Blog Information

• Posted By : oncology cro
• Posted On : Sep 27, 2022
• Views : 154
• Category : General
• Description : The growth potential of contract research organization market is expected to be substantial in the coming years.

Overview

• Increasing incidence of diseases like cancer and cardiovascular disorders and growing number of clinical trials across the globe are expected to fuel the growth of this market. A Contract Research Organization is a company that is hired by a medical firm to perform clinical trials and other related tasks.
  
  These companies primarily contract with biotechnology and medical device firms. In addition, they also work with universities and governmental organizations. A large number of pharmaceutical companies are outsourcing their R&D activities to Contract Research Organization.
  
  This trend is expected to increase market growth in North America. Major factors driving this growth are the increasing investments in pharmaceutical research and the increasing number of clinical trials. Further, increasing government support for outsourcing services will increase the demand for Contract Research Organization.
  
  
  The global Contract Research Organization market is segmented by therapeutic area. The oncology segment is expected to exceed USD 46.5 billion by 2028. As the burden of cancer grows, sponsors are focused on developing new drugs and therapies.
  
  Furthermore, strict regulatory guidelines have increased the costs of conducting clinical trials. The contract research organization market is highly fragmented with several players trying to increase their share.
  
  To increase their market share, companies are implementing various marketing strategies. Cereno Scientific AB recently signed a collaboration agreement with OCT, a full-service clinical contract research organization (CRO) services company.