Clinical Research Organization Services Market by 2018-2033

Clinical research organization services are the services provided by the clinical research organizations (CROs) to the pharmaceutical, biotechnology, and medical device companies. Clinical research organization services include clinical trial management, clinical data management, biostatistics, regulatory affairs, and other services. The global clinical research organization services market is expected to reach USD 59.2 billion by 2033 from USD 33.2 billion in 2018, at a CAGR of 6.7%.

The growth of the clinical research organization services market is mainly driven by the increasing number of clinical trials, rising demand for outsourcing of clinical trials, and increasing focus on the development of biologics and biosimilars. However, the high cost of clinical trials and stringent regulatory requirements are expected to restrain the growth of this market during the forecast period.

The clinical trial management segment is expected to account for the largest share of the clinical research organization services market in 2018.

On the basis of service, the clinical research organization services market is segmented into clinical trial management, clinical data management, biostatistics, regulatory affairs, and other services. The clinical trial management segment is expected to account for the largest share of the market in 2018. The large share of this segment can be attributed to the increasing number of clinical trials and the rising demand for outsourcing of clinical trials.

The biopharmaceutical segment is expected to account for the largest share of the clinical research organization services market in 2018.

On the basis of end user, the clinical research organization services market is segmented into biopharmaceutical companies, medical device companies, and other end users. The bio-pharmaceutical segment is expected to account for the largest share of the market in 2018. The large share of this segment can be attributed to the increasing number of clinical trials and the rising demand for outsourcing of clinical trials.

North America is expected to account for the largest share of the clinical research organization services market in 2018.

North America is expected to account for the largest share of the clinical research organization services market in 2018. The large share of this region can be attributed to the increasing number of clinical trials, rising demand for outsourcing of clinical trials, and increasing focus on the development of biologics and biosimilars.

The major players in the clinical research organization services market are Vial CRO, Parexel International Corporation (US), IQVIA (US), Covance Inc. (US), ICON plc (Ireland), PRA Health Sciences, Inc. (US), Syneos Health (US), Charles River Laboratories International, Inc. (US), inVentiv Health, Inc. (US), Medpace Holdings, Inc. (US), and Pharmaceutical Product Development, LLC (US).