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Clinical Research Organization Market Growth & Trends [2031]

Global Clinical Research Organization (CRO) Market

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Segments - By Service (Clinical Research Services, Early Phase Development Services, Laboratory Services, Consulting Services, and Others), By Molecule Type (Small molecules and Biologics), By End-user (Pharmaceutical & Biotechnology Company, Research & Academic Institute, and Others), and Regions (North America, Asia Pacific, Europe, Latin America, Middle East, and Africa) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2023-2031

HC-5245
4.8 Rating
383 Pages

27-04-2023
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Author :

Raksha Sharma

Fact-checked by :

Vineet Pandey

Editor :

Vishal Golekar

Report Description

Clinical Research Organization Market Outlook

The global Clinical Research Organization (CRO) market was estimated at USD 80.6 Billion in 2022 and is anticipated to reach USD 220.3 Billion by 2031, expanding at a CAGR of 12.2% during the forecast period.

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.

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.

Macro-economic Factors

Increasing Healthcare Expenditure

Healthcare expenditure refers to the amount of money spent on healthcare goods and services, such as medical treatments, hospitalizations, medical equipment, and other healthcare-related expenses. It includes both public and private spending on healthcare, such as expenditure by governments, insurance companies, and individuals.

Global spending on health more than doubled in real terms over the past two decades, reaching around US$ 8.5 trillion in 2019, or 9.8% of global GDP. Increasing healthcare spending raises the amount of funds for clinical research and development. This results in a large number of clinical trials and high demand for the services of CROs. High-income countries accounted for nearly 80% of global spending on health, with the US accounting for more than 40% alone.

Regulatory Environment

The regulatory environment has a significant impact on the clinical research organization (CRO) market. Regulatory requirements for conducting clinical trials vary by country and region and considerably affect the demand for the services of CROs, the cost of conducting clinical trials, and the profitability of CROs.

Government policies, such as regulations on quality standards, impact the market significantly. For instance, the Drugs and Cosmetics Act (1940) regulates the import, manufacture, and distribution of drugs and ensures that drugs and cosmetics sold are safe, effective, and conform to essential quality standards.

Clinical Research Organization Market Dynamics

Market Drivers

Rise in the Number of Drug Development Activities

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.

Drug development is a complex and expensive process that involves various steps, that includes drug discovery, preclinical studies, clinical trials, regulatory approval, and others. CROs offer significant cost savings to a large number of pharmaceutical companies by providing economies of scale. Drug development activities are increasing worldwide, which is a primary driving force of clinical research organizations.

The demand for clinical trials to test the safety and efficacy of new drugs and medical devices is increasing, as the pharmaceutical industry continues to expand. For instance, in 2022, Labcorp Drug Development helped to develop 100% of oncology drugs approved by the FDA (The United States Food and Drug Administration).

Technology Advancement and Outsourcing of Clinical Trials

Outsourcing of clinical trials has become a common practice in the pharmaceutical and biotechnology industries. Clinical trials are complex and require significant resources, including specialized equipment, facilities, and personnel.

Many pharmaceuticals and biotech companies are outsourcing their clinical trial activities to clinical research organizations (CROs) to reduce costs, streamline operations, and improve efficiency. The demand for CROs increases, as more pharmaceutical companies outsource their clinical trials. This is boosting the market for these organizations.

Market Restraint

Regulatory Compliance

Regulatory compliance is an essential aspect of conducting clinical trials, and it is considered to be a significant restraint for the market. CROs are required to comply with strict regulations and guidelines set by regulatory authorities such as the FDA, EMA (The European Medicines Agency), and other national regulatory agencies.

Protecting the rights, safety, and welfare of people who participate in clinical trials is a critical aspect of the regulations set by the FDA. The organization oversees clinical trials to ensure they are designed, conducted, analyzed, and reported according to federal law and good clinical practice (GCP) regulations. Compliance with these regulations is challenging and time-consuming, which makes it difficult for CROs to compete in the market.

