Dublin, March 13, 2024 (GLOBE NEWSWIRE) -- The "Global Contract Research Organization Services Market Analysis & Forecast to 2023-2033: Market By Service; By Application; By End-user; and By Region" report has been added to ResearchAndMarkets.com's offering.
The global contract research organization services market size was estimated to be USD 75.69 billion in 2023 and is expected to reach at USD 247.2 billion by 2033 with a CAGR of 11.36% during the forecast period 2023-2033.
Growing prevalence of chronic diseases, surge in research and development activities, rising investment by key market players, increasing need for time efficient and cost-effective drug development, growing technological advancements, surge in number of clinical trials, increased outsourced penetration, rising demand for new clinical trial designs for complex cell & gene therapies, and surge in strategic initiatives such as partnership & collaboration within major market players are some of the key factors boosting the market growth. 
North America region is anticipated for the highest revenue share during the forecast period owing to the increasing outsourcing of research & development activities to CRO, surge in number of clinical trials, rising presence of major market players, growing drug development activities, and increasing mergers & acquisitions between leading market players.
Surge in strategic initiatives such as partnership & collaboration within major market players is predicted to boost the market growth during the forecast period. For instance, in April 2021, Pharmaceutical product development LLC (PPD) and Science 37 have formed a collaboration, wherein PPD will utilize Science 37's Decentralized Clinical Trials Software as a Service (SaaS) platform to create, assess, and carry out digital trials. This partnership involves the design, development, testing, implementation, and execution of these trials.
By Service, Clinical research service was the highest revenue-grossing segment in the global Contract Research Organization Services Market in 2022 owing to the growing prevalence of chronic diseases, increasing outsourcing research & development activities by market players, and rising initiatives by key market players.
By Application, Oncology was the highest revenue-grossing segment in the global Contract Research Organization Services Market in 2022 owing to the rising prevalence of cancer, increasing advancement in research & technology, surge in drug discovery for cancer treatment, and growing mergers & acquisitions within market players.
By End-user, Pharmaceutical & biotech companies was the highest revenue-grossing segment in the global Contract Research Organization Services Market in 2022 owing to the increasing investment in research & development activities, growing outsourcing of research & development, rising demand for contract research organization due to rise in number of clinical trials, surge in government support & funding for clinical trials, and increasing mergers & acquisitions within major market players.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2022 - 2033 |
| Estimated Market Value (USD) in 2022 | $75.69 Billion |
| Forecasted Market Value (USD) by 2033 | $247.2 Billion |
| Compound Annual Growth Rate | 11.3% |
| Regions Covered | Global |
Company Profiles
- IQVIA
- FUJIFILM
- Thermo Fisher Scientific
- ICON PLC
- Paraxel International Corporation
- Laboratory Corporation of America Holdings (Labcorp)
- Pharmaceutical Product Development LLC.
- Envigo Inc.
- KCR SA
- Medpace Holdings
- PSI
- Charles River Laboratories
Segmentation: Contract Research Organization Services Market Report 2022 - 2033
Contract Research Organization Services Market Analysis & Forecast by Service 2022 - 2033 (Revenue USD Bn)
- Laboratory Service
- Clinical Research Service
- Consulting Service
- Early Phase Development Service
- Data Management Service
Contract Research Organization Services Market Analysis & Forecast by Application 2022 - 2033 (Revenue USD Bn)
- Neurology
- Oncology
- Cardiovascular Disorder
- CNS Disorder
- Renal/Nephrology
- Infectious Disease
- Immunological Disorder
- Respiratory Disorder
- Diabetes
- Others
Contract Research Organization Services Market Analysis & Forecast by End-user 2022 - 2033 (Revenue USD Bn)
- Pharmaceutical & Biotech Companies
- Academic Institutes
- Medical Device Companies
Contract Research Organization Services Market Analysis & Forecast by Region 2022 - 2033 (Revenue USD Bn)
North America
- U.S.
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
Middle East & Africa
- South Africa
- GCC
- Rest of MEA
For more information about this report visit https://www.researchandmarkets.com/r/rui0t1
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