Pune, India, June 19, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Contract Research Organization Services Market size was valued at USD 73.38 billion in 2022 and is projected to grow from USD 82.60 billion in 2023 to USD 188.52 billion by 2030, exhibiting a CAGR of 12.5% during the forecast period. Factors such as rising R&D budgets, rising outsourcing activities from pharmaceuticals, and rising collaborative efforts will boost the market's growth during the forecast period. Additionally, increased investment opportunities by pharmaceutical, biopharmaceutical, and medical device companies will increase the market’s footprint. Fortune Business Insights presents this information in their report titled “Global Contract Research Organization (CRO) Market, 2023–2030.”
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Notable Industry Development
- July 2021: China’s Beijing Illness Challenge Foundation (ICF) has formed a strategic relationship with Parexel. This ground-breaking collaboration aims to obtain direct feedback from individuals with rare diseases to improve their access to and participation in clinical trials.
Key Takeaways:
- The global market observed a significant growth in its market value due to the high demand for services.
- Increase in the number of clinical trials is anticipated to boost the development of new drugs and is expected to drive the market's growth in the forecast period.
- Increasing healthcare expenditure is expected to fuel market growth.
- North America CRO services market was valued at USD 36.97 billion in 2022.
Discover the Leading Players Featured in the Report:
“Companies leading the global Contract Research Organization Services Market are Pharmaceutical Product Development, LLC (U.S.), Medpace Holdings, Inc. (U.S.), Iqvia (U.S.), ICON plc (Ireland), KCR SA (U.S.), PSI (Switzerland), Parexel International Corporation (U.S.), Labcorp Drug Development (U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 12.5% |
| 2030 Value Projection | USD 188.52 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 73.38 billion |
| Historical Data | 2019 to 2021 |
| No. of Pages | 121 |
| Segments covered | Service Type, Application, End-User, and Region |
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Drivers & Restraints
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 rising number of clinical trials, rising requirements for discovering new diseases, and rising development towards detecting, diagnosing, and preventing diseases will increase the contract research organization (CRO) services market share.
However, a lack of skilled professionals will limit the contract research organization (CRO) services market growth during the forecast period.
Segments
Increased Number of Clinical Trials Led to Clinical Segments’ Massive Growth
Based on service type, the market can be divided into early-phase development services, clinical, laboratory services, and others. Outsourcing R&D activities and rising clinical trials dominated the clinical segment in 2022 and is expected to continue during the forecast period.
Development of Cancer Treatment Solutions Dominated the Oncology Segment
By application, the market can be segmented into oncology, CNS disorder, cardiology, infectious disease, metabolic disorder, renal/nephrology, and others. Advanced research and technology and a focus on global disease resulted in the oncology segment holding the highest share.
Growing R&D Lead to Dominance of Pharmaceutical Biotech Companies
Based on end user, the market can be segmented across pharmaceutical and biotech companies, medical device companies, academic and research institutes, and others. Outsourcing of R&D to independent service providers and investments by pharmaceutical sponsors dominated the pharmaceutical and biotech companies’ growth.
Regarding geography, the market can be categorized into North America, Europe, Asia Pacific, and the Rest of the World.
Market Segmentation:
By Service Type
- Early Phase Development Services
- CMC
- Preclinical Services
- Discover
- Clinical
- Phase 1
- Phase 2
- Phase 3
- Phase 4
- Laboratory Service
- Others
By Application
- Oncology
- CNS Disorder
- Cardiology
- Infectious Disease
- Metabolic Disorder
- Renal/Nephrology
- Others
By End-user
- Pharmaceutical & Biotechnological Companies
- Medical Device Companies
- Academic & Research Institutes
- Others
By Geography
- North America (by Service Type, by Application, by End-user, and by Country)
- Europe ( by Service Type, by Application, by End-user, and by Country/Country-Sub-region)
- Asia Pacific ( by Service Type, by Application, by End-user, and by Country/Country-Sub-region )
- Rest of the World ( by Service Type, by Application, and by End-user)
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Regional Insights
North America to Hold Dominance Due to Accelerated Drug Development Activities
North America will witness the largest contract research organization (CRO) services market share during the forecast period owing to the presence of prominent players in the region and rising overall 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 to further fuel the market’s growth during the forecast period.
Europe will occupy a significant market share due 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.
Competitive Landscape
Product Development & Extended Collaborative Effort to Push Dominant Players Towards Market Dilution
A large section of the sector of contract research organization (CRO) services is expected to be occupied by two companies, Labcorp and IQVIA. These organizations are expected to dominate 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.
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FAQ’s
How big is the CRO services market?
The contract research organization services market size was USD 73.38 billion in 2022. It is expected to reach USD 188.52 billion by 2030.
How fast is the contract research organization services market growing?
The contract research organization services market will exhibit a CAGR of 12.5% during the forecast period, 2023-2030.
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