Contract Research Organization (CRO) Services Market | 2031
Contract Research Organization (CRO) Services Market | 2031
Segments - Contract Research Organization (CRO) Services Market by Service Type (Clinical Service, Laboratory Service, Early Phase Development Services, and Others), Application (CNS Disorder, Oncology, Cardiology, Metabolic Disorder, Infectious Disease, and Others), End-user (Medical Device Companies, Academic & Research Institutes, Pharmaceutical & Biotech Companies, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
Upcoming
| Report ID :HC-5800
| 4.7 Rating
| 54 Reviews
| 191 Pages
| Format :
Report Description
Contract Research Organization (CRO) Services Market Outlook 2031
The global contract research organization (CRO) services market size was USD 73.36 Billion in 2022 and is likely to reach USD 197.23 Billion by 2031, expanding at a CAGR of 12.6% during 2023–2031. The market growth is attributed to the surge in innovations in the pharmaceutical industry.
Increasing number of clinical trials with the advancements in the field of medicine and biotechnology is anticipated to drive the market during the assessment period. Clinical trials are becoming complicated, due to the need for streamlining several facets, such as competent authorities, sponsors, manufacturers, centers, foundations, ethical committees, researchers, and legal departments.
-
According to the report published by the World Health Organization (WHO) in February 2023, the US registered a high number of trials between 1999-2022, followed by China and Japan. The US registered 168,520 trials, while China and Japan registered 94,193 and 63,499 trials, respectively.
The growing requirement for cost-effective and time-efficient development of drugs is raising the demand for contract research organization (CRO) services. Outsourcing R&D functions facilitates the prospect of streamlining the internal cost structures in several cases. However, a surge in outsourcing services in the post-approval stages and clinical development is projected to impel the market in the coming years.
The COVID-19 pandemic boosted the market, due to the extreme requirement for vaccines. All the major pharmaceutical companies were engaged in research for the development of a viable cure for the infection. Thus, the dependency on CROs increased significantly during the pandemic. This, in turn, propelled the market.
Impact of Artificial Intelligence (AI) on Contract Research Organization (CRO) Services Market
The use of artificial intelligence is expected to provide substantial propulsion to the contract research organization services market. Decentralized clinical trials often face several hurdles in data collection and processing. Medical research institutions and CROs use AI to resolve these problems in an efficient manner. The use of machine learning algorithms helps to analyze patient data and formulate strategies and decisions in the direction of obtaining the desired outcome.
Contract Research Organization (CRO) Services Market Dynamics
Major Drivers
Increasing prevalence of chronic diseases is expected to drive the market during the projection period. The unhealthy eating habits associated with the modern lifestyle led to a growing occurrence of chronic diseases among people. Health issues such as high blood pressure, hypertension, and obesity have become prominent. This raised the pressure on pharmaceutical manufacturers to conduct research and formulate effective medicines, which require the assistance of contract research organization services for effective management, thereby fueling the market.
-
As per the data published by the Centers for Disease Control and Prevention (CDC) in May 2023, six out of every 10 individuals in the US have at least one chronic ailment, such as cancer, heart disease, or diabetes. Chronic ailments are one of the leading causes of disability and death in the US.
Existing Restraints
Shortage of skilled professionals is likely to hamper the market during the forecast period. There have been constant updates in healthcare management with the rapid rise in technology and innovation. In addition, the need for new skills and services led to a decline in the number of trained professionals who are up-to-date and competent in all aspects of the job. This, in turn, is projected to impede the market.
Emerging Opportunities
Rising investment by pharmaceutical and biopharmaceutical companies is anticipated to provide substantial opportunities for the market. The number of global clinical and non-clinical research is growing at a rapid pace, due to the increased investments by key players in research and outsourcing to contract research organizations. Major pharmaceutical manufacturing companies are collaborating to enhance R&D efficiencies and adopt patient-centric trial endpoints. This transformational change is shaping the pharmaceutical industry and is likely to create lucrative opportunities in the market with the surge in requirements for effective management.
Scope of the Contract Research Organization (CRO) Services Market Report
The market report 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 |
Contract Research Organization (CRO) Services Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
|
Base Year |
2022 |
|
Historic Data |
2016–2021 |
|
Forecast Period |
2023–2031 |
|
Segmentation |
Service Type (Clinical Service, Laboratory Service, Early Phase Development Services, and Others), Application (CNS Disorder, Oncology, Cardiology, Metabolic Disorder, Infectious Disease, and Others), End-user (Medical Device Companies, Academic & Research Institutes, Pharmaceutical & Biotech Companies, and Others) |
|
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
|
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
|
Key Players Covered in the Report |
WuXi AppTec; Thermo Fisher Scientific Inc.; Syneos Health; Parexel International (MA) Corporation; Novotech; Medspace; Labcorp Drug Development; IQVIA Inc; ICON plc; Frontage Labs; Charles River Laboratories; Alira Health; and Bioagile. |
Contract Research Organization (CRO) Services Market Segment Insights
Service Type Segment Analysis
Based on service type, the contract research organization (CRO) services market is divided into clinical service, laboratory service, early phase development services, and others. The clinical service segment is projected to hold the major share of the market during the projection period, due to the rising prevalence of chronic diseases, such as hypertension, high blood pressure, and obesity. This increased the burden on pharmaceutical and biopharmaceutical companies, which significantly raised the need for outsourcing R&D activities to ensure effective management and seamless workflow. This, in turn, is expected to boost the segment.
