The North America contract research organization (CRO) market is expected to reach US$ 30.7 Bn in 2025 from US$ 16.3 Bn in 2017. The market is estimated to grow with a CAGR of 8.4% from 2018-2025.
The growth of the Contract Research Organization (CRO) market is driven by the factors such as, increasing R&D expenditures and outsourcing activities and rise in the number of clinical trials. However, the market is likely to get impacted due to dearth of skilled professionals and regional competition in the CRO services market, in the region.
Pharmaceutical and biotech companies are focusing on the research and development (R&D) to come up with new molecules for various therapeutic applications with the greatest medical and commercial potential. The companies invest majorly on the R&Ds with the aim of delivering high quality and innovative products to the market. R&D spending by the biopharmaceutical companies has also increased over the years. According to a report of Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of the biopharmaceutical companies has increased from US$ 49.6 Bn 2012 to US$ 58.8 Bn in 2015. Research and development expenditures relate to the processes of discovering, testing and developing new products, upfront payments and milestones, improving existing products, as well as demonstrating product efficacy and regulatory compliance prior to launch. According to the International Federation of Pharmaceutical Manufacturers & Associations, the R&D expenditures in 2014 by the pharmaceuticals and biotechnology industry grew by approximately 8.7% than that of the expenditures in 2013. Moreover, in United States, investments for R&D by pharmaceutical companies had grown consistently over the last 15 years. The intensity for R&D by the companies in Japan accounted for about 13.3%, in US it accounted approximately 17% and in the European Union it was registered to be approximately 13% in the year 2014. Therefore, the pharmaceutical and biotech companies prefer to outsource the services to the contract research organizations (CROs) in order to save the cost and time which is expected to drive the growth of the market.
US is expected to lead the market in the North America region owing to increasing expenditure of research and development expenditures in the country. The confrontation of biotechnology and pharmaceutical companies to lower the drug development costs is expected to propel the CROs market in the US. Moreover, the presence of top revenue generating pharmaceutical companies in the US that have capability to invest a large amount in R&D is also expected to boost the growth of CROs in the US. Therefore, considering the above mentioned factors the growth of the market in the country is likely to contribute largest share in the North America region during the forecast period.
Exhibit: Mexico Contract Research Organization (CRO) Market Revenue and Forecasts to 2025 (US$ Mn)
NORTH AMERICA CONTRACT RESEARCH ORGANIZATION (CRO) – MARKET SEGMENTATION
NORTH AMERICA CONTRACT RESEARCH ORGANIZATION (CRO) – By Type
NORTH AMERICA CONTRACT RESEARCH ORGANIZATION (CRO) – By End User
NORTH AMERICA CONTRACT RESEARCH ORGANIZATION (CRO) – By Geography
• North America
Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2017 | US$ 16.3 Billion |
| Market Size by 2025 | US$ 30.7 Billion |
| CAGR (2018 - 2025) | 8.4% |
| Historical Data | 2015-2016 |
| Forecast period | 2018-2025 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Contract Research Organization (CRO) Market is valued at US$ 16.3 Billion in 2017, it is projected to reach US$ 30.7 Billion by 2025.
As per our report North America Contract Research Organization (CRO) Market, the market size is valued at US$ 16.3 Billion in 2017, projecting it to reach US$ 30.7 Billion by 2025. This translates to a CAGR of approximately 8.4% during the forecast period.
The North America Contract Research Organization (CRO) Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Contract Research Organization (CRO) Market report:
The North America Contract Research Organization (CRO) Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
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