North America contract research organization (CRO) market is expected to reach US$ 30.7 Bn in 2025 from US$ 16.3 Bn in 2017. The market is estimated to grow with a CAGR of 8.4% from 2018-2025.
Pharmaceutical and biotech companies are focusing on the research and development (R&D) to come up with new molecules for various therapeutic applications with the greatest medical and commercial potential. The companies invest majorly on the R&Ds with the aim of delivering high quality and innovative products to the market. R&D spending by the biopharmaceutical companies has also increased over the years.
According to a report of Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of the biopharmaceutical companies has increased from US$ 49.6 Bn 2012 to US$ 58.8 Bn in 2015.
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IQVIA,Laboratory Corporation of America Holdings,PAREXEL International Corporation,ICON plc,Syneos Health,PRA Health Sciences,Charles River,Pharmaceutical Product Development, LLC,WuXi AppTec,Medpace
US is expected to lead the market in the North America region owing to increasing expenditure of research and development expenditures in the country. The confrontation of biotechnology and pharmaceutical companies to lower the drug development costs is expected to propel the CROs market in the US. Moreover, the presence of top revenue generating pharmaceutical companies in the US that have capability to invest a large amount in R&D is also expected to boost the growth of CROs in the US. Therefore, considering the above mentioned factors the growth of the market in the country is likely to contribute largest share in the North America region during the forecast period
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