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 Challenges – Data Privacy and Security Concerns

Data privacy and security concerns represent a significant restraining factor for the contract clinical research organization market due to several key reasons: Complexity of Data Handling: Clinical trials generate large volumes of sensitive and personally identifiable information (PII) from participants. This includes medical history, genetic data, and other confidential details. Managing and securing such complex datasets require specialized expertise and resources. International Data Transfers: Many clinical trials are conducted across multiple countries, necessitating the transfer of data across borders. Compliance with diverse data protection laws and regulations in different jurisdictions adds complexity and potential legal risks for CROs. Ethical Considerations: Protecting the privacy and confidentiality of participants is an ethical imperative in clinical research. Any compromise in data security not only violates ethical principles but also undermines the integrity of the research process.

Market Opportunities – Increasing Adoption of Inorganic Growth Strategies by Key Players

Key market players are focused on adopting inorganic growth strategies, such as partnership agreements, in order to expand their presence globally. For instance, in June 2023, ITOCHU Corporation, a company involved in domestic trading, import/export, and overseas trading of various products, announced that its subsidiary, A2 Healthcare Corporation, had signed the first partnership agreement with NRG Oncology-Japan a non-profit organization dedicated to supporting clinical trials. NRG promotes multicenter joint clinical research within Japan as an affiliate of the National Cancer Institute. Based on the agreement, A2 Healthcare will continue to engage in the clinical trial support business for drugs that have not yet been approved in Japan to address drug lag and drug loss, which are recent social issues.