U.S. CONTRACT RESEARCH ORGANIZATION (CROS) MARKET ANALYSIS

U.S. Contract Research Organization (CROs) Market, By Service Typ (Drug Discovery, Preclinical studies, Early Phase I - IIa, Phase IIa - III, Phase IIIb – IV, Medical coding and writing, Monitoring, Clinical Data Management, and Others), By Therapeutic Application (Oncology, Cardiovascular Diseases, Central Nervous System Diseases, Infectious Diseases, Immunological Disorders, Respiratory Disorders, and Others), By Size of CROs (Small Size, Medium Size, and Large Size)

Published In : Apr 2024
Code : CMI3179
Pages :301
Formats :
Excel and PDF
Industry : Pharmaceutical

Market Concentration and Competitive Landscape

U.S. Contract Research Organization (CROs) Market Concentration By Players

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Market Driver – Increasing Research & Development Expenditure in Pharmaceutical and Biotechnology Industries

Pharmaceutical and biotechnology industries have been continuously increasing their expenditure on research and development activities, in order to introduce new drugs in the market. Companies invest huge amounts in R&D to develop advanced healthcare solutions through clinical research. However, conducting clinical trials requires specialized infrastructure and expertise that most companies may not have in-house. This boosts the global contract clinical research organization market growth. For instance, Merck & Co., Inc., a multinational pharmaceutical company, announced that its R&D expenses were US$ 9.6 billion in the fourth quarter of 2023 as compared to US$ 3.8 billion in the fourth quarter of 2022. R&D expenses were US$ 30.5 billion for 2023 as compared to US$ 13.5 billion for 2022.

Key Players Insights