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
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
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.
What's inside a industry report?
Our reports include actionable data and forward-looking analysis that help you craft pitches, create business plans, build presentations and write proposals.
Global Contract Research Organizations (CRO) Market Overview
The Contract Research Organizations (CROs) market has witnessed significant evolution over the past few decades. In the past, pharmaceutical companies primarily conducted their research and development activities in-house. However, as drug development processes became more complex, time-consuming, and costly, there was a shift towards outsourcing to CROs. The 1990s marked the rapid growth of the CRO industry as pharmaceutical companies sought to leverage the expertise and efficiency of specialized external organizations. The CROs provided various research services, particularly in clinical trials management. During this period, the industry started expanding globally, establishing a presence in emerging markets with lower costs and diverse patient populations.
The global CRO market continued to grow and diversify. The industry witnessed consolidation, with larger CROs acquiring smaller ones to expand their service offerings and global reach. There was a rising demand for specialized services, particularly in areas like oncology, rare diseases, and genomics, as personalized medicine gained traction. CROs embraced technological advancements, incorporating digital solutions and data analytics into their operations, leading to more efficient and streamlined clinical trials. Globalization of clinical trials continued, with CROs leveraging regional advantages and patient diversity. The market also saw an increasing focus on real-world evidence (RWE) as a complement to traditional clinical trial data.
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 market may see increased collaboration between CROs and other stakeholders, such as academic institutions and research consortia. CROs will continue to invest in cutting-edge technologies, like AI and machine learning, to enhance data analysis and decision-making capabilities. There will be a stronger emphasis on regulatory compliance and quality assurance, especially with the emergence of new therapies and treatment modalities. With the ongoing global healthcare challenges, CROs may play a critical role in accelerating research related to infectious diseases, vaccines, and novel treatments.
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
To Get a Summarized Market Report By Product-
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
To Get a Summarized Market Report By Geography-Â
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
To Get Customized Report Scope-Â
Top Trending Reports
Research Methodology of Market Research
To know more about the Research Methodology and other aspects of the research study, kindly
Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints
Table of Content
To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )
List Tables Figures
To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )
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:
Sample Report for 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
