The global contract research organization (CRO) services market is expected to reach US$ 79.2 Bn by 2030, expanding at a CAGR of 8.2% during the forecast period (2020–2030).
Contract research organization (CRO`s) services are outsourced services that are used by pharmaceutical and biotechnology companies to reduce the cost and time of drug development. The services include clinical trial management, preclinical services, regulatory services, and other services.
The global contract research organization (CRO) services market is driven by the increasing number of clinical trials, rising demand for outsourcing of clinical trials, and increasing focus on drug development.
The increasing number of clinical trials is a major factor driving the global contract research organization (CRO) services market. According to the ClinicalTrials.gov, the number of clinical trials registered in the U.S. increased from approximately 8,000 in 2000 to more than 40,000 in 2019. This is due to the increasing prevalence of chronic diseases, such as cancer, diabetes, and cardiovascular diseases, and the rising demand for new and effective treatments.
The rising demand for outsourcing of clinical trials is another factor driving the global contract research organization (CRO) services market. Outsourcing of clinical trials helps pharmaceutical and biotechnology companies to reduce the cost and time of drug development. It also helps them to focus on their core competencies and reduce the risk associated with drug development.
The increasing focus on drug development is another factor driving the global contract research organization (CRO) services market. Pharmaceutical and biotechnology companies are focusing on drug development to meet the increasing demand for new and effective treatments. This is driving the demand for contract research organization (CRO) services.
The global contract research organization (CRO) services market is segmented based on service type, therapeutic area, and region.
Based on service type, the global contract research organization (CRO) services market is segmented into clinical trial management, preclinical services, regulatory services, and other services. The clinical trial management segment is expected to account for the largest share of the market during the forecast period. This is due to the increasing number of clinical trials and the rising demand for outsourcing of clinical trials.
Based on therapeutic area, the global contract research organization (CRO) services market is segmented into oncology, cardiovascular diseases, diabetes, infectious diseases, and other therapeutic areas. The oncology segment is expected to account for the largest share of the market during the forecast period. This is due to the increasing prevalence of cancer and the rising demand for new and effective treatments.
Regional Analysis
The global contract research organization (CRO) services market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America is expected to account for the largest share of the global contract research organization (CRO) services market during the forecast period. This is due to the increasing number of clinical trials, rising demand for outsourcing of clinical trials, and increasing focus on drug development in the region.
The contract research organization (CRO) services market in Asia Pacific is expected to expand at a rapid pace during the forecast period. This is due to the increasing prevalence of chronic diseases, such as cancer, diabetes, and cardiovascular diseases, and the rising demand for new and effective treatments in the region.
Key Players
The global contract research organization (CRO) services market is highly fragmented, with a large number of players. Key players in the market include Vial CRO, Parexel International Corporation, IQVIA, Syneos Health, Inc., Covance Inc., Charles River Laboratories International, Inc., ICON plc, PRA Health Sciences, Inc., Wuxi AppTec, and Pharmaceutical Product Development, LLC.
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