Global Contract Research Organizations (CRO) Market Size By Product (Clinical-trial and Clinical-study), By Organization Size (Larger CROs, Small and Medium CROs), By End-Users (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, and Academic Institutes), By Geographic Scope And Forecast
Global Contract Research Organizations (CRO) Market Size By Product (Clinical-trial and Clinical-study), By Organization Size (Larger CROs, Small and Medium CROs), By End-Users (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, and Academic Institutes), By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Contract Research Organizations (CRO) Market Size And Forecast
Contract Research Organizations (CRO) Market size was valued at USD 61,342.45 Million in 2022 and is projected to reach USD 150,073.58 Million by 2030, growing at a CAGR of 11.74 % from 2023 to 2030.
The future of the global CRO market is expected to be shaped by several key factors. As the pharmaceutical and biotechnology industries continue to advance, the demand for CRO services is likely to grow further. The Global Contract Research Organizations (CRO) Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
What is a Contract Research Organization (CRO)?
A corporation that offers clinical trial services to the pharmaceutical, biotechnology, and medical device sectors is known as a Contract Research Organizations (CROs). Regulatory affairs, clinical trial planning, site selection and initiation, recruitment support, clinical monitoring, data management, trial logistics, biostatistics, medical writing, and project management are typical CRO services in the medical device industry. There are other types of CROs as well.
Sponsors who want to conduct a clinical trial use CROs. This avoids the need to recruit full-time workers to finish the project and gives the chance to collaborate with the CRO on an as-needed basis. The CRO is engaged to safely and effectively plan, coordinate, carry out, and manage the clinical trial’s lifetime. The CRO interacts with suppliers, medical professionals, research coordinators, regulatory staff, ethical and compliance committees, and vendors while serving as the primary connection between the sponsor and other stakeholders during the trial.
In order to design and carry out a successful clinical trial while assuring trial quality and compliance with local, national, and international standards, CROs have the knowledge, skills, capabilities, methods, and procedures required. Working with a contract research company can provide cutting-edge techniques that help boost efficiencies, resulting in shorter timeframes and lower costs. The success of the clinical trial depends on choosing the best CRO to manage it. When choosing a CRO, Sponsors should take into account their own project demands, requirements, and budget in addition to assessing the CRO’s qualifications, expertise, and quality system procedures.
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Global Contract Research Organizations (CRO) Market Overview
Okay, so the Contract Research Organizations (CROs) market? It's really changed over the years! You know, back in the day, drug companies mostly handled all their research and development themselves. But things got complicated, taking up more time and costing a fortune. That's when they started looking to outside help, to CROs. The 1990s? That's when the CRO industry really blew up! Pharmaceutical companies realized they could tap into the expertise and efficiency of these specialized organizations. CROs started offering all sorts of research services, especially managing clinical trials. And things went global! They started setting up shop in new markets where it was cheaper and they could find all kinds of different patient populations.
The world of Clinical Research Organizations (CROs) kept getting bigger and more varied! We saw some serious mergers and acquisitions, with the big guys gobbling up smaller CROs to offer more services and reach more places around the globe. And guess what? Everyone wanted more specialized help, especially in areas like oncology, rare diseases, and genomics – all thanks to the rise of personalized medicine. CROs started using APIs and cool tech, like digital tools and data smarts, to make clinical trials faster and easier. Clinical trials went global too, with CROs making the most of different regions and patient populations. Finally, there was a big push for real-world evidence (RWE) to back up the usual clinical trial findings.
So, what's the future looking like for the global CRO scene? Well, as pharma and biotech keep charging ahead, expect even more demand for what CROs offer. Think of it as a growing partnership between CROs and other players, like universities and research groups, all working together. To stay competitive, CROs will be pouring money into things like AI and machine learning – fancy tech to help them analyze data and make smarter calls. And with all these new treatments popping up, there'll be a bigger focus than ever on following the rules and making sure everything's top-notch. Plus, with the world's ongoing health issues, CROs could be key to speeding up research on things like infectious diseases, vaccines, and brand-new ways to treat illness.
Additionally, ethical considerations around data privacy and patient-centricity will influence the way CROs operate. Overall, the CRO industry is poised for continued growth, innovation, and collaboration as it contributes to the advancement of life-saving treatments and therapies.
Global Contract Research Organizations (CRO) MarketSegmentation Analysis
The Global Contract Research Organizations (CRO) Market is segmented on the basis of Product, Organization Size, End-Users, and Geography.
Contract Research Organizations (CRO) Market, By Product
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Based on Product, the Global Contract Research Organizations Market has been segmented into Clinical-trial and Clinical-study. Clinical trial accounted for the largest market share of 80.90% in 2022, with a market value of USD 49,624.15 Million, and is projected to grow at the highest CAGR of 12.10% during the forecast period.
Contract Research Organizations (CRO) Market, By Organization Size
Based on the Organization Size, the Global Contract Research Organizations Market has been segmented into Larger CROs and Small and Medium CROs. Larger CROs accounted for the largest market share of 57.81% in 2022, with a market value of USD 35,459.81 Million, and is projected to grow at a CAGR of 9.03% during the forecast period.
Contract Research Organizations (CRO) Market, By End-Users
Based on the End-Users, the Global Contract Research Organizations Market has been segmented into Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, and Academic Institutes. Pharmaceutical & Biopharmaceutical Companies accounted for the largest market share of 77.14% in 2022, with a market value of USD 47,320.21 Million, and is projected to grow at the highest CAGR of 12.72% during the forecast period.
Contract Research Organizations (CRO) Market, By Geography
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On the basis of regional analysis, the Global Contract Research Organizations (CRO) Market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America accounted for the largest market share of 48.95% in 2022, with a market value of USD 30,027.13 Million, and is projected to grow at a CAGR of 11.96% during the forecast period.
Key Players
The major players in the market are LabCorp Drug Development, IQVIA, Syneos Health, Paraxel International Corporation, Medpace, Eurofins Scientific, PPD, Inc., ICON-PRA, Charles River Laboratories International Inc. (crl), Pepgra, and others. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2019-2030
BASE YEAR
2022
FORECAST PERIOD
2023-2030
HISTORICAL PERIOD
2019-2021
UNIT
Value (USD Million)
KEY COMPANIES PROFILED
LabCorp Drug Development, IQVIA, Syneos Health, Paraxel International Corporation, Medpace, Eurofins Scientific, PPD, Inc., ICON-PRA, Charles River Laboratories International Inc. (crl), Pepgra, and others.
SEGMENTS COVERED
Product, Organization Size, End-Users, and Geography.
CUSTOMIZATION SCOPE
Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope
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