Contract Research Organization Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, By Service (Early Phase Development Services, Clinical Research Services, Laboratory Services, Consulting Services and Data Management Services) By Size of CROs (Small Size, Medium Size, Large Size) By Application (Oncology, Central Nervous System, Cardiovascular, Respiratory, Infectio
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationContract Research Organization Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, By Service (Early Phase Development Services, Clinical Research Services, Laboratory Services, Consulting Services and Data Management Services) By Size of CROs (Small Size, Medium Size, Large Size) By Application (Oncology, Central Nervous System, Cardiovascular, Respiratory, Infectio
Global contract research organization market is expected to show growth with an impressive CAGR in the forecast year, 2024-2028. The market is anticipated to grow on the account of growing healthcare industry and various research and developments that are carried out. Contract research organizations are research-based companies that aid the pharmaceuticals and biotechnology industries to perform their research and conduct clinical trials. Moreover, these organizations also serve government institutions, foundations, and universities in their research purposes. Further, government aids the research and development thereby influencing the process and directly affecting the growth of the contract research organization (CRO) market in throughout the forecast period.
Contract research organizations often club with companies from multiple clients to aid the economies and to provide products and services that are expensive and require high investment, with high labor costs.
The globalization of clinical trials is driving the growth of the CRO market, as pharmaceutical and biotechnology companies seek to conduct trials in multiple regions to gain regulatory approval in multiple countries.
Increasing Outsourcing of Research Activities
Pharmaceutical firms are increasingly outsourcing research activities to remain competitive and adaptable in a world of knowledge that is expanding at an exponential rate. Moreover, highly advanced technologies and an unstable economic climate is boosting the demand of Research and Development outsourced by other organization. From early-stage development to late-stage research and development, companies choose to outsource a wide range of R&D tasks, such as genetic engineering, target validation, assay development, hit exploration, lead optimization, safety and efficacy testing in animal models, human clinical trials, and others. Many businesses, especially small and mid-sized (SMEs) organizations in the healthcare sector find it expensive to maintain in-house R&D services. These businesses have high overhead expenditures, such as those related to administration, equipment, and training. By contracting with suppliers to provide R&D services, these costs can be cut. The cost of facilities or equipment required for research initiatives can be reduced for businesses by outsourcing R&D services form other organizations. Moreover, R&D process outsourcing aids businesses in acquiring access to cutting-edge technology. Outsourcing drug development activities to CROs can help companies mitigate risk by providing access to experienced professionals who can help navigate complex regulatory environments and ensure compliance with regulatory requirements. Additionally, CROs can help companies conduct trials more efficiently by providing services such as site selection, patient recruitment, and monitoring, which can help reduce trial timelines and costs.
Therefore, outsourcing R&D services aids businesses in reducing operational costs, which in turn will raise demand for R&D outsourcing services.
Access to Specialized Expertise Drive the Contract Research Organization Market
Access to specialized expertise is a key driver of the contract research organization (CRO) market. Pharmaceutical and biotechnology companies often require specialized knowledge and expertise in various areas of drug development, such as clinical trial design, data management, and regulatory affairs. However, developing these capabilities in-house can be expensive and time-consuming.
CROs provide access to specialized expertise in these areas, allowing companies to leverage the knowledge and experience of CRO professionals to conduct trials and develop drugs more efficiently and effectively. This can be particularly valuable for small and mid-sized companies that may not have the resources to build these capabilities in-house.
Overall, access to specialized expertise is a key factor driving the growth of the CRO market, as companies seek to leverage the knowledge and experience of CRO professionals to accelerate drug development and improve the efficiency of clinical trials.
A rise in Chronic Diseases Prevalence
The number of Americans with chronic diseases will rise by 46 million, or 37 percent, between 2000 and 2030. For those between the ages of 18 and 64, the most common chronic illnesses are diabetes (12%), hypertension (30%), cholesterol issues (20%), and respiratory illnesses (19%).
Download Free Sample
Market Segmentation
Global contract research organization market is segmented by service, size of CROs, application, end user, and regional distribution. Based on service the market is further fragmented into early phase development services, clinical research services, laboratory services, consulting services and data management services. Based on CRO the market is divided into Small Size, Medium Size, Large Size. Based on end use the market is categorised into Pharmaceutical and Biopharmaceutical Companies, Medical Device Companies, Academic Institutes. Based on application the market is divided into Oncology, Central Nervous System, Cardiovascular, Respiratory, Infectious Diseases, Autoimmune Disorders, and Others.
Regulatory risks Hampers the Market Growth-
Regulatory risks are a significant concern for the contract research organization (CRO) market. CROs operate in a heavily regulated environment, and changes in regulatory requirements or enforcement can affect the market demand for their services.
In addition, CROs are subject to various regulations governing data privacy, human subjects protection, and good clinical practice (GCP). Failure to comply with these regulations can result in fines, legal action, or damage to the company's reputation. Overall, regulatory risks are a significant concern for CROs, and companies operating in this industry must be vigilant in managing these risks to ensure their long-term success.
Market Players
Abbott Laboratories, Agilent Technologies, Inc., PerkinElmer Inc., Fluidigm Corporation, Illumina, Inc., GE Healthcare, Bio-Rad Laboratories Inc., Cepheid Inc., Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche AG, bioMérieux SA, Horiba, Ltd., Qiagen N.V., Randox Laboratories Ltd., OriGene Technologies, Inc., Dynamic Biosensors GmbH, General Electric Company, Genalyte, Inc., Hologic, Inc., Arbor Biosciences, among others.
| Attribute | Details |
| Base Year | 2022 |
| Historical Data | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Million and CAGR for 2018-2022 and 2023E-2028F |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments covered | · Service · CROs · Application · End User |
| Regional scope | North America; Europe; Asia Pacific; South America; Middle East & Africa |
| Country scope | United States, Mexico, Canada, China, India, Japan, Australia; South Korea, Germany, France, United Kingdom, Italy, Spain, South Africa, UAE, Saudi Arabia, Brazil, Argentina, Colombia. |
| Key companies profiled | Abbott Laboratories, Agilent Technologies, Inc., PerkinElmer Inc., Fluidigm Corporation, Illumina, Inc., GE Healthcare, Bio-Rad Laboratories Inc., Cepheid Inc., Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche AG, bioMérieux SA, Horiba, Ltd., Qiagen N.V., Randox Laboratories Ltd., OriGene Technologies, Inc., Dynamic Biosensors GmbH, General Electric Company, Genalyte, Inc., Hologic, Inc., Arbor Biosciences. |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
FAQ'S
For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:
Within 24 to 48 hrs.
You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email
You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.
Discounts are available.
Hard Copy