Scope of Clinical Research Organization Market Report

The report on the global Clinical Research Organization (CRO) market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Clinical Research Organization (CRO) Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
Base Year	2022
Historic Data	2016-2021
Forecast Period	2023–2031
Segmentation	Service (Clinical Research Services, Early Phase Development Services, Laboratory Services, Consulting Services, and Others); Molecule Type (Small molecules and Biologics); End User (Pharmaceutical & Biotechnology Company, Research & Academic Institute, and Others)
Regional Scope	Asia Pacific, North America, Latin America, Europe, Middle East, and Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered	IQVIA Inc, LabCorp, Thermo Fisher Scientific Inc. ICON plc, Syneos Health

Clinical Research Organization Market Segmental Outlook

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.

The clinical research services segment is expected to expand at a CAGR of 12.4% from 2023 to 2031. The clinical research services are further categorized into Phase I, Phase II, Phase III, and Phase IV. The growth of the segment is attributed to the increasing prevalence of chronic diseases and the increasing demand for effective medications & diagnostics products across the globe.

Furthermore, various contract research organizations offer a wide range of clinical trial research services and support different areas of medical device & drug development. In 2020, Parexel and Synairgen plc formed a strategic collaboration for conducting a Phase III study of an Interferon-beta (IFN-beta) treatment for COVID-19 patients. Such strategic initiatives by CROs are expected to minimize the hindrance and boost the segment.

In terms of molecule type, the global clinical research organization (CRO) market is segmented into small molecules and biologics.

The small molecules segment is expected to hold 38.5% share of the market during the forecast period, owing to the increasing number of chronic diseases. According to the British Heart Foundation's statistics in August 2022, around 7.6 billion people in the UK suffered from some form of heart or cardiovascular disease in 2021. Such an increase in the number of chronic diseases is expected to increase the demand for treatments, and ultimately the demand for small molecules.

In terms of end-user, the global clinical research organization (CRO) market is segmented into pharmaceutical & biotechnology companies, research & academic institute, and others. The pharmaceutical & biotechnology company is expected to hold 46.3% share of the market in 2022.

The market is growing at a CAGR of 12.5%, owing to the growing population and rising prevalence of chronic diseases. The increasing prevalence of chronic diseases requires more drugs, which in turn, drives the segment.

Regional Outlook

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. North America accounted for 40.0% share of the market in 2022. This is attributed to the presence of major pharmaceutical companies in the region and their widespread drug development activity and excellent healthcare infrastructure.

Additionally, several key pharmaceutical companies in the region are outsourcing R&D and clinical trials, due to the changes in competition and reimbursement from generic drugs. This is boosting the Clinical Research Organization (CRO) market in North America.

Key Benefits for Industry Participants & Stakeholders

In-depth Analysis of the Global Clinical Research Organization (CRO) Market
Historical, Current, and Projected Market Size in Terms of Value
Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
Industry Drivers, Restraints, and Opportunities Covered in the Study
Recent Industry Trends and Developments
Competitive Landscape & Strategies of Key Players
Neutral Perspective on Global Clinical Research Organization (CRO) Market Performance

Segments

By Service

Clinical Research Services
Early Phase Development Services
Laboratory Services
Consulting Services
Others

By Molecule Type

Small molecules
Biologics

By End-user

Pharmaceutical & Biotechnology Company
Research & Academic Institute
Others

Regions

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Key Market Players Profiled in the Report

Asymchem Laboratories (Tianjin) Co., Ltd
Charles River Laboratories.
Dalton Pharma Services
Domainex
Eurofins Scientific
Evotec
Frontage Holdings Corporation
Genscript
Hangzhou Tigermed Consulting Co., Ltd.
ICON plc
Inotiv
IQVIA Inc
Jubilant Pharmova Limited
LabCorp
Medpace, Inc.
Parexel International Corporation
Pharmaron Beijing Co., Ltd.
Piramal Enterprises Ltd.
REPROCELL Inc.
SGS
Sun Pharmaceutical Industries Ltd.
Syneos Health
Thermo Fisher Scientific Inc.
WuXi AppTec

Competitive Landscape

Manufacturers operating in the global Clinical Research Organization (CRO) market include Asymchem Laboratories (Tianjin) Co., Ltd, Charles River Laboratories., Dalton Pharma Services, Domainex, Eurofins Scientific, Evotec, Frontage Holdings Corporation, Genscript, Hangzhou Tigermed Consulting Co., Ltd., ICON plc, Inotiv, IQVIA Inc, Jubilant Pharmova Limited, LabCorp, Medpace, Inc., Parexel International Corporation, Pharmaron Beijing Co., Ltd., Piramal Enterprises Ltd, REPROCELL Inc., SGS, Sun Pharmaceutical Industries Ltd., Syneos Health, Thermo Fisher Scientific Inc., WuXi AppTec.
Market players are pursuing key strategies such as acquisitions, collaborations, and geographic expansion to increase their market share.

