Global Contract Research Organization (CRO) Services Market is poised to witness a lucrative CAGR of 8% to reach $110 billion by 2026
The penetration level of outsourcing to CROs varies across the functions and is highest in the laboratory testing, clinical trial, and post-approval stages compared to discovery and pre-clinical stages. The outsourcing percentage is proportional to the complexity and regulatory expertise required at each stage. Some of the typical reasons why the pharmaceutical, biotechnology, and medical devices industries outsource to CROs include the following: Better return on R&D investments Lack of internal capabilities (esp. small biopharma companies) Increasing complexity in developing targeted therapeutic areas like immuno-oncology therapies Stringent regulatory requirements Time and cost-efficiency Covid-19 Impact: Increasing Attention on Virtual Clinical Trials CROs are proactively converting site activity to decentralized/virtual trials, where possible, to maintain the integrity and regulatory compliance of ongoing studies. “COVID-19 has necessitated the rapid uptake of a decentra...