Business have limited time and resource with diverse activities and thus they have constraint in time & scarce resource allocation for all activities equally. This constraint leads to the need of CRO (Contract Research Organization) for outsourcing the research services & to avail professional assistance on contractual basis, allowing the health care organization to allocate its limited resources on core activities and growth of Global CRO Market.
Global CRO Market: Expansion & Growth
There is an upward movement in Global CRO Market trend, the Global CRO Market is forecasted to attain a growth at CAGR of 9.83% over the time period of 2014 to 2021 (Source: “Global CRO Market 2015-2021” ReportsnReports.com). The major reason revealed behind the growth of Global CRO Market in research report is that the Tier I & Tier II biopharmaceutical & biopharmaceutical marketers to save their expenditure on conducting R&D activities are outsourcing their Research & Development & clinical trial activities to various CRO’s.
Global CRO Market: Market Leaders
As per a statement made by Parexel CFO Ingo Bank (November 2014), the CRO market has a growth of 7% and the market share held by top tier CRO’s is expected to be 60% as compared to that of 40% in past few years (Source: outsourcing-pharma.com).
As per “Global CRO Market 2015-2021” report published on ReportsnReports.com, the companies that are expected to lead Global CRO Market in the year 2019 are as follows –
- Covance Inc.
- PAREXEL International Corporation
- PRA Health Sciences Inc.
- Quintiles Transnational Holdings Inc. (Company reported a growth of 10% in the year 2014)
If we go globally then Global CRO Market has an immense scope for expansion and growth as the number of CRO’s in Global market are relatively lower than the demand by the various Tier I and Tier II health care organizations.