Table Of Content

Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Clinical Research Organization (CRO) Market Overview
   4.1 Introduction
      4.1.1 Market Taxonomy
      4.1.2 Market Definition
      4.1.3 Macro-Economic Factors Impacting the Market Growth
   4.2 Clinical Research Organization (CRO) Market Dynamics
      4.2.1 Market Drivers
      4.2.2 Market Restraints
      4.2.3 Market Opportunity
   4.3 Clinical Research Organization (CRO) Market - Supply Chain Analysis
      4.3.1 List of Key Suppliers
      4.3.2 List of Key Distributors
    4.3.3 List of Key Consumers
   4.4 Key Forces Shaping the Clinical Research Organization (CRO) Market
      4.4.1 Bargaining Power of Suppliers
      4.4.2 Bargaining Power of Buyers
      4.4.3 Threat of Substitution
      4.4.4 Threat of New Entrants
      4.4.5 Competitive Rivalry
   4.5 Global Clinical Research Organization (CRO) Market Size & Forecast, 2016-2031
      4.5.1 Clinical Research Organization (CRO) Market Size and Y-o-Y Growth
      4.5.2 Clinical Research Organization (CRO) Market Absolute $ Opportunity
   4.6 Clinical Trails: Overview
Chapter 5 Global Clinical Research Organization (CRO) Market Analysis and Forecast By Service
   5.1 Introduction
      5.1.1 Key Market Trends & Growth Opportunities By Service
      5.1.2 Basis Point Share (BPS) Analysis By Service
      5.1.3 Absolute $ Opportunity Assessment By Service
   5.2 Clinical Research Organization (CRO) Market Size Forecast By Service
      5.2.1 Clinical Research Services
      5.2.2 Early-phase Development Services
      5.2.3 Laboratory Services
      5.2.4 Consulting Services
      5.2.5 Others
   5.3 Market Attractiveness Analysis By Service
Chapter 6 Global Clinical Research Organization (CRO) Market Analysis and Forecast By Molecule Type
   6.1 Introduction
      6.1.1 Key Market Trends & Growth Opportunities By Molecule Type
      6.1.2 Basis Point Share (BPS) Analysis By Molecule Type
      6.1.3 Absolute $ Opportunity Assessment By Molecule Type
   6.2 Clinical Research Organization (CRO) Market Size Forecast By Molecule Type
      6.2.1 Small molecules
      6.2.2 Biologics
   6.3 Market Attractiveness Analysis By Molecule Type
Chapter 7 Global Clinical Research Organization (CRO) Market Analysis and Forecast By End-user
   7.1 Introduction
      7.1.1 Key Market Trends & Growth Opportunities By End-user
      7.1.2 Basis Point Share (BPS) Analysis By End-user
      7.1.3 Absolute $ Opportunity Assessment By End-user
   7.2 Clinical Research Organization (CRO) Market Size Forecast By End-user
      7.2.1 Pharmaceutical & Biotechnology Company
      7.2.2 Research & Academic Institute
      7.2.3 Others
   7.3 Market Attractiveness Analysis By End-user
Chapter 8 Global Clinical Research Organization (CRO) Market Analysis and Forecast by Region
   8.1 Introduction
      8.1.1 Key Market Trends & Growth Opportunities by Region
      8.1.2 Basis Point Share (BPS) Analysis by Region
      8.1.3 Absolute $ Opportunity Assessment by Region
   8.2 Clinical Research Organization (CRO) Market Size Forecast by Region
      8.2.1 North America
      8.2.2 Europe
      8.2.3 Asia Pacific
      8.2.4 Latin America
      8.2.5 Middle East & Africa (MEA)
   8.3 Market Attractiveness Analysis by Region
Chapter 9 Coronavirus Disease (COVID-19) Impact
   9.1 Introduction
   9.2 Current & Future Impact Analysis
   9.3 Economic Impact Analysis
   9.4 Government Policies
   9.5 Investment Scenario
Chapter 10 North America Clinical Research Organization (CRO) Analysis and Forecast
   10.1 Introduction
   10.2 North America Clinical Research Organization (CRO) Market Size Forecast by Country
      10.2.1 U.S.
      10.2.2 Canada
   10.3 Basis Point Share (BPS) Analysis by Country
   10.4 Absolute $ Opportunity Assessment by Country
   10.5 Market Attractiveness Analysis by Country
   10.6 North America Clinical Research Organization (CRO) Market Size Forecast By Service
      10.6.1 Clinical Research Services
      10.6.2 Early-phase Development Services
    10.6.3 Laboratory Services
      10.6.4 Consulting Services
      10.6.5 Others
   10.7 Basis Point Share (BPS) Analysis By Service
