Reportstack has announced a new market research report on the Global CRO Market 2015-2019. Increased R&D by biopharmaceutical vendors is one of the major trends emerging in the market. Customers are increasingly opting for biopharmaceutical drugs rather than chemical pharmaceuticals drugs for the treatment of some diseases such as diabetes, cancer, and genetic diseases because biopharmaceutical drugs offer several advantages. The Global CRO market is expected to post a CAGR of 9.83 percent during the period 2014-2019.
Competition and innovation in R&D by the CROs in China are encouraging pharmaceutical and biopharmaceutical companies in the US and Western Europe to outsource their R&D activities to them. India is expected to become a major hub for clinical studies in the future as many leading global pharmaceutical and biopharmaceutical vendors as well as major CROs are increasingly outsourcing R&D and clinical trial activities to the country.
“Several CROs are also expanding their operations in the developing countries of Latin America, the APAC region, and Eastern Europe because of the lower cost of conducting clinical research in these countries than in the US and countries in Western Europe,”.
“Cost-containment pressures, demand for high-quality services, and the huge infrastructural investment required for R&D are major factors that are forcing pharmaceutical and biopharmaceutical vendors in developed countries to outsource their clinical trials to CROs in developing countries.”
To define the market conditions in the next 3-4 years, the analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
Complete report available @ Global CRO Market 2015-2019