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The global CRO services market is being aided by the rising research and development activities being undertaken by major pharmaceutical companies. The market growth has also been supported by the growing outsourcing of the complex processes involved in the drug development activities. The rising outsourcing rates has been the result of the rising research and drug development activities, combined with the increasing need to make the development process more cost-efficient.
North America represented the leading market for contract research organisation (CRO) services due to the prominent presence of leading pharmaceutical companies in the region. The robust growth of biosimilar and biologics industries within the region has also supported the market growth in the region. In the coming years, the Asia Pacific is expected to emerge as a significant market for contract research organisation (CRO) services due to the rising volume of clinical trials, along with the increasing number of drug development activities being undertaken by the companies within the region.
The contract research organisation (CRO) services industry is further expected to be supported by the growing M&A activities being undertaken by the major players in the industry, thus, expanding their portfolios and regional footprints. In April 2018, Charles River Laboratories International, Inc. (NYSE: CRL), a leading player in the industry, completed its acquisition of MPI Research for about USD 800 million in cash. The acquisition of MPI, a significant non-clinical contract research organization (CRO) offering testing services to medical device and biopharmaceutical companies globally, is expected to strengthen Charles River’s position as one of the leading global early-stage CROs.
Market Analysis by Service Type, Therapeutic Area, End Use, and Region:
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The major players in the global contract research organisation (CRO) services market are Charles River Laboratories International, Inc., Clinipace, Clintec International Ltd., CMIC Holdings Co., Ltd, EPS International, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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