In 2021, the global contract research organization (CRO) market stood at a market size of 63,590 million dollars. At a CAGR of 11.8 percent, it is expected to reach a valuation of 139,050 million dollars by 2028. This is due to the rising pharmaceutical research and an increasing number of trials done by biotech and pharma companies with the burgeoning of new and unknown diseases. In that regard, CROs are embracing efficient, compliant technology to avoid falling behind. Incorporating remote-site access and patient engagement technology into their daily workflows can let CROs offer impressive patient recruitment, participant retention, and data collection abilities.
Remote technologies like wearable devices and smartphone apps are aiding in collecting participants’ data not only when they are at the research site but also when they are shopping, exercising, or working. This allows researchers to compare how a treatment works in the real world. Real-time data collection also helps them identify adverse events more quickly, keeping participants safer.
Moreover, in a time when 80 percent of clinical trials are delayed due to recruitment difficulties, and up to 50 percent of sites selected for a trial enroll with fewer participants, technology is helping CROs by getting more grounds covered. Technology platforms with remote site access is also allowing CROs to work with locations across the country or worldwide. These software systems give them immediate access to the sites’ documents and data so they can team up with any research site with eligible patients.
At this juncture, there is a variety of leading and emerging CROs that are entering the market to cater to the different needs of the biotech and pharma companies. To choose CROs that best fit their requirement, Pharma Tech Outlook has compiled lists of the top and emerging CROs. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for aspiring CIOs.
We present to you Pharma Tech Outlook’s, “Top 10 CROs – 2022.”