November, 2024
The growth of the pharmaceutical CRO market is primarily due to increasing research and development costs and the growing complexity of clinical trials, including the need for advanced technologies and more stringent regulatory requirements. The growing complexity and costs of the drug development process have led to an increasing shift towards outsourcing these activities to CROs, further reducing overhead and aiding access to specialized expertise. Significant shifts toward biologics and personalized medicine also contribute to market growth as they require specific knowledge and technologies. In July 2023, approximately 75% of clinical trials were conducted by contract research organizations. This trend is boosting the demand for specialized services CROs offer, such as biomarker analysis and advanced data management.
Technological advancements in data analytics, artificial intelligence, and clinical trial management systems have enhanced CRO capabilities. In February 2024, Oracle published an article stating that CROs actively use their software to keep pace with competitive pressures and changing market requirements. These technologies improve efficiency and data quality, leading to faster trial timelines. As per the latest Report on clinical trials in India, India has an overall clinical trial participation of less than 2% but contributes upwards of 15% to the global burden of most highly prevalent diseases like respiratory infections, cardiovascular diseases, diabetes, and cancer, highlighting an unwavering potential for a top pharmaceutical and clinical research company.
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