Dublin, Feb. 26, 2024 (GLOBE NEWSWIRE) -- The "Global Contract Research Organization (CROs) Services Market by Type (Early Phase, Clinical, Lab, Consulting, Data Management), Therapeutic Area (Cancer, Infectious Disease, Neurology, Dermatology, Immunology, Hematology, Vaccines, CGT) - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The contract research organization (CRO) services market is projected to reach USD 129.8 billion by 2029 from an estimated USD 82.0 billion in 2024, at a CAGR of 9.6%
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the CRO Services market and its segments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies.
The key factors driving the growth of the CRO services market include increasing initiatives for novel drug development. Moreover, growing demand for precision personalized medicines is an opportunity area for this market.
In 2022, IQVIA (US) dominated the CRO services market, followed by Laboratory Corporation of America Holdings (US), PPD (US), ICON (Ireland), Syneos Health (US), Parexel International Corporation (US), and Charles River Laboratories International (US). Other prominent players in the market are WuXi AppTec (China), SGS (Switzerland), and Medpace Holdings (US).
By type, early development services segment accounted for the second largest share in the CRO services market
Based on type, the CRO services market is categorized into Clinical Research Services, Early Phase Development Services, Laboratory Services, Consulting Services and Data Management Services.
In 2023, the early development services accounted for the second-largest share of the market owing to major factors such as the growing incurred costs and associated stringent regulatory requirements of processes in the different stages (discovery, preclinical) of early phase development.
By end user, the pharmaceutical and biopharmaceutical companies accounted for the largest share in the CRO services market
Based on end user, the CRO Services market is segmented into Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies and Academic Institutes.
In 2023, the Pharmaceutical & Biopharmaceutical Companies segment accounted for a largest share of the CRO services market. Large share of this market segment can be attributed large number of drug pipeline products of pharma and biotech companies and presence of large number of pharma and biotech companies venturing in the drug development arena.
North America: the largest share of the CRO Services market
North America accounted for the largest share of the CRO Services market in 2023.
The large share of the North America region can be attributed to a major factor which is the presence of key pharma and biotech players involved in drug research and development. This has consequently led to an increase in the outsourcing of clinical research activities in the region. Besides, the region has a well established healthcare system which further supports the growth of this market through funding and investments.
Asia Pacific: The fastest-growing region in the CRO Services market
The Asia Pacific CRO Services market is projected to grow at the highest CAGR during the forecast period. This is attributed to one of the major factors that is the large patient population that is available along with desired diversity for conduction of clinical trials. Additionally, the overall costs of operations are relatively low in the region which attracts organizations for conduction of trials in the region.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 483 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $82 Billion |
| Forecasted Market Value (USD) by 2029 | $129.8 Billion |
| Compound Annual Growth Rate | 9.6% |
| Regions Covered | Global |
Case Study Analysis
- Ppd to Leverage Its Preclarus Technology for Generating Cleaner Data, Faster Clinical Trials, and Lesser Site Burden
- Iqvia to Offer AI-Powered Modeling for Better Patient Identification
- Use of Lab Data Insights to Improve Population Management of Chronic Kidney Diseases
- Iqvia to Leverage Artificial Intelligence and Machine Learning for Improved Service Offerings
Market Dynamics
Drivers
- Rising Pharmaceutical R&D Expenditure and Increasing Drug Pipeline
- Technological Advancements in Clinical Trials and Innovative Trial Designs
- High Cost of In-House Drug Development
Opportunities
- Favorable Growth Prospects for Biologics and Biosimilars Market
- Need for Novel Clinical Trial Designs for Complex Cell & Gene Therapies
- Emergence of Hybrid Models with Cro-Cdmo Partnerships
- Growing Focus on Personalized/Precision Medicine
- Development of Next-Generation Biotherapeutic Products
Challenges
- Lack of Adequate Patient Recruitment and Retention for Clinical Trials
- Changing Clinical Trial Complexities
Market Trends
- Industry Consolidation
- Decentralized Clinical Trials
- Real-World Data and Real-World Evidence
- Increasing Involvement of Artificial Intelligence
- Trends/Disruptions Impacting Customers' Businesses
Pricing Analysis
- Value Chain Analysis
- Ecosystem Analysis
- Technology Analysis
Prominent Players
- IQVIA Inc. (US)
- Laboratory Corporation of America Holdings (LabCorp) (US)
- Thermo Fisher Scientific Inc. (US)
- Syneos Health (US)
- WuXi AppTec (China)
- Charles River Laboratories (US)
- Parexel International Corporation (US)
- Pharmaron (China)
- ICON Plc (Ireland)
- Medpace (US)
- SGS SA (Switzerland)
- Frontage Labs (US)
- Eurofins Scientific (Luxembourg)
- PSI CRO AG (Switzerland)
- BioAgile (India)
- Firma Clinical Research (US)
- Acculab Life Sciences (US)
- Novotech (Australia)
- KCR S.A. (US)
- Linical (Japan)
- Advanced Clinical (US)
- Allucent (US)
- Clinical Trial Service (Netherlands)
- Guires Inc. (Pepgra Healthcare Pvt. Ltd.) (UK)
- Worldwide Clinical Trials (US)
- CTI Clinical Trial And Consulting (US)
For more information about this report visit https://www.researchandmarkets.com/r/qt191w
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