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NEW YORK , May 18, 2022 /PRNewswire/ — The Global Contract Research Organization (CRO) Services Market is expected to clock US$ ~119.36 billion by 2031 owing to growing number of clinical trials and increased outsourcing of development of drugs & vaccines to CROs by the companies.
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In order to conduct rapid development and commercialization of the drug, companies are outsourcing development activities to CROs. Multiple companies have entered into strategic partnerships/agreements/collaborations with CROs. For instance, in December 2020IQVIA collaborated with Servier, an international pharmaceutical company to reinvent their R&D clinical development processes and support their long-term R&D success. Similarly, in May 2019CStone Pharmaceuticals collaborated with Bayer, to evaluate the safety, tolerability, pharmacokinetics, and antitumor activity of PD-L1 monoclonal antibody drug CS1001 in combination with Bayer’s oral multi-kinase inhibitor Stivarga (regorafenib), for treatment for multiple types of cancer. Such Initiatives taken from pharma & biotech companies are helping them in carrying out the development of the drug as well as clinical trials at a faster pace.
The global contract research organization (CRO) services market has been analyzed from four perspectives: Service Type, Disease Indication, End User, and Region.
Excerpts from ‘By Disease Indication’
Based on the disease indication, the market is segmented into: –
- Oncology
- Infectious Diseases
- Cardiovascular
- Central Nervous System (CNS)
- Respiratory
- Autoimmune disorders
- Others
Oncology segment held the largest market share in 2020. The large share of this segment can be mainly attributed to factors such as the rising prevalence of cancer and increasing research and development activities for various cancer drugs.
Excerpts from ‘By Region Segmentation’
Regionally, the global contract research organization (CRO) services market has been segmented into: –
- North America
- Europe
- Asia Pacific
- The Rest of the World (RoW).
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