Global Contract Research Organization Market to grow at USD59.42bn in 2020

A new report published by Zion Market Research projected the global contract research organization (CRO) market to grow USD59.42bn in 2020. The forecast growth is based on a compound annual growth rate of 9.80% between 2015 and 2020. CRO supports outsourced research and development services for various industries. The demand for CROs has been fueled by advanced clinical development programs and the demand for new pharmaceutical products across the globe. To reduce research and development expenditures, pharmaceutical vendors are outsourcing preclinical and other drug development phases to CROs.