The global contract research organization services market is expected to reach US$ 79.2 Bn by 2027, expanding at a CAGR of 8.3% during the forecast period from 2019 to 2027.
Contract research organization (CRO`s) services are outsourced services that are used by pharmaceutical and biotechnology companies for clinical trials and other research activities. The CRO services market is driven by the increasing number of clinical trials, rising demand for outsourcing of drug discovery and development activities, and increasing government funding for drug development activities. In addition, the growing demand for personalized medicine and the increasing number of biopharmaceutical companies are expected to drive the growth of the CRO services market during the forecast period.
The global contract research organization services market is expected to grow at a CAGR of 8.2% during the forecast period from 2019 to 2027. The market was valued at US$ 39.2 Bn in 2018 and is projected to reach US$ 79.2 Bn by 2027. The market is driven by the increasing demand for outsourcing of clinical trials, rising prevalence of chronic diseases, and increasing government initiatives to support clinical research.
The contract research organization services market is segmented on the basis of service type, therapeutic area, end user, and region. On the basis of service type, the market is segmented into preclinical services, clinical trial services, and post-marketing services. The preclinical services segment is expected to hold the largest share of the market during the forecast period. This is attributed to the increasing demand for preclinical services for drug discovery and development.
On the basis of therapeutic area, the market is segmented into oncology, cardiovascular diseases, central nervous system, respiratory diseases, infectious diseases, and others. The oncology segment is expected to hold the largest share of the market during the forecast period. This is attributed to the increasing prevalence of cancer and the rising demand for oncology drugs.
On the basis of end user, the market is segmented into pharmaceutical and biotechnology companies, medical device companies, and academic and research institutes. The pharmaceutical and biotechnology companies segment is expected to hold the largest share of the market during the forecast period. This is attributed to the increasing demand for outsourcing of clinical trials by pharmaceutical and biotechnology companies.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to hold the largest share of the market during the forecast period. This is attributed to the increasing prevalence of chronic diseases, rising demand for outsourcing of clinical trials, and the presence of major players in the region.
The List of Top CROs:
The major players operating in the contract research organization services market are Vial CRO, Parexel International Corporation, IQVIA, INC., Covance Inc., Charles River Laboratories International, Inc., ICON plc, PRA Health Sciences, Inc., Syneos Health, Inc., Pharmaceutical Product Development, LLC, Medpace Holdings, Inc., and Clinipace Worldwide.
1. Vial CRO
2. Covance Inc., a LabCorp Company
3. ICON plc
4. PRA Health Sciences, Inc., a Syneos Health Company
5. PAREXEL International Corporation (A Permira Company)
6. Pharmaceutical Product Development LLC (PPD) (A Carlyle Group Company)
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