Contract Research Organization (CRO) Services Market Size [2022-2028] worth USD 163.48 Billion | exhibiting a CAGR of 12.1%
Key Prominent Players Covered in the contract research organization (CRO) services market Research Report Are Pharmaceutical Product, Development, LLC., Medpace, Clintec, IQVIA, PRA Health Sciences, ICON plc, KCR S.A.PSI, Parexel International Corporation., Covance and other key market players.
Pune, India, April 04, 2022 (GLOBE NEWSWIRE) — The CRO services market size was USD 62.75 billion in 2021. The market is projected to grow from USD 73.38 billion in 2022 to USD 163.48 billion in 2029 at a CAGR of 12.1% during the 2022-2029 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “CRO Services Market, 2022-2029.” Factors such as rising R&D budgets and rising outsourcing activities from pharmaceuticals along with rising collaborative efforts will boost the growth of the market during the forecast period. Additionally, increased investment opportunities by pharmaceutical, biopharmaceutical, and medical device companies will increase the footprint of the market.
Industry Development
- July 2021: Pharmaceutical Product Development, LLC. (PPD) announced that they would further integrate various developments in designing, creating, testing, implementing, and executing digital trials using Science 37’s DCT SaaS-based technology platform.
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Rising Prevalence of Chronic Diseases & Rising Clinical Trials to Augment Growth
Factors such as the increasing burden of chronic disorders among the general population and the rising integration of worldwide health expectancy will boost the CRO services market growth during the forecast period. Additionally, the increased focus of dominant players towards producing effective medications will push the boundaries of the market towards a new horizon. Also, the rising number of clinical trials, rising requirements for discovering new diseases and rising development towards detecting, diagnosing, and preventing diseases will increase the footprint of the market.
However, a lack of skilled professionals will limit the growth of the market during the forecast period.
COVID-19 Pandemic to Slow Market Growth due to Project Delays
The COVID-19 pandemic severely affected the sector of CRO services in a drastic manner due to the significant health challenge that was presented by the ongoing crisis. As the pandemic spread on a global scale, ongoing projects were delayed due to the termination of contracts with immediate effect. However, as the pandemic loomed on, increased spending towards the latest trials, site activation, and trial enrollments posed a revival for the growth of the market. Rising trial data for vaccines increased on a dramatic scale, further fueling the growth of the market during the intended forecast.
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Segments
Based on service type, the market can be divided into early phase development services, clinical, laboratory services and others.
By application, the market can be broken down into oncology, CNS disorder, cardiology, infectious disease, metabolic disorder, and others.
With respect to end user, the market can be segmented across pharmaceutical and biotech companies, medical device companies, academic and research institutes, and others.
In terms of geography, the market can be categorized into North America, Europe, Asia Pacific, and the Rest of the World.
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Report Coverage
The market report for CRO services presents an extremely detailed analysis by providing critical aspects such as an overview of the market, R&D activities, key countries for the market, and pricing for a variety of products. Additionally, ongoing industry developments & future market trends are also highlighted in the report. Also, factors that are expected to affect the market in a positive/negative manner are also presented in the report.
North America to Hold Dominance due to Accelerated Drug Development Activities
North America will witness the largest CRO services market share during the forecast period owing to the presence of prominent players in the region and rising widespread development of drug development to name a few. Additionally, the U.S. boasts of effective infrastructure. Large pharmaceutical organizations have focused their attention on outsourcing clinical trials will further fuel the growth of the market during the forecast period.
Europe will occupy a significant market share owing to rising incidences of diseases and rocketing healthcare expenditure. Additionally, the market will flourish due to the rising dependencies of pharma companies towards contract research organizations for increased efficiency & productivity.
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Product Development & Extended Collaborative Effort to Push Dominant Players Towards Market Dilution
A large section of the sector of CRO services is expected to be occupied by two companies, Labcorp and IQVIA. These organizations are expected to exert their dominance over the market during the intended forecast period. However, other players are expected to consolidate the market aggressively by integrating strategies such as mergers & acquisitions, and collaborations. For example, in July 2021, The Beijing Illness Challenge Foundation (ICF) announced the forming of a strategic collaboration with Parexel. This collaboration will focus on obtaining direct feedback from individuals suffering from rare diseases for improving their access to clinical trials. Additionally, players are also focused on increasing their presence in the market by employing strategic executions.
List of Key Players Present in the Market
- Pharmaceutical Product Development, LLC (Wilmington, U.S.)
- Medpace Holdings, Inc (Cincinnati, U.S.)
- Iqvia (Durham, U.S.)
- Icon Plc (Dublin, Ireland)
- KCR SA (Boston, U.S.)
- PSI (Zug, Switzerland)
- Parexel International Corporation (Newton, U.S.)
- Labcorp Drug Development (Burlington, U.S.)
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Mergers & Acquisitions Among Key Players
- The Regulatory Scenario in Key Countries/Region
- Competition Matrix for the Services Provided by Key Players
- COVID-19 Impact on the Market
- Global CRO Services Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service Type
- Early Phase Development Services
- CMC
- Preclinical Services
- Discovery
- Clinical
- Phase 1
- Phase 2
- Phase 3
- Phase 4
- Laboratory Services
- Others
- Early Phase Development Services
- Market Analysis, Insights and Forecast – By Application
- Oncology
- CNS
- Cardiology
- Infectious Disease
- Metabolic Disorders
- Others
- Market Analysis, Insights and Forecast – By End User
- Pharmaceutical & Biotechnological Companies
- Medical Device Companies
- Academic & Research Institutes
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the World
- North America CRO Services Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service Type
- Early Phase Development Services
- CMC
- Preclinical Services
- Discovery
- Clinical
- Phase 1
- Phase 2
- Phase 3
- Phase 4
- Laboratory Services
- Others
- Early Phase Development Services
- Market Analysis, Insights and Forecast – By Application
- Oncology
- CNS
- Cardiology
- Infectious Disease
- Metabolic Disorders
- Others
- Market Analysis, Insights and Forecast – By End User
- Pharmaceutical & Biotechnological Companies
- Medical Device Companies
- Academic & Research Institutes
- Others
- Market Analysis – By Country
- U.S.
- Canada
TOC Continued….!
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