|Global Contract Research Organization (CRO) Market, Forecast to 2024|
|Increased Technology Adoption in the Form of eClinical Solutions and Innovative Trial Designs is Expected to Transform the CRO Landscape|
Increased technology adoption in the form of eClinical solutions and innovative trial designs is expected to transform the CRO landscape.
Owing to a constantly changing pharmaceutical landscape, the industry is expected to witness a moderate 4% to 5% growth in the next 5 to 7 years, to surpass $1.5 trillion by 2025. In coordination with the industry growth, market participants are investing about 8% to 10% of their revenues toward drug discovery and development. With an overall R&D investment of approximately $170 billion in 2018, the industry is working toward developing new and innovative curative therapies (e.g., regenerative medicine).
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