According to the research report titled ‘Contract Research Organization (CRO) Market Size By Service Type (Early Phase Development Services {Discovery Services, Chemistry, Manufacturing & Control (CMC), Pre-clinical Services [Pharmacokinetics/Pharmacodynamics (PK/PD), Toxicology Testing Services]}, Clinical Research Services {Phase I, Phase II, Phase III, Phase IV}, Laboratory Services {Bioanalytical Testing Services, Analytical Testing Services [Physical Characterization, Raw Material Testing, Batch Release Testing, Stability Testing]}, Consulting Services), By Therapeutic Area (Oncology, Clinical Pharmacology, Cardiology, Infectious Disease, Neurology, Gastroenterology & Hepatology, Ophthalmology), By End-use (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, Academic Institutes), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, UK, Italy, Spain, Japan, India, China, Brazil, Mexico, Saudi Arabia, South Africa), Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report, the global contract research organization (CRO) market is projected to cross USD 61 billion by the year 2025.
 

Rising awareness regarding advantages of clinical trials, especially in developing countries, is the major factor driving the growth of contract research organization (CRO) market. Increasing focus on public healthcare by governments of emerging nations, and rising consumer disposable income are also aiding the market expansion. Booming pharmaceutical industry, in consort with development of numerous innovative drugs for treatment of various chronic diseases are augmenting the demand for CRO services across the globe.
 

Escalating investments in clinical research and life sciences, coupled with surging need for clinical trials are contributing towards the popularity of the CRO service. Moreover, surging need for quality auditing procedures and rising trend of outsourcing research activities by various pharmaceutical firms is fueling the CRO market growth.
 

Based on type of service, early phase development services segment is expected to dominate the contract research organization market in the upcoming years. CRO market from discovery services in early phase development segment was worth USD 2.1 billion in 2018 and is expected to grow substantially in the forthcoming years.
 

As per therapeutic area, CRO market from infectious disease segment is estimated to grow by 6.5% during the forecast period, owing to rising prevalence of diseases like influenza, T.B., and meningitis. While, elaborating on end-use spectrum, contract research organization market from medical devices companies segment was worth USD 10.5 billion in 2018 and is expected to grow significantly through 2025.
 

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Considering geographical landscape, North America will continue its dominance in CRO market in the upcoming years, owing to increasing investments in R&D activities and high presence of biopharma and pharma companies across the region. Notably, U.S. held 7% revenue share of contract research organization industry in 2018.
 

The prominent companies operating in CRO market are Parexel International, Laboratory Corporation of America Holdings (Covance), CMIC, Charles River Laboratories International (CRL), Syneos Health, and EPS International among others.