The Global Contract Research Organization (CRO) Services Market size was valued at USD 73.38 Bn in 2021 and is expected to grow to USD 163.48 Bn by 2028, recording a CAGR of 12.1% during the projection period. Contract research organizations (CROs) are businesses that perform clinical research-related services for the pharmaceutical, biotechnology, and medical device industries as well as various government research agencies. These mostly offer services for developing biologic assays, biopharmaceuticals, preclinical research, commercializing new entities, conducting clinical research, managing clinical trials, and other things.
The global market demand is anticipated to be driven by rising drug development costs. Additionally, as a result of rising clinical trial expenses and difficulties in recruiting patients, biopharmaceutical companies are now looking to Central and Eastern Europe, Asia Pacific, Latin America, and the Middle East for cost reductions and rapid patient recruitment.
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Leading Market Players to Focus on Collaboration Agreements to Increase Their Revenue Share:
Key players in the global contract research organization (CRO) services market are concentrating on several business strategies in order to maintain their market standing. The primary strategies implemented by leading companies in the market include mergers and acquisitions, partnerships, collaborations, events, and patents.
Key players profiled in the Contract Research Organization (CRO) Services Market:
- Laboratory Corporation of America Holdings (US)
- Charles River Laboratories International, Inc. (US)
- WuXi AppTec Co., Ltd. (China)
- Syneos Health Inc. (US)
- Pharmaron Beijing Co., Ltd. (China)
- Clinipace Inc. (US)
- ICON plc (Ireland)
- Medpace Holdings Inc. (US)
- SGS SA (Switzerland)
- Frontage Holdings Corporation (US)
- PSI CRO AG (Switzerland)
- BioAgile Therapeutics Pvt. Ltd. (India)
- Firma Clinical Research, LLC (US)
Global Contract Research Organization (CRO) Services Market Segmentation:
By Application
- Oncology
- Cardiology
- Infectious Diseas
- Metabolic Disorders
- Diabetes
- Others
Oncology Segment to Gain Popularity Since There Has Been More Attention Paid To Larger Global Disease Issues:
On the basis of application, the global contract research organization (CRO) services market is segmented into oncology, cardiology, infectious disease, metabolic disorders, diabetes, and others. Since there has been more attention paid to larger global disease issues such as cancer, the oncology segment has the largest market share.
Contract Research Organization (CRO) Services are now longer, more expensive, and more difficult due to strict regulatory requirements and onerous penalties for non-compliance. Oncology has been noted to be the most active and rapidly expanding therapeutic area for the CRO, and it is currently the clinical development field with the single-largest focus. As Alzheimer’s disease, dementia, and Parkinson’s disease are becoming more common, CNS disorders have the second-highest CAGR.
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By Service Type
- Pre-Clinical
- Discovery
- Clinical
- Laboratory Services
Rising Number of Services Offered by CROs to Drive Market Growth:
The primary drivers of market expansion are the CROs’ services, which include clinical operations, regulatory filing, data administration, quality assurance, and biostatistics, as well as the growing trend of partnerships. For instance, PPD Inc. declared its growth in October 2020 when it opened a new multipurpose clinical research facility in Suzhou, China, to offer vaccine services, bioanalytical, and biomarkers for clinical trials of pharmaceutical development. As a result, it is anticipated that the market would experience considerable growth over the forecast period.
Over the past few years, CRO services have increasingly penetrated the healthcare industry. CROs are becoming more popular due to substantial advancements in the healthcare sector in the areas of research, drugs, drug delivery, etc. as practitioners of healthcare.
Recent Industry Developments –
● December 2021- Toxikon Corporation (US) was acquired by Laboratory Corporation of America Holdings (US) in order to expand its non-clinical development portfolio and work with Boston, Massachusetts-area pharmaceutical and biotechnology clients.
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By Region
• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa
North America to Hold Largest Market Share Due to Rise in Chronic Diseases in Region:
North America is the region with the largest market for CRO services owing to the increase in chronic diseases such as cancer, diabetes, and others, which is expected to increase demand during the projection period. Due to strong healthcare awareness, rising demand for technologically advanced and therapeutically effective products, and significant spending on healthcare services, the region is anticipated to maintain its position. Additionally, due to the COVID-19 outbreak, there are more clinical studies being conducted to create coronavirus vaccines, which boosts the demand for CRO services in this region.
On the other hand, Asia Pacific is the second-largest market for CRO services as a result of the region’s top pharmaceutical and biotechnology businesses’ increasing focus on R&D activities.
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Key Points From TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Contract Research Organization (CRO) Services Market
Chapter 5. Global Contract Research Organization (CRO) Services Market Overview, By Application, 2015 – 2028(USD Million)
…. Continued
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