Contract Research Organization Services (CRO) Market

Contract Research Organization Services (CROs) Market is anticipated to grow at a CAGR of 10.2% during forecast period and estimated to reach USD 105 billion by 2028.

Introduction of the Contract Research Organization Services Market Report

A contract research organization offers support in terms of research services to the biotechnology, pharmaceutical, and medical device industries. These services are mostly outsourced on a contract basis. Contract research organizations reduce costs for the companies that develop new drugs and medicines in specific markets. These organizations also support research institutions, foundations, universities, and governmental organizations.

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Market Dynamic

Key Drivers and Emerging Trends

The dynamic nature of the economy has steered the significant pharmaceutical companies to outsource several critical operations such as research & production of therapeutic drugs and medical devices. This has supplemented the market demand for contract research organization services across the world. The contract research organizations achieve economies of scale with bundle orders from several clients that help cut down the price. The reduced costs of service or manufacturing can then be transferred to the end client, thereby offering cost-efficiency. Thus, the economics of production and scale and many other factors, including mutual benefit to both contractor and client and focus on core competencies, are projected to drive the market growth. Furthermore, increasing structures and initiatives by the governments for conducting specific clinical trials is fuelling the growth of the contract research organization services market. For instance, the European Cardiovascular Research Institute (ECRI) offers a distinct structure that conducts precise clinical trials for enhanced patient supervision

Restraint in the Contract Research Organization Services Market

Factors including expensive labour and structural changes are projected to hamper the global contract research organization services market growth over the forecast period.

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Service- Segment Analysis

The clinical research service is estimated to hold the largest market share based on service. This dominance can be attributable to the swift growth in the geriatric population and the simultaneous rise in the pervasiveness of chronic diseases. Further, the rising development of new advanced drugs and increasing adoption of evidence-based medicines for different therapeutic areas supplement the growth of the contract research organization services market.

End User – Segment Analysis

Pharmaceutical and biopharmaceutical companies hold the largest market share in the global contract research organization services market based on the end-user. The growth of this segment is attributable to the rise in outsourcing of clinical & laboratory testing services and early phase development services by the pharmaceutical companies to boost up their profit margins, avoid the high capital expense, and lessen the duration of validating the process and the product.

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Regional – Segment Analysis:

Based on the region, the North America region is expected to hold the largest market share over the forecast period in the global contract research organization services market. The region is a significant contributor to the contract research organization services market due to high-quality & advanced standards and practices in the pharmaceutical industry. Furthermore, factors including rapid growth in the biosimilar & biologics market paired with the increase in clinical trial activities in the region. On the other hand, Europe holds the second-largest market share in the global contract research organization market. Factors including increasing patient population, rise in healthcare expenditures, and advancements in the healthcare sector are projected to drive the region’s market growth over the forecast period.

Top Market Players

Various notable players operating in the market include IQVIA, LabCorp, Charles River Laboratories, Inc., WuXi AppTec, Syneos Health Inc., Paraxel International, PRA Health Sciences, PPD Inc., ICON Plc, and Medpace Holdings   among others. 

Key Developments:

• • In 2020, ICON plc (Ireland) entered into a strategic alliance with Pfizer Inc. (U.S.) for supplying drug & device development and commercialization services.

Segments covered in the Report

The global contract research organization services market has been segmented on the basis of service, therapeutic areas, end user, and key regions. Based on service, the market is segmented into early phase development services, clinical research services, laboratory services, consulting services, and data management services. Based on therapeutic areas, the market is segmented into cardiovascular, central nervous system, respiratory, infectious diseases, autoimmune disorders, and others. By end user, the market is bifurcated into pharmaceutical & biopharmaceutical companies, academic institutes, and medical device companies. 

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Key questions answered in this research report:

• • At what pace is global contract research organization services market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Contract Research Organization Services Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the Global Contract Research Organization Services Market?
  • Which Service generated maximum revenues in 2020 and identifies the most promising during the forecast period?
  • What are the various End User areas of Global Contract Research Organization Services Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Contract Research Organization Services Market by Service

• • Early Phase Development Services
  • Clinical Research Services
  • Laboratory Services
  • Consulting Services
  • Data Management Services

Global Contract Research Organization Services Market by Therapeutic Areas

• • Cardiovascular
  • Central Nervous System
  • Respiratory
  • Infectious Diseases
  • Autoimmune Disorders
  • Others

Global Contract Research Organization Services Market by End User

• • Pharmaceutical & Biopharmaceutical Companies
  • Academic Institutes
  • Medical Device Companies

Global Contract Research Organization Services Market by Region

• • North America Contract Research Organization Services Market (Option 1: As a part of the free 25% customization)
    • North America Contract Research Organization Services Market by Service
    • North America Contract Research Organization Services Market by Therapeutic Areas
    • North America Contract Research Organization Services Market by End User
    • US Contract Research Organization Services Market – All Up
    • Canada Contract Research Organization Services Market – All Up
  • Europe Contract Research Organization Services Market (Option 2: As a part of the free 25% customization)
    • Europe Contract Research Organization Services Market by Service
    • Europe Contract Research Organization Services Market by Therapeutic Areas
    • Europe Contract Research Organization Services Market by End User
    • UK Contract Research Organization Services Market – All Up
    • Germany Contract Research Organization Services Market – All Up
    • France Contract Research Organization Services Market – All Up
    • Spain Contract Research Organization Services Market – All Up
    • Rest of Europe Contract Research Organization Services Market – All Up
  • Asia-Pacific Contract Research Organization Services Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Contract Research Organization Services Market by Service
    • Asia-Pacific Contract Research Organization Services Market by Therapeutic Areas
    • Asia-Pacific Contract Research Organization Services Market by End User
    • China Contract Research Organization Services Market – All Up
    • India Contract Research Organization Services Market – All Up
    • Japan Contract Research Organization Services Market – All Up
    • Rest of APAC Contract Research Organization Services Market – All Up
  • RoW Contract Research Organization Services Market (Option 4: As a part of the free 25% customization)
    • RoW Contract Research Organization Services Market by Service
    • RoW Contract Research Organization Services Market by Therapeutic Areas
    • RoW Contract Research Organization Services Market by End User
    • Brazil Contract Research Organization Services Market – All Up
    • South Africa Contract Research Organization Services Market – All Up
    • Saudi Arabia Contract Research Organization Services Market – All Up
    • UAE Contract Research Organization Services Market – All Up
    • Rest of world (remaining countries of the LAMEA region) Contract Research Organization Services Market – All Up

Major Players Operating in the Contract Research Organization Services Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • IQVIA
  • LabCorp
  • Charles River Laboratories, Inc.
  • WuXi AppTec
  • Syneos Health Inc.
  • Paraxel International
  • PRA Health Sciences
  • PPD Inc.
  • ICON Plc
  • Medpace Holdings