In the rapidly growing life sciences sector, contract research organizations (CROs) hold a pivotal position in validating pharmaceutical, biotechnological, and medical device solutions that have the potential to impact the lives of millions. With global populations on the rise and aging, life sciences companies and their affiliated CROs are encountering soaring demands to translate cutting-edge research into effective medical solutions.
Some analysts project that the global CRO market will reach revenues of $63.83 billion by 2024, a substantial increase from $43.03 billion in 2019, indicating a remarkable compound annual growth rate of 8.2% within a span of five years. Other estimates suggest a compound annual growth rate (CAGR) of 11.48% for the CRO industry between 2020 and 2023.
As observed by Sikich's CRO and life sciences teams, the CRO industry landscape remains volatile and fiercely competitive. Leading organizations expand through acquisitions and client acquisition, while close competitors aggressively pursue larger market shares. Smaller and newer players, meanwhile, strive to secure their positions and win the loyalty of clients through innovative and creative value propositions. Even when life sciences companies have established relationships with certain CROs, they rigorously vet potential vendors. When embarking on new research endeavors, many CRO clients issue requests for proposals (RFPs) to multiple firms, often reaching out to three or more, and, in some cases, even more potential CRO partners.
Distinguishing the most innovative and value-driven CROs from the rest often hinges on consistently delivering exceptional client experiences. To achieve this, it may be imperative to modernize and streamline the technology solutions that empower client service, research study and project management, and overall operational efficiency.
Through the integration of widely adopted, proven software systems within a cloud-based environment meticulously optimized for CROs, review a solution that could help push your team to the top of this competitive landscape and ultimately, boost client satisfaction and help run a more productive business.