and biotechnology companies in improving drug development processes by providing research activities and increasing productivity. They support pharmaceutical companies to accomplish research activities more efficiently through their comprehensive drug development services such as clinical trial services, preclinical and clinical research, and clinical data management among others.

Market key trends:-

One of the key trends in the U.S. CROs market is increasing outsourcing of clinical trials and other services by pharmaceutical companies. Growing research and development activities and increasing drug development costs have prompted pharmaceutical companies to increasingly rely on CROs to perform various research functions. Furthermore, increasing demand for specialized testing services and focus of CROs on niche therapies is supplementing the market growth. Also, growing adoption of decentralized and hybrid clinical trial models amid the COVID-19 pandemic are expected to present lucrative business opportunities to CROs over the forecast period.

However, concerns regarding data privacy and lack of skilled workforce present major challenges.

Market key trends:-

The U.S. CRO market is witnessing significant growth due to the increasing outsourcing of early phase clinical trials by pharmaceutical and biotechnology companies. CROs help reduce development costs and timelines for new drug development. The market is also driven by the growing complexity of drug development processes and the need for specialized services. More pharmaceutical players are engaging CROs to handle specialized functions like imaging, biomarkers, analytics etc.

SWOT Analysis-

• Strengths: Presence of large full-service CROs with expertise across clinical trial phases; Growing demand for specialized services in drug development
• Weaknesses: High employee attrition rates; Dependency on small number of clients
• Opportunities: Emerging markets for clinical trials in developing countries; Increased research in areas like orphan drugs, personalized medicine.
• Threats: Intense competition amongst CROs; Regulatory changes affecting approval timelines.

Key Takeaways:-

The U.S. CRO Market Size was valued at US$ 17446.79 Mn in 2023 and is expected to reach US$ 39457.23 Mn by 2030, expanding at a CAGR of 9.6% during the forecast period. Growth is attributed to rising R&D investment of pharmaceutical and biotechnology players for novel drug pipelines.

Regional analysis: North America dominated over 80% of market share owing to presence of majority pharmaceutical companies and biotech startups. The region continues to be the largest market for clinical trials globally.

Key players: Key players operating in the U.S. CRO market are 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. These players collectively accounted for over 65% of the total market share in 2023.

Read More - https://www.insightprobing.com/u-s-contract-research-organization-cros-market-share-and-size-analysis/