   10.8 Absolute $ Opportunity Assessment By Service
   10.9 Market Attractiveness Analysis By Service
   10.10 North America Clinical Research Organization (CRO) Market Size Forecast By Molecule Type
      10.10.1 Small molecules
      10.10.2 Biologics
   10.11 Basis Point Share (BPS) Analysis By Molecule Type
   10.12 Absolute $ Opportunity Assessment By Molecule Type
   10.13 Market Attractiveness Analysis By Molecule Type
   10.14 North America Clinical Research Organization (CRO) Market Size Forecast By End-user
      10.14.1 Pharmaceutical & Biotechnology Company
      10.14.2 Research & Academic Institute
      10.14.3 Others
   10.15 Basis Point Share (BPS) Analysis By End-user
   10.16 Absolute $ Opportunity Assessment By End-user
   10.17 Market Attractiveness Analysis By End-user
Chapter 11 Europe Clinical Research Organization (CRO) Analysis and Forecast
   11.1 Introduction
   11.2 Europe Clinical Research Organization (CRO) Market Size Forecast by Country
      11.2.1 Germany
      11.2.2 France
      11.2.3 Italy
      11.2.4 U.K.
      11.2.5 Spain
      11.2.6 Russia
      11.2.7 Rest of Europe
   11.3 Basis Point Share (BPS) Analysis by Country
   11.4 Absolute $ Opportunity Assessment by Country
   11.5 Market Attractiveness Analysis by Country
   11.6 Europe Clinical Research Organization (CRO) Market Size Forecast By Service
      11.6.1 Clinical Research Services
      11.6.2 Early-phase Development Services
      11.6.3 Laboratory Services
      11.6.4 Consulting Services
      11.6.5 Others
   11.7 Basis Point Share (BPS) Analysis By Service
   11.8 Absolute $ Opportunity Assessment By Service
   11.9 Market Attractiveness Analysis By Service
   11.10 Europe Clinical Research Organization (CRO) Market Size Forecast By Molecule Type
      11.10.1 Small molecules
      11.10.2 Biologics
   11.11 Basis Point Share (BPS) Analysis By Molecule Type
   11.12 Absolute $ Opportunity Assessment By Molecule Type
   11.13 Market Attractiveness Analysis By Molecule Type
   11.14 Europe Clinical Research Organization (CRO) Market Size Forecast By End-user
      11.14.1 Pharmaceutical & Biotechnology Company
      11.14.2 Research & Academic Institute
      11.14.3 Others
   11.15 Basis Point Share (BPS) Analysis By End-user
   11.16 Absolute $ Opportunity Assessment By End-user
   11.17 Market Attractiveness Analysis By End-user
Chapter 12 Asia Pacific Clinical Research Organization (CRO) Analysis and Forecast
   12.1 Introduction
   12.2 Asia Pacific Clinical Research Organization (CRO) Market Size Forecast by Country
      12.2.1 China
      12.2.2 Japan
      12.2.3 South Korea
      12.2.4 India
      12.2.5 Australia
      12.2.6 South East Asia (SEA)
      12.2.7 Rest of Asia Pacific (APAC)
   12.3 Basis Point Share (BPS) Analysis by Country
   12.4 Absolute $ Opportunity Assessment by Country
   12.5 Market Attractiveness Analysis by Country
   12.6 Asia Pacific Clinical Research Organization (CRO) Market Size Forecast By Service
      12.6.1 Clinical Research Services
      12.6.2 Early-phase Development Services
      12.6.3 Laboratory Services
      12.6.4 Consulting Services
      12.6.5 Others
   12.7 Basis Point Share (BPS) Analysis By Service
   12.8 Absolute $ Opportunity Assessment By Service
   12.9 Market Attractiveness Analysis By Service
   12.10 Asia Pacific Clinical Research Organization (CRO) Market Size Forecast By Molecule Type
      12.10.1 Small molecules
      12.10.2 Biologics
   12.11 Basis Point Share (BPS) Analysis By Molecule Type
   12.12 Absolute $ Opportunity Assessment By Molecule Type
   12.13 Market Attractiveness Analysis By Molecule Type
   12.14 Asia Pacific Clinical Research Organization (CRO) Market Size Forecast By End-user
      12.14.1 Pharmaceutical & Biotechnology Company
      12.14.2 Research & Academic Institute
      12.14.3 Others
   12.15 Basis Point Share (BPS) Analysis By End-user
   12.16 Absolute $ Opportunity Assessment By End-user
   12.17 Market Attractiveness Analysis By End-user
Chapter 13 Latin America Clinical Research Organization (CRO) Analysis and Forecast
   13.1 Introduction
