The 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$ 12,174.4 million in 2019, and is expected to exhibit a CAGR of 9.4%, during the forecast period (2019-2027), as highlighted in a new report published by Coherent Market Insights.

Globally, there are several healthcare IT companies, which develop and modify clinical trial management software. There is availability of customized software to manage clinical trials data according to client requirement and study protocol. For instance, according to the study conducted by the University of Minnesota and University of Michigan in 2018, all the companies that conduct clinical trials use OnCore clinical trial management system, which offers functional features such as Clinical Research Management, Study Setup, eCRFs, Financials, Visit Tracking & Data Capture, Study Data Management, and Revenue Management. This is expected to be one of the important factors expected to drive growth of the clinical trial management market over the forecast period.

Browse 09 Market Data Tables and 27 Figures spread through 301 Pages and in-depth TOC on " 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), - Global Forecast to 2027"

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Growth of the U.S. contract research organization (CROs) market is largely driven by increased research & development expenditure and increasing outsourcing. This has attributed to shift in the industry focusing towards development of therapeutics for rare diseases, as more biopharmaceutical manufacturers have increased focus towards rare diseases. Therefore, increasing research and development expenditure in the healthcare sector is a major factor that is expected to drive growth of the U.S. contract research organization (CROs) market during the forecast period.

For instance, according to the Pharmaceutical Research and Manufacturers of America (PhRMA), 2018, overall research and development spending of pharmaceutical and biotechnology companies was around US$ 62.2 billion in 2018 compared to US$ 55.8 billion in 2017, which was majority of all biopharmaceutical R&D spending in the U.S. This increasing research and development expenditure has led to an increase in number of drug approvals in the recent past. For instance, according to the U.S. FDA reports, around 59 novel drugs were approved in 2018 as compared to 46 drugs in 2017. Adoption of inorganic strategies such as acquisitions and collaborations by major players in CRO market is expected to drive the U.S. contract research organization (CROs) market.

For instance, in March 2018, contract research organizations (CROs): ICON plc, Medpace, Pharmaceutical Product Development, LLC (PPD), PRA Health Sciences, Syneos Health, UBC, and Veeva Systems entered into a collaboration to introduce Align Clinical CRO: a new industry standards group for sponsors and CROs to work together during clinical trials. Moreover, in June 2018, LabCorp acquired Sciformix Corporation, a scientific process outsourcing company focused on pharmacovigilance and regulatory solutions for biopharmaceutical and medical device clients.

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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 9.4% during the forecast period (2019-2027), owing to increasing demand for specialized clinical trial services and increasing number of clinical trials 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. The system is expected to increase speed, efficiency, and improve compliance performance.

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, Clinipace, CMIC Holdings Co., Ltd, EPS International, Synteract, CROMSOURCE, Pharm-Olam, Linical Accelovance, Accumedix, Inc., AlcheraBio LLC, Amarex Clinical Research LLC, Arianne Corporation, Absolute Research Solutions, BioClinica Inc., BioPharma Services Inc., Neurovasc Preclinical Services, Inc., PSI, WCCT Global Inc., RHO, Inc., CATO Research LLC, Spaulding Clinical Research, Celerion, Clindatrix, Inc., Comparative Biosciences, Inc., Axiom Real-Time Metrics, CPC Clinical Research, Axis Clinicals LLC, DP Clinical, Egeen Inc., Grayline, Cmed, Integrium, LLC, MedTrials, Novum, Shin Nippon Biomedical Laboratories, Ltd., KPS Life, Pinnacle Research Group, LLC Promedica International., Alta Science, Prometrika, LLC, 4clinics, and Premier Research.

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