The size of the Contract Research Organization (CRO) Services Market in North America is anticipated to grow at a 6.02% CAGR from 2022 to 2027. It is estimated that the North American market was valued at USD 14.67 billion in 2022 and is expected to reach USD 19.65 billion by 2027.
Y-O-Y growth in the prevalence of chronic diseases such as cardiovascular, diabetes, and oncology demands more innovative treatment therapies, which is estimated to add a boost to the growth of the market. The majority of the Americans are suffering from cardiovascular diseases providing considerable segment opportunities in the market, according to Heart Disease and Stroke Statistics, 2017. Growing investments in healthcare by both private and public organizations is escalating the demand of the market. The intensity for research and development by the companies in the United States is accounted for around 17%, rise in the aging population, Y-O-Y growth in the incidence of chronic diseases, infectious and non-communicable conditions are anticipated to propel the demand of this market.
The shortage of qualified scientists and difficulties in appointing experienced employees for particular projects may restrain the region's CRO services market growth. Strict regulations for the approval of the drugs and products may hinder the market.
This research report on the North America CRO Services Market has been segmented & sub-segmented into the following categories:
North America CRO Services Market - By Type:
North America CRO Services Market – By Therapeutic Area
North America CRO Services Market – By End User
North America CRO Services Market – By Country
Regionally, North America held the largest share in the global market. The large share of this regional segment can be attributed to the high-quality pharmaceutical industry standards, rapid growth in the biosimilars and biologics market, a surge in demand for outsourcing of services by pharmaceutical and biopharmaceutical companies, and a rise in the number of clinical trials in this region. Furthermore, the U.S. government's massive investment in R & D of medical care is further expected to boost the market.
The North American Contract Research Organization (CRO) Services Market is mainly dominated by companies such as Quintiles Transnational Holdings Inc., Laboratory Corporation of America Holdings, Pharmaceutical Product Development, PAREXEL International Corporation, ICON Plc, PRA Health Sciences Inc., InVentiv Health Inc., Charles River Laboratories International Inc., INC Research Holdings Inc., and Wuxi PharmaTech.
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