The North America contract research organization (CRO) market is expected to reach US$ 30.7 Bn in 2025 from US$ 163.6 Bn in 2017. The market is estimated to grow with a CAGR of 8.4% from 2018-2025.
The growth of the contract research organization (CRO) market is primarily attributed to the increasing R&D expenditures and outsourcing activities and rise in the number of clinical trials. However, the dearth of skilled professionals and regional competition in the CRO services market are likely to pose a negative impact on the market growth. On the other hand, growing biosimilars and biologics market and increasing demand for specialized testing services are likely to have a positive impact on the growth of the North America contract research organization (CRO) market in the coming years.
Clinical trials are the crucial and significant step in discovering whether the medical strategy, treatment, or device is safe and effective for human use. The clinical studies help in understanding and determining the best medical approaches for certain therapeutic area. Clinical trials are conducted primarily to collect data regarding the safety and efficacy of new drug and device development. Before the approval of drug molecules and the medical devices by the regulatory authorities, series of clinical studies are conducted. Increasing prevalence of various communicable and non-communicable diseases are increasing the demand for the development of new drugs or medical devices for the treatment. This is in turn expected to increase the demand of the clinical trial activities for various therapeutic areas. As per the US National Library of Medicine presently approximately, 280, 801 clinical studies have been listed with locations of 50 states and 204 countries in till 2018. The number of registered studies by August 2018, is shows the rise in the number of the registration for the clinical trials.
In 2017, the clinical research services segment held a largest market share of 54.5% of the contract research organization (CRO) market, by type. This segment is also expected to dominate the market in 2025 owing to increasing number of new drug molecules and medical devices for the treatment of various therapeutic areas and the requirement for the fulfillment of stringent regulatory requirements before product approvals. Moreover, the laboratory services segment is anticipated to witness the fastest growth rate of 10.5% during the forecast period, 2018 to 2025 owing to increasing number of clinical trials is expected to rise in the coming near future.
North America contract research organization (CRO) market, based on the end user was segmented into pharmaceutical & biotechnology companies and medical devices companies. The pharmaceutical and biotechnology companies segment is anticipated to grow at a CAGR of 8.2% during the forecast period. Moreover, the medical device companies segment is expected to grow at the fastest rate during the coming years.
Some of the major primary and secondary sources for contract research organization (CRO) included in the report are, Association of Clinical Research Organization (ACRO), Contract Research Organization (CRO), Dubai Health Care City (DHCC), Food & Drug Administration (FDA), Pharmaceuticals and Medical Devices Agency (PMDA) and others.