-
According to a survey report published in June 2023, the expenditure for physician and clinical services in the US reached approximately USD 864 billion in 2021. The survey further shows that there has been a constant rise in these expenditures over the years.
Application Segment Analysis
On the basis of application, the global market is segregated into CNS disorder, oncology, cardiology, metabolic disorder, infectious disease, and others. The oncology segment is projected to register a considerable CAGR during the forecast period. Oncology-focused CROs have specialized knowledge and experience in the research and clinical trials of cancer. Their expertise leads to the effective and efficient development of oncology therapies. They help in expediting the drug development process while maintaining cost efficiency. This significantly contributes to the growth of the segment.
The infectious disease segment is anticipated to expand at a significant pace during the projection period, as it is one the most constant sources for contract research organization services. Infectious disease trials often have short timelines, allowing CROs to efficiently conduct quick and effective research. Furthermore, rising collaborations between pharmaceutical companies and government agencies to develop innovative drugs for infectious diseases are expected to create lucrative prospects for the growth of this segment.
End-user Segment Analysis
On the basis of end-user, the contract research organization (CRO) services market is segmented into medical device companies, academic & research institutes, pharmaceutical & biotech companies, and others. The pharmaceutical & biotech companies segment is anticipated to register a robust growth rate during the forecast period, as CROs enable these companies to tap into the latest research and developments. The expertise and specializations of contract research organizations help pharmaceutical and biopharmaceutical companies by providing access to cutting-edge technologies, specialized knowledge, and experienced personnel. This, in turn, is anticipated to propel the segment.
Regional Outlook
In terms of region, the global contract research organization (CRO) services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period, owing to its advanced medical infrastructure. In addition, the presence of several key players and large pharmaceutical companies in the region contributes to the market expansion. This facilitates extensive drug development and research activities, thereby propelling the market in this region.
The market in Europe is anticipated to expand at a high CAGR, due to the rapid expansion of the pharmaceutical industry. A significant surge in drug development activities, due to the increasing prevalence of various chronic ailments is likely to boost the market. Furthermore, the increase in healthcare expenditure in the region is expected to boost the market in the coming years.
Segments
The contract research organization (CRO) services market has been segmented on the basis of
Service Type
- Clinical Service
- Laboratory Service
- Early Phase Development Services
- Others
Application
- CNS Disorder
- Oncology
- Cardiology
- Metabolic Disorder
- Infectious Disease
- Others
End-user
- Medical Device Companies
- Academic & Research Institutes
- Pharmaceutical & Biotech Companies
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- WuXi AppTec
- Thermo Fisher Scientific Inc.
- Syneos Health
- Parexel International (MA) Corporation
- Novotech
- Medspace
- Labcorp Drug Development
- IQVIA Inc
- ICON plc
- Frontage Labs
- Charles River Laboratories
- Alira Health
- Bioagile
Competitive Landscape
Key players competing in the global contract research organization (CRO) services market are WuXi AppTec; Thermo Fisher Scientific Inc.; Syneos Health; Parexel International (MA) Corporation; Novotech; Medspace; Labcorp Drug Development; IQVIA Inc; ICON plc; Frontage Labs; Charles River Laboratories; Alira Health; and Bioagile.
