Clinical Trial Services is the largest segment driving the growth of U.S. Contract Research Organization (CROs) Market
The global U.S. Contract Research Organization (CROs) Market is estimated to be valued at US$ 17446.79 Mn or Millions in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis-
· Strengths: Presence of large full-service CROs with expertise across clinical trial phases; Growing demand for specialized services in drug development
· Weaknesses: High employee attrition rates; Dependency on small number of clients
· Opportunities: Emerging markets for clinical trials in developing countries; Increased research in areas like orphan drugs, personalized medicine.
· Threats: Intense competition amongst CROs; Regulatory changes affecting approval timelines.
Key Takeaways:-
The U.S. CRO Market Size was valued at US$ 17446.79 Mn in 2023 and is expected to reach US$ 39457.23 Mn by 2030, expanding at a CAGR of 9.6% during the forecast period. Growth is attributed to rising R&D investment of pharmaceutical and biotechnology players for novel drug pipelines.
Regional analysis: North America dominated over 80% of market share owing to presence of majority pharmaceutical companies and biotech startups. The region continues to be the largest market for clinical trials globally.
Key players: Key players operating in the U.S. CRO market are Laboratory Corporation of America Holdings (Covance), IQVIA, Paraxel International Corporation, Syneos Health, PRA Health Sciences, Charles River Laboratoires International Inc. (CRL), Pharmaceutical Product Development (PPD), ICON Public Limited Corporation, Wuxi Apptec, Medpace Holdings, Inc, Medidata Solutions, Inc., Theorem Clinical Research, Pharmaron, Envigo, and Clinipace. These players collectively accounted for over 65% of the total market share in 2023.
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