Chicago, July 05, 2022 (GLOBE NEWSWIRE) -- According to the new market research report "CRO Services Market by Type (Early phase, Clinical, Lab, Consulting), Therapeutic Area (Oncology, Infectious Disease, Neurology, Immunology, Hematology, Vaccines), End User - Global Forecast to 2027", the global CRO services market is estimated to grow from USD 115.1 billion by 2027 from USD 68.3 billion in 2022, at a CAGR of 11.0 % during the forecast period.
Browse in-depth TOC on "Contract Research Organization (CROs) Services Market"
489 - Tables
65 - Figures
427 - Pages
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The Growth in the CRO services market can mainly be attributed to factors such as the increasing investment in pharmaceutical R&D, rising number of clinical trials, high cost of in-house drug development (encouraging pharma-biotech companies to opt for outsourcing), and the rising prevalence of orphan and rare diseases (creating new revenue pockets for CROs). Growth in the drugs and biologics market despite the COVID-19 pandemic, the increasing demand for specialized testing services among end users, and the need for novel clinical trial designs for complex cell and gene therapies are also expected to offer a wide range of growth opportunities to players operating in this market.
Based on type, the CRO services market is segmented into clinical research services, early-phase development services, laboratory services, consulting services, and data management services. The clinical research services segment accounted for the largest share of this market in 2021. The large share of this segment can primarily be attributed to factors such as the increasing R&D of new drugs and the high cost of clinical trials.
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Based on therapeutic area, the CRO services market is segmented into oncology, infectious diseases, neurology, vaccines, cardiovascular system (CVS) disorders, metabolic disorders/endocrinology, immunological disorders, respiratory disorders, psychiatry, dermatology, hematology, ophthalmology, gastrointestinal diseases, genitourinary & women’s health, and other therapeutic areas. Oncology subsegment dominated the market. The large share of this subsegment is primarily attributed to the increasing number of drug discovery activities for oncology and the rising prevalence of cancer worldwide.
Based on end user, the contract research organization services market is segmented into pharmaceutical & biopharmaceutical companies, medical device companies, and academic institutes. The pharmaceutical & biopharmaceutical companies segment accounted for the largest share of the CRO services market in 2021. The large share of this segment can be attributed to the increasing R&D expenditure of pharmaceutical and biopharmaceutical companies and the increased outsourcing of early-phase development services and clinical and laboratory testing services by pharmaceutical companies.
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Geographical Growth Scenario:
The global CRO services market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the global contract research organization services market in 2021. North America’s dominance in this market is mainly attributed to the rapid growth in the biosimilars and biologics markets, increasing focus on outsourcing among pharmaceutical and biopharmaceutical companies, and the increasing number of clinical trial activities in the region.
Key Players in Contract Research Organization (CROs) Services Market:
- IQVIA Inc. (US),
- Laboratory Corporation of America Holdings (US),
- PPD, Inc. (Now a part of Thermo Fisher Scientific Inc. ) (US),
- ICON plc (Ireland),
- Syneos Health, Inc. (US),
- Parexel International Corporation (US), and
- Charles River Laboratories International Inc. (US).
Browse Adjacent Markets: Pharmaceuticals Market Research Reports & Consulting
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