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Contract Research Organization (CRO) Services Market worth $300 billion by 2050

The global Contract Research Organization - CRO Services Market is expected to reach a value of USD 300 billion by 2050, according to a new report by Vial CRO. The market is expected to witness a CAGR of 8.2% during the forecast period (2020-2050). The growth of the market is attributed to the increasing demand for cost-effective and efficient drug development services, the rising prevalence of chronic diseases, and the growing number of clinical trials.

The increasing demand for personalized medicines and the growing focus on the development of biologics are expected to drive the growth of the market. Additionally, the increasing number of collaborations between pharmaceutical companies and CRO Services is expected to further fuel the growth of the market.

Contract Research Organization (CRO) Services Market worth $300 billion by 2050

The market is segmented based on service type, therapeutic area, and region. By CRO Services type, the market is divided into clinical trial services, preclinical services, and post-marketing services. Clinical trial services accounted for the largest share of the market in 2019. This is attributed to the increasing number of clinical trials and the rising demand for cost-effective and efficient drug development services.

By therapeutic area, the market is divided into oncology, neurology, cardiovascular, and others. Oncology accounted for the largest share of the market in 2019. This is attributed to the increasing prevalence of cancer and the rising demand for personalized medicines.

Regionally, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest share of the market in 2019. This is attributed to the presence of a large number of CRO Services in the region and the increasing number of clinical trials.

Contract Research Organization (CRO) Services Market worth $300 billion by 2050

The key players in the market include Vial CRO, QuintilesIMS, Parexel International Corporation, Covance Inc., ICON plc, PRA Health Sciences, Inc., Charles River Laboratories International, Inc., and Pharmaceutical Product Development, LLC. These companies are focusing on strategic collaborations and acquisitions to expand their presence in the market.

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