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Dermatology CRO Market: Overview

The dermatology CRO market is projected to experience significant growth opportunities in the forthcoming years. This market growth is on the back of increasing demand for topical dermatological drugs, for example, anti-infective, cleansers, emollients, local anesthetics, and anti-inflammatory for the treatment of acne. These are the primary factors that are likely to boost demand opportunities in the market.

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The growing cases of skin cancer, rising need for rapid diagnosis, and increasing awareness about skin disorders are some of the key factors that are projected to boost growth opportunities in the dermatology CRO market.

The sudden outbreak of the COVID-19 ha hit hard the world economy during the year 2020. The pandemic continues to put a direct impact on innumerable businesses across the globe. But with constant government measures for the maintenance of broken healthcare supply chain and introduction of the virtual clinical trials have mostly unscathed the impact of the pandemic in the dermatology CRO market.

Dermatology CRO Market: Key Trends

The removal of shelter-in-place rules and regulations are eradicating the hurdles of clinical trials. Further, continuous vaccination programs are also helpful to improve the bottleneck of different clinical trials. Owing to these constant efforts, the dermatology CRO market is estimated to have a bright future.

The increasing cases of different skin disorders around the world are estimated to create augmented growth opportunities in the forthcoming years. Acne, psoriasis, and atopic dermatitis are some of the common skin issues that affect various people in the United States. Thus these skin issues lead to increase demand for treatment solutions and finally boost growth opportunities in the dermatology CRO market.

With the arrival of COVID-19, the use of technology and software solutions and the importance of virtual trials have been highlighted. The environment of dermatology CRO has been anticipated to be transformed with the rising use of innovative trial designs, artificial intelligence, and machine learning-based platforms. Owing to these factors, the market is likely to experience growth avenues. 

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Dermatology CRO Market: Competitive Dynamics and Key Developments

The key players operating in the dermatology CRO market have been adopting different strategies to bolster growth opportunities in the forthcoming years. The well-known market players are adopting a lot of strategies such as acquisitions, mergers, and novel product launches to boost growth avenues in the market.

For instance, Icon plc has entered into a definitive agreement in order to acquire the PRA Health Sciences in February 2021. This combined business is estimated to benefit the consumers owing to increased therapeutic, functional, and geographic scale.

Some prominent players in the global dermatology CRO market include:

• IQVIA HOLDINGS INC.
• Parexel International Corporation
• Covance Inc.
• Icon, Plc
• Syneos Health
• Medidata Solutions, Inc.
• Pharmaron
• GVK Biosciences Private Limited
• MEDPACE HOLDINGS, INC.
• Wuxi AppTec
• PRA Health Sciences

Dermatology CRO Market: Regional Assessment 

The dermatology CRO market is spread across different geographical locations across the globe including North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Among these regions, the Asia Pacific region has been anticipated to hold a significant share of market revenue. The regional market has been estimated to grow at a rapid rate due to the availability of the different populations and the high prevalence of chronic diseases. Further, the ease with the patients recruitment is anticipated to contribute to the market growth. The favorable government initiatives are also fueling growth opportunities in the dermatology CRO market.

The North America region has also been expected to experience significant growth opportunities in the dermatology CRO market. Owing to the increasing count of trials and outsourcing in the area has been contributing to the market prospects. Further, increasing government support for different R & D activities in the form of money and grants to different research institutes and corporation is likely to bring new growth avenues to the market.

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