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.
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 |
Request customized purchase options to meet your research needs. Explore purchase options |
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
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- 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
About Us:
Facts & Factors is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Facts and Factors are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds. Our client’s/customer’s conviction on our solutions and services has pushed us in delivering always the best. Our advanced research solutions have helped them in appropriate decision-making and guidance for strategies to expand their business.
Contact Us:
Facts & Factors
A 2108, Sargam,
Nanded City,
Sinhagad Road,
Pune 411041, India
USA: +1-347-989-3985
Email: [email protected]
Web: https://www.fnfresearch.com