These companies incorporate development strategies such as acquisitions, mergers, collaboration, partnerships, product launches, and production expansion to cater to customers worldwide. These key players heavily invest in research & innovation and collaborate to maintain their market relevance. For instance,
- In April 2022, Alira Health, one of the prominent market players, announced the acquisition of Sourcia, a contract research organization for medical devices, biotechnology, and digital therapeutics. This acquisition allows Alira Health to expand its services of clinical trials.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Contract Research Organization (CRO) Services Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Contract Research Organization (CRO) Services Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Contract Research Organization (CRO) Services Market - Supply Chain
4.5. Global Contract Research Organization (CRO) Services Market Forecast
4.5.1. Contract Research Organization (CRO) Services Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Contract Research Organization (CRO) Services Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Contract Research Organization (CRO) Services Market Absolute $ Opportunity
5. Global Contract Research Organization (CRO) Services Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Contract Research Organization (CRO) Services Market Size and Volume Forecast by Applications
5.3.1. CNS Disorder
5.3.2. Oncology
5.3.3. Cardiology
5.3.4. Metabolic Disorder
5.3.5. Infectious Disease
5.3.6. Others
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Contract Research Organization (CRO) Services Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Contract Research Organization (CRO) Services Market Size and Volume Forecast by End Users
6.3.1. Medical Device Companies
6.3.2. Academic & Research Institutes
6.3.3. Pharmaceutical & Biotech Companies
6.3.4. Others
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Contract Research Organization (CRO) Services Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Contract Research Organization (CRO) Services Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Contract Research Organization (CRO) Services Demand Share Forecast, 2019-2026
8. North America Contract Research Organization (CRO) Services Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Contract Research Organization (CRO) Services Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Contract Research Organization (CRO) Services Market Size and Volume Forecast by Applications
8.4.1. CNS Disorder
8.4.2. Oncology
8.4.3. Cardiology
8.4.4. Metabolic Disorder
8.4.5. Infectious Disease
8.4.6. Others
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. North America Contract Research Organization (CRO) Services Market Size and Volume Forecast by End Users
8.7.1. Medical Device Companies
8.7.2. Academic & Research Institutes
8.7.3. Pharmaceutical & Biotech Companies
8.7.4. Others
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Contract Research Organization (CRO) Services Demand Share Forecast, 2019-2026
9. Latin America Contract Research Organization (CRO) Services Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Contract Research Organization (CRO) Services Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Contract Research Organization (CRO) Services Market Size and Volume Forecast by Applications
9.4.1. CNS Disorder
9.4.2. Oncology
9.4.3. Cardiology
9.4.4. Metabolic Disorder
9.4.5. Infectious Disease
9.4.6. Others
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Latin America Contract Research Organization (CRO) Services Market Size and Volume Forecast by End Users
9.7.1. Medical Device Companies
9.7.2. Academic & Research Institutes
9.7.3. Pharmaceutical & Biotech Companies
9.7.4. Others
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Contract Research Organization (CRO) Services Demand Share Forecast, 2019-2026
10. Europe Contract Research Organization (CRO) Services Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Contract Research Organization (CRO) Services Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Contract Research Organization (CRO) Services Market Size and Volume Forecast by Applications
10.4.1. CNS Disorder
10.4.2. Oncology
10.4.3. Cardiology
10.4.4. Metabolic Disorder
10.4.5. Infectious Disease
10.4.6. Others
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Europe Contract Research Organization (CRO) Services Market Size and Volume Forecast by End Users
10.7.1. Medical Device Companies
10.7.2. Academic & Research Institutes
10.7.3. Pharmaceutical & Biotech Companies
10.7.4. Others
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Contract Research Organization (CRO) Services Demand Share Forecast, 2019-2026
11. Asia Pacific Contract Research Organization (CRO) Services Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Contract Research Organization (CRO) Services Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Contract Research Organization (CRO) Services Market Size and Volume Forecast by Applications
11.4.1. CNS Disorder
11.4.2. Oncology
11.4.3. Cardiology
11.4.4. Metabolic Disorder
11.4.5. Infectious Disease
11.4.6. Others
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Asia Pacific Contract Research Organization (CRO) Services Market Size and Volume Forecast by End Users
11.7.1. Medical Device Companies
11.7.2. Academic & Research Institutes
11.7.3. Pharmaceutical & Biotech Companies
11.7.4. Others
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Contract Research Organization (CRO) Services Demand Share Forecast, 2019-2026
12. Middle East & Africa Contract Research Organization (CRO) Services Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Contract Research Organization (CRO) Services Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Contract Research Organization (CRO) Services Market Size and Volume Forecast by Applications
12.4.1. CNS Disorder
12.4.2. Oncology
12.4.3. Cardiology
12.4.4. Metabolic Disorder
12.4.5. Infectious Disease
12.4.6. Others
12.5. Basis Point Share (BPS) Analysis by Applications
12.6. Y-o-Y Growth Projections by Applications
12.7. Middle East & Africa Contract Research Organization (CRO) Services Market Size and Volume Forecast by End Users
12.7.1. Medical Device Companies
12.7.2. Academic & Research Institutes
12.7.3. Pharmaceutical & Biotech Companies
12.7.4. Others
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Contract Research Organization (CRO) Services Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Contract Research Organization (CRO) Services Market: Market Share Analysis
13.2. Contract Research Organization (CRO) Services Distributors and Customers
13.3. Contract Research Organization (CRO) Services Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. WuXi AppTec
13.4.2. Thermo Fisher Scientific Inc.
13.4.3. Syneos Health
13.4.4. Parexel International (MA) Corporation
13.4.5. Novotech
13.4.6. Medspace
13.4.7. Labcorp Drug Development
13.4.8. IQVIA Inc
13.4.9. ICON plc
13.4.10. Frontage Labs
13.4.11. Charles River Laboratories
13.4.12. Alira Health
13.4.13. Bioagile
Methodology
Related Reports
Some other reports from this category!
Our Clients