   13.2 Latin America Clinical Research Organization (CRO) Market Size Forecast by Country
      13.2.1 Brazil
      13.2.2 Mexico
      13.2.3 Rest of Latin America (LATAM)
   13.3 Basis Point Share (BPS) Analysis by Country
   13.4 Absolute $ Opportunity Assessment by Country
   13.5 Market Attractiveness Analysis by Country
   13.6 Latin America Clinical Research Organization (CRO) Market Size Forecast By Service
      13.6.1 Clinical Research Services
      13.6.2 Early-phase Development Services
      13.6.3 Laboratory Services
      13.6.4 Consulting Services
      13.6.5 Others
   13.7 Basis Point Share (BPS) Analysis By Service
   13.8 Absolute $ Opportunity Assessment By Service
   13.9 Market Attractiveness Analysis By Service
   13.10 Latin America Clinical Research Organization (CRO) Market Size Forecast By Molecule Type
      13.10.1 Small molecules
      13.10.2 Biologics
   13.11 Basis Point Share (BPS) Analysis By Molecule Type
   13.12 Absolute $ Opportunity Assessment By Molecule Type
   13.13 Market Attractiveness Analysis By Molecule Type
   13.14 Latin America Clinical Research Organization (CRO) Market Size Forecast By End-user
      13.14.1 Pharmaceutical & Biotechnology Company
      13.14.2 Research & Academic Institute
      13.14.3 Others
   13.15 Basis Point Share (BPS) Analysis By End-user
   13.16 Absolute $ Opportunity Assessment By End-user
   13.17 Market Attractiveness Analysis By End-user
Chapter 14 Middle East & Africa (MEA) Clinical Research Organization (CRO) Analysis and Forecast
   14.1 Introduction
   14.2 Middle East & Africa (MEA) Clinical Research Organization (CRO) Market Size Forecast by Country
      14.2.1 Saudi Arabia
      14.2.2 South Africa
      14.2.3 UAE
      14.2.4 Rest of Middle East & Africa (MEA)
   14.3 Basis Point Share (BPS) Analysis by Country
   14.4 Absolute $ Opportunity Assessment by Country
   14.5 Market Attractiveness Analysis by Country
   14.6 Middle East & Africa (MEA) Clinical Research Organization (CRO) Market Size Forecast By Service
      14.6.1 Clinical Research Services
      14.6.2 Early-phase Development Services
      14.6.3 Laboratory Services
      14.6.4 Consulting Services
      14.6.5 Others
   14.7 Basis Point Share (BPS) Analysis By Service
   14.8 Absolute $ Opportunity Assessment By Service
   14.9 Market Attractiveness Analysis By Service
   14.10 Middle East & Africa (MEA) Clinical Research Organization (CRO) Market Size Forecast By Molecule Type
      14.10.1 Small molecules
      14.10.2 Biologics
   14.11 Basis Point Share (BPS) Analysis By Molecule Type
   14.12 Absolute $ Opportunity Assessment By Molecule Type
   14.13 Market Attractiveness Analysis By Molecule Type
   14.14 Middle East & Africa (MEA) Clinical Research Organization (CRO) Market Size Forecast By End-user
      14.14.1 Pharmaceutical & Biotechnology Company
      14.14.2 Research & Academic Institute
      14.14.3 Others
   14.15 Basis Point Share (BPS) Analysis By End-user
   14.16 Absolute $ Opportunity Assessment By End-user
   14.17 Market Attractiveness Analysis By End-user
Chapter 15 Competition Landscape
   15.1 Clinical Research Organization (CRO) Market: Competitive Dashboard
   15.2 Global Clinical Research Organization (CRO) Market: Market Share Analysis, 2022
   15.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
      15.3.1 Asymchem Laboratories (Tianjin) Co., Ltd
      15.3.2 Charles River Laboratories
      15.3.3 Dalton Pharma Services
      15.3.4 Domainex
      15.3.5 Eurofins Scientific
      15.3.6 Evotec
      15.3.7 Frontage Holdings Corporation
      15.3.8 Genscript
      15.3.9 Hangzhou Tigermed Consulting Co., Ltd.
      15.3.10 ICON plc
      15.3.11 Inotiv
      15.3.12 IQVIA Inc
      15.3.13 Jubilant Pharmova Limited
      15.3.14 LabCorp
      15.3.15 Medpace, Inc.
      15.3.16 Parexel International Corporation
      15.3.17 Pharmaron Beijing Co., Ltd.
      15.3.18 Piramal Enterprises Ltd.
      15.3.19 REPROCELL Inc.
      15.3.20 SGS
      15.3.21 Sun Pharmaceutical Industries Ltd.
      15.3.22 Syneos Health
      15.3.23 Thermo Fisher Scientific Inc.
      15.3.24 WuXi AppTec

