Data Bridge Market Research analyses that the contract research organization (CROs) services market is expected to reach the value of USD 99.93 billion by the year 2029, at a CAGR of 9.6% during the forecast period. The growing importance of contract research organisation services will aid in the expansion of the contract research organisation (CROs) services market.

The contract research organisation provides services based on research. It provides contract services to medical, government, pharmaceutical, biotechnical, and other organisations. Data management, regulatory, clinical operation, submission, and quality assurance are some of the services provided by the industry. The most profitable segment of the contract research organisation (cro) market is the medical contract service.

Opportunities

Despite the ongoing COVID-19 pandemic in 2020, the pharmaceutical industry had its second-best year in terms of drugs approved by the US FDA. This year saw the approval of 53 drugs, which was only surpassed in 2018 by 59 pharmaceutical agents. The 53 new chemical entities and 13 biologics approved in 2020 include 10 monoclonal antibodies, 2 antibody–drug conjugates, 3 peptides, and 2 oligonucleotides. In the last three years (2018–2020), the FDA has approved 160 drugs, compared to only 21 in 2010. This increase in the number of approved products worldwide can be attributed to increased investments by biopharmaceutical companies in the development of biologics and biosimilars.

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Recent Development

ICON PLC signed a definitive agreement to acquire PRA Health Sciences Inc. in February 2021, expanding its portfolio in healthcare intelligence and clinical research.
Charles River Laboratories signed a definitive agreement in February 2021 to acquire Cognate BioServices Inc., a cell and gene therapy contract development and manufacturing organisation (CDMO), in order to expand Charles River’s scientific capabilities in the fast-growing cell and gene therapy sector.
Some of the major players operating in the contract research organization (CROs) services market are

PPD Inc. (U.S)
Quintiles (U.S)
ICON Plc (Ireland)
Parexel International Corporation (U.S)
American Preclinical Services, LLC (U.S)
Labcorp Drug Development (U.S)
Theorem Clinical research (U.S)
WuXi AppTec (China)
Syneos Health (U.S)
Evotec (Germany)
Charles River Laboratories (U.S)
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