Contract Research Organization Cro Market Scope And Analysis

Contract Research Organization (CRO) Market Report Scope

Covid-19 Impact: 

The COVID-19 pandemic affected economies and industries in various countries across the globe. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) hampered the growth of several industries, including healthcare industry. The pandemic has fuelled the research and development activities for drug and vaccine development to cope with COVID-19 infection. The increasing R&D investment by pharmaceutical companies in developing novel therapeutics is driving the studied market growth in the region. In October 2020, the FDA awarded six new grants of more than USD 16 million for four years to fund the clinical trials carried by academia and industry players through the Orphan Products Grants Program to advance therapeutics in the treatment of rare diseases. Additionally, successful collaborations between Pharma/Biotech/Device industries and CROs will play a key role in an effective fight against the global COVID-19 pandemic. Clinical research plays a crucial role in developing diagnostics and medicines to fight the ongoing COVID-19 pandemic, through rapid and accurate clinical trials, and collect robust and reliable outcomes, in a variety of different settings, on a large scale. Intensive global research collaborations among all stakeholders and industry involving all countries are necessary to enable identification and testing of effective treatments, vaccines, and diagnostics. Thus, increasing focus on vaccine development against COVID-19 has increased clinical trials, and increase in strategic collaborations which boosts the CRO market during the COVID-19.

Competitive Landscape and Key Companies:

Some of the prominent players operating in the global contract research organization market include IQVIA, PARAXEl International Corporation, Laboratory Corporation of America Holdings, Syneos Health, PRA Health Sciences, Charles River, ICON plc, WuXi AppTec, and Medpace among others. These companies focus on new product launches and geographical expansions to meet the growing consumer demand worldwide and increase their product range in specialty portfolios. They have a widespread global presence, which provides them to serve a large set of customers and subsequently increases their market share.