Contract Research Organization (CRO) Market Poised to Bring in $59.42 Billion by 2020

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Deerfield Beach, FL — (PRESS RELEASE JET) — 10/13/2017 — According to the report, global Contract Research Organization market was valued at USD 34.00 billion in 2014 and is expected to reach USD 59.42 billion in 2020, growing at a CAGR of 9.80% between 2015 and 2020. Zion Market Research has published a new report titled “Contract Research Organization (CRO) Industry for Early-Stage Development Services and Last-Stage Development Services: Global Market Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020.”

The report covers forecast and analysis for the contract research organization (CRO) market on a global and regional level. The study provides historic data of 2014 along with a forecast from 2015 to 2020 based on revenue (USD billion). The study includes drivers and restraints for the contract research organization market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the contract research organization market on a global level.

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Global CRO industry has witnessed the rise in strategic alliances, acquisitions, and joint ventures among vendors in the CRO market. These strategic initiatives are intended at extending service offerings and geographical presence across the world. Pharmaceutical manufacturing companies in emerging countries in Asia Pacific, Latin America and Eastern Europe account for the majority of outsourcing activities owing to easy access to large pools of treatment naïve patients, low labor and manufacturing costs, and a skilled medical workforce.

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The contract research organization market is segmented on the basis of the end-user segmentation which includes early-stage development services and last-stage development services. The late-stage development services segment includes phase II-IV clinical trials and central laboratory services. The last-stage development services were the largest end-user segment of the CRO market and accounted for over 70% share of the total market in 2014. Last-stage development services segment is also expected to exhibit fastest growth rate during the years to come.

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The contract research organization market is segmented on the basis of the regions such as Americas, EMEA (Europe, Middle East, and Africa) and APAC (Asia Pacific). The Americas dominated the global CRO market with around 50% share of the total market in 2014. CRO market in Americas is led by U.S.

Some of the key players involved globally in contract research organization market include Covance, Parexel International, PRA Health Sciences, Quintiles Translational. Other major players in the contract research organization market include Chiltern, Charles River Laboratories, Icon, Inventiv Health, QPS, Ricerca Biosciences, EPS , SynteractHCR, INC Research, WIL Research and WuXi AppTec.

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