According to a recent market study published by Growth Market Reports, titled, “Global Clinical Research Organization (CRO) Market by By Service, By Molecule Type, By End-user, and By Region: Size, Share, Trends and Opportunity Analysis, 2015-2030”, the market was valued at US$ 80.6 Billion in 2022 and is anticipated to expand at a growth rate of 12.2% by 2030.

A clinical research organization (CRO) provides support to the pharmaceuticals, biotechnology, and medical devices industries in the form of research services outsourced on a contract basis. Clinical research organizations (CROs) play a crucial role in the development of pharmaceuticals, medical devices, and therapies. A sponsor (a business, organization, or institution) who wishes to run a clinical trial hires CROs to plan, coordinate, execute, and manage the lifecycle of the clinical trial, safely and efficiently.

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CROs have the knowledge, capabilities, processes, and procedures that are needed to develop and run a successful clinical trial while ensuring trial quality and compliance with national and international standards. A CRO serves as the main contact between the sponsor and other stakeholders throughout the trial, and communicates with ethics and compliance committees, regulatory personnel, vendors, physicians, and research coordinators.

The global Clinical Research Organization (CRO) market has been segmented in terms of By Service, By Molecule Type, By End-user, and region. On the basis of Service, the global clinical research organization (CRO) market is segmented into clinical research services, early-phase development services, laboratory services, consulting services, and others. In terms of molecule type, the global clinical research organization (CRO) market is segmented into small molecules and biologics. Bases on  end-user, the global clinical research organization (CRO) market is segmented into pharmaceutical & biotechnology companies, research & academic institute, and others. On the basis of region, the global clinical research organization (CRO) market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Increasing demand for clinical research prompts organizations to expand their operations in Europe, which is anticipated to drive the market in the coming years. For example, on 5 July 2022, LabConnect Inc., a functional outsourcing service provider, based in the US, announced its expansion in Europe with the acquisition of Cryo Store B.V. The company appointed a general manager for this region. The early-phase development services segment held a market share of xx% in 2022 and is anticipated to expand at a CAGR of xx% during the forecast period. It refers to the specialized services provided to pharmaceutical and biotechnology companies to support the initial stages of drug development. The pharmaceuticals & biotechnology company segment is expected to expand at a CAGR of xx% during the forecast period, owing to the growing funding for emerging biotechnology companies. The market is moderately consolidated, and several players are operating in the market. Few players have occupied a major share of the market since its inception. Latest advancements and high demand for CRO are enabling the entry of new market players.

Key Takeaways from the Study

  • Players in the global Clinical Research Organization (CRO) market include IQVIA Inc, LabCorp, Thermo Fisher Scientific Inc., ICON plc, and Syneos Health. These players held a major share of the global Clinical Research Organization (CRO) market in 2021.
  • Rising Drug development activities are one of the positive factors for the clinical research organizations (CROs) market. The demand for CRO services increases drastically, as pharmaceuticals and biotechnology companies continue to invest in research and development to bring new drugs to market.
  • Technology advancements in the healthcare industry, such as electronic health records (EHRs), artificial intelligence (AI), and big data analytics, are also fueling the CRO market
  • Emerging biotechnology businesses sometimes lack the infrastructure and financial means essentially to carry out large clinical studies and finish the required development procedures independently.
  • On the basis of service, the clinical research services segment held 52.1% value share of the market in 2022. The segment is projected to account for the largest share of the market during the forecast period. In terms of revenue, the clinical research services and early phase development services segments were valued at USD 41.9 Bn and USD 18.0 Bn, respectively, in 2022. Furthermore, the early phase development services segment is anticipated to expand at a lucrative CAGR of 12.3% between 2023 and 2031.
  • Increasing expansion of the biopharmaceutical industry in countries such as Brazil, Mexico, and the Rest of Latin America is expected to create opportunities for the market players in Latin America. Moreover, the rising cost of drug development is anticipated to boost the market during the forecast period. Increasing cost of clinical trials and challenges pertaining to patient recruitment led biopharmaceutical companies to turn to regions such as Latin America for cost savings and quick patient recruitment. These factors are expected to drive the market in the coming years.

Report Scope:

Report Metric

Details

Market Value in 2022

US$ 80.6 Billion

Market Growth Rate (from 2022 to 2030)

12.2%

Historical Data

2015 & 2020

Base Year

2021

Forecast Period

2022 – 2030

Units Considered

Value (US$ Billion)

Market Segments

By Service, By Molecule Type, By End-user, and By Region

Key Companies Profiled

IQVIA Inc, LabCorp, Thermo Fisher Scientific Inc., ICON plc, and Syneos Health

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail of tailor-made purchase options to meet your research requirements.

Target Audience:

  • Supply-side: Vendor, Manufacturer, Distributors, Supplier, Retailer.
  • Regulatory Side: Concerned government authorities, and other approved regulatory bodies.