Healthcare Contract Research Organization (CRO) Market Size is expected to reach USD 54.7 billion by 2025,
25-mar-2019 It is anticipated to expand at a CAGR of 6.6% during the forecast period. Increasing cost of drug development is expected to drive the growth. Drug maker and sponsor companies are under pressure to replace the revenue loss caused by generics, increasing patent expirations, number of partnerships to identify biologics, and growing R&D costs, which has made drug development more expensive and complex. Regulatory framework for drug discovery and drug development is complex in various countries. Thus, an increasing need for expertise in different areas of drug development is driving the demand for outsourcing services. Drug companies are not only outsourcing production of medicines, but also clinical trials. With increasing privatization of clinical trials, there has been an increase in outsourcing of manufacturing processes to developing regions such as India, China, and Latin American countries. China and India are projected to witness tremendous growth in near ...