A Contract Research Organization is a third-party firm that conducts clinical trials on behalf of life sciences companies. These organizations can offer full-service clinical trials or serve as consultants for internal teams.

They also offer specialized services for particular areas of the life sciences industry, such as oncology and rare disease trials. The technical aspects of clinical trials can include everything from determining the appropriate site to obtaining the necessary approvals.

The team's main goal is to ensure that the study is feasible. This involves conducting a study feasibility study, which focuses on the feasibility of the site and the overall commitment of potential partners. The feasibility assessment will also provide important information about the timeline and regulatory requirements for a Contract Research Organization trial.

The contract research organization industry is rapidly expanding. In 2018, the global contract research organization market was valued at $39 billion and is expected to grow to $51 billion by 2024. The market is highly competitive, with large Contract Research Organization acquiring smaller companies to grow their reach and portfolio.

However, smaller and mid-sized Contract Research Organization are gaining ground by offering customized services and tailored research programs. Contract research organizations have helped pharmaceutical companies reduce timelines for their clinical trials. In addition to reducing the amount of time it takes to conduct trials, CROs also provide a cost-effective way to conduct these studies.

This is a major benefit for pharmaceutical companies, which can save time and money while still receiving expert medical testing. As a result, drug companies are increasingly outsourcing this type of work to Contract Research Organization. They want to reduce costs associated with running research and avoid the ongoing costs of office space and full-time staff.