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FAQ Section

Some frequently asked questions about this report!

1. What is the major end-user of Clinical Research Organization (CRO) that driving the market growth?

The research & academic institute segment held a market share of 33.3% in 2022 and is anticipated to expand at a CAGR of 12.2% during the forecast period. It is typically responsible for scientific research for the advancement of new drugs.

2. Who are the major players operating in the market?

Major manufacturers include IQVIA Inc, LabCorp, Thermo Fisher Scientific Inc., ICON plc, and Syneos Health are among the key players that hold a major chunk of the market.

3. Can I ask for different company profiles?

Additional company profiles are provided on request

4. What are the criteria used for selecting a company profile?

Factors such as competitive strength and market positioning are key areas considered while selecting key companies to be profiled.

5. What are the factors driving the Clinical Research Organization (CRO) market?

The rise in the number of drug development activities, technology advancement and outsourcing of clinical trials are the key driving factors for the market.

6. How big will be the Clinical Research Organization (CRO) market in 2030?

According to this Growth Market Reports report, the Clinical Research Organization (CRO) market is expected to register a CAGR of 12.3 % during the forecast period, 2015-2030, with an anticipated valuation of USD 220.3 Billion by the end of 2030.

7. Which macroeconomic factors affect the market?

Economic Condition, Increasing Healthcare Expenditure, Advancement in Technology, and Regulatory Environment are key macroeconomic factors shaping the market during the forecast period.

8. What is the impact of COVID-19 on the overall market during 2019 -2020?

The pandemic has positive impact on the global Clinical Research Organization (CRO) market. The COVID-19 outbreak spread worldwide, increase in number of clinical research activities has boost the demand of Clinical Research Organization (CRO).

9. What additional data analysis is available in a report?

In addition to market size (in USD Billion), the company market share (in % for the base year 2022), the impact of key regulations, current & future trends, and reimbursement scenario overview: private and public healthcare institutions by region have been provided.

10. What is the base year calculated in the global Clinical Research Organization (CRO) market report and what is the analysis period?

The base year considered for the global Clinical Research Organization (CRO) market report is 2021. The complete analysis period is 2016 to 2031, wherein, 2016 to 2021 are the historic years, and the forecast is provided from 2023 to 2031.