Global Contract Research Organization (CRO) Market Share Is Likely To Reach At A CAGR Value Of Around 6.4% By 2028

08-Jun-2022 | Facts and Factors

According to Facts and Factors, the global contract research organization (CRO) market was valued at USD 52.1 billion in 2021 and is predicted to increase at a CAGR of 6.4% to USD 65.5 billion by 2028. The study examines the market in terms of revenue in each of the major regions, which are classified into countries.

A contract research organization (CRO) is a life sciences company that provides research services to the pharmaceutical, biotechnology, and medical device sectors on a contract basis. Biopharmaceutical development, biologic assay development, commercialization, clinical development, clinical trial management, pharmacovigilance, outcomes research, and real-world evidence are all services that a CRO can provide. The market's growth has been majorly affected by the increasing adoption of modern technology for efficient R&D outcomes and the expanding outsourcing tendencies in the clinical trials industry. The CRO market statistics are being transformed and propelled by the huge change from maintaining manual/paper-based records to digital data capturing technology.

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Contract Research Organization (CRO) Market Size

Browse the full “Contract Research Organization (CRO) Market By Service Type (Early Phase Development Services, Clinical Research Services, Laboratory Services, Regulatory Consulting Services), By Therapeutic Area (Oncology, Clinical Pharmacology, Cardiology, Infectious Disease, Neurology, Gastroenterology & Hepatology, Ophthalmology, Others), By End-use (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, Academic Institutes), By Application, By Technology, By Function, and By Region - Global Industry Insights, Growth, Size, Share, Comparative Analysis, Trends and Forecast 2022 – 2028"  report at https://www.fnfresearch.com/contract-research-organization-cro-market

The rise in the number of approved products worldwide can be ascribed to biopharmaceutical companies' increased investments in the development of biologics and biosimilars. Biologics, such as proteins, peptides, and monoclonal antibodies, account for more than half of all drug candidates in the discovery stage. In 2022, biologics are predicted to account for roughly half of the income earned by the top 100 pharmaceutical products. To stay up with the constant changes in pharmaceutical and medical device R&D technologies and methodologies, deliver quality services, and follow good laboratory procedures, highly skilled experts are necessary. CROs confront issues in attracting and maintaining highly competent experts, as they compete for qualified and experienced scientists in pharmaceutical, biotechnology, and medical device businesses, as well as academic and research institutions.

The contract research organization market is divided into four categories based on service type: early phase development services, clinical research services, laboratory services, and regulatory consulting services. Over the projected period, the clinical research services segment is expected to increase at a healthy rate. Clinical research services are divided into four phases: Phase I, Phase II, Phase III, and Phase IV. The rising frequency of chronic diseases and demand for effective pharmaceuticals and diagnostics goods are credited for the segment's rise.

Oncology, clinical pharmacology, cardiology, infectious disease, neurology, gastroenterology & hepatology, ophthalmology, and others are the therapeutic areas in which the contract research organization market is divided. By 2029, the oncology segment is predicted to increase at a high rate. Because of the rising frequency of cancer, sponsors are focusing their efforts on creating new treatments and medical technologies for better cancer management. As a result, the number of clinical studies and drug discoveries for cancer treatment has increased. As a result of the aforementioned factors, rising cancer rates are likely to drive segmental expansion.

The market for contract research organizations in North America is expected to increase significantly over the forecast period. The strong market growth can be attributed to the region's high concentration of pharmaceutical and biotechnology industries. Furthermore, the pharmaceutical and biotechnology industries' increased focus on outsourcing clinical trials for the treatment of various diseases is likely to drive the market size in North America.

The report contains qualitative and quantitative research on the global contract research organization (CRO) market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 52.1 Billion

Projected Market Size in 2028

USD 65.5 Billion

CAGR Growth Rate

6.4% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

Charles River Laboratories, Clinipace Inc., CMIC HOLDING Co., Ltd, EPS International Co., Ltd (EPS Group), ICON plc, IQVIA, Laboratory Corporation of American Holding (Covance Inc), Medpace, Inc, PAREXEL International Corporation, Pharmaceutical Product Development, LLC, Worldwide Clinical Trials, WuXi AppTec, and Others

Key Segment

By Service Type, Therapeutic Area, End-use, Application, End-Use Industry, Technology, Function, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Purchase Options

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Some of the major companies operating in the contract research organization (CRO) market are Charles River Laboratories, Clinipace Inc., CMIC HOLDING Co., Ltd., EPS International Co., Ltd (EPS Group), ICON plc, IQVIA, Laboratory Corporation of American Holding (Covance Inc), Medpace, Inc., PAREXEL International Corporation, Pharmaceutical Product Development, LLC (a part of Thermo Fisher Scientific, Inc.), Worldwide Clinical Trials

The global contract research organization (CRO) market is segmented as follows:

By Service Type

  • Early Phase Development Services
  • Clinical Research Services
  • Laboratory Services
  • Regulatory Consulting Services

By Therapeutic Area

  • Oncology
  • Clinical Pharmacology
  • Cardiology
  • Infectious Disease
  • Neurology
  • Gastroenterology & Hepatology
  • Ophthalmology
  • Others

By End-use

  • Pharmaceutical & Biopharmaceutical Companies
  • Medical Device Companies
  • Academic Institutes

By Application

  • Glazing
  • Flooring & Joining
  • Sanitary & Kitchen
  • Others

By End-Use Industry

  • Residential
  • Industrial
  • Commercial

By Technology

  • Water-Based
  • Solvent-Based
  • Reactive
  • Others

By Function

  • Bonding
  • Protection
  • Insulation
  • Soundproofing
  • Cable Management

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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