U.S. Contract Research Organization (CROs) Market to Surpass US$ 25,049.0 Million by 2027 – Coherent Market Insights
SEATTLE--(BUSINESS WIRE)--Dec 26, 2019--
According to Coherent Market Insights, the U.S. contract research organization (CROs) market is estimated to be valued at US$ 12,174.4 million in 2019, and is expected to exhibit a CAGR of 9.4% during the forecast period (2019-2027).
Key Trends and Analysis of the U.S. Contract Research Organization (CROs) Market:
In order to increase success rate of drug discovery programs and decrease R&D costs, pharmaceutical companies seek to accelerate every stage of drug discovery process, starting from target identification to preclinical drug candidate. Increasing research and development expenditure has led to an increase in number of drug approvals in the recent past. For instance, according to the Pharmaceutical Research and Manufacturers of America (PhRMA), 2018, the overall research and development spending of pharmaceutical and biotechnology companies was around US$ 62.2 billion in 2018 compared to US$ 55.8 billion in 2017, which was majority of all biopharmaceutical R&D spending in the U.S.
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Increasing adoption of inorganic growth strategies such as acquisition to strengthen service portfolio by major players operating in the market is expected to drive the market growth during the forecast period. For instance, in August 2018, Syneos Health, Inc. acquired Kinapse, a leading advisory and operational solutions provider. This acquisition would help Syneos Health to expand regulatory, safety, and pharmacovigilance consulting and operations. Moreover, In May 2018, Ritter Pharmaceuticals, Inc. collaborated with Medpace: a clinical research organization (CRO), to conduct the first of two pivotal Phase 3 clinical trials for RP-G28 in patients with lactose intolerance (LI).
Furthermore, increase in strategic collaboration for development of innovative therapies for treatment of various health conditions such as immunological disorder is expected to drive the growth during the forecast period. For instance, in August 2019, Pharmaceutical Product Development, LLC entered into a collaborative agreement with Harbour BioMed (HBM), a global clinical-stage biopharmaceutical company, to conduct clinical studies for its research pipeline on anti-cancer immunotherapy
Key Market Takeaways:
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CONTACT: Mr. Raj Shah
Coherent Market Insights
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Seattle, WA 98154
KEYWORD: UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: HEALTH PHARMACEUTICAL
SOURCE: Coherent Market Insights
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PUB: 12/26/2019 11:32 AM/DISC: 12/26/2019 11:32 AM