How Healthcare Contract Research Organizations (CRO) Services Changing Healthcare Industry
Contract research organization (CRO) provides support services to the pharmaceutical, biotechnology, and medical device companies throughout the development of the product. Pharmaceutical and biotechnology companies and the medical device industry require various testing services such as preclinical services, clinical research services, analytical testing services, bio analytical testing services, and regulatory services. CROs are specifically designed to perform these testing services to reduce the in-house cost and time of the companies, required to conduct the extensive range of testing services to comply with the national and international regulatory standards.
Clinical trials play an important role in drug approvals and its efficacy over diseases. The studies help in understanding best medical approaches in certain therapeutic areas. The healthcare systems across the world are observing rapid increase in the number of clinical trials. Factors such as growing demand for novel drugs and medical equipment, increasing prevalence of chronic conditions, and growth in funding programs to conduct clinical trials are likely to propel the number of clinical trials across the world. The following table summarizes growth in the number of clinical trials conducted since 2017.
The management of these clinical trials requires extended research facilities, dedicated resources, and sufficient financial requirements. These prerequisites of clinical trials generate a lucrative environment to prefer contract research organization for the execution of clinical studies.
Top Players Working in this Study:
Charles River Laboratories Inc., IQVIA Inc., Laboratory Corporation of America Holdings, Parexel International Corporation, Icon Plc., Pra Health Sciences, Syneos Health, Medpace, Wuxi Apptec, PPD Inc.