Dublin, April 03, 2024 (GLOBE NEWSWIRE) -- The "Contract Research Organization Services (CROs) - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Contract Research Organization Services (CROs) Market to Reach $149.1 Billion by 2030
The global market for Contract Research Organization Services (CROs) estimated at US$73.2 Billion in the year 2023, is projected to reach a revised size of US$149.1 Billion by 2030, growing at a CAGR of 9.3% over the analysis period 2023-2030.
The report provides an introduction to Contract Research Outsourcing (CRO) and outlines the qualities to consider when selecting a CRO. It includes a global economic update and examines the competitive landscape, highlighting the rampant merger and acquisition (M&A) activity in the CRO market, which puts pressure on smaller CROs. It presents the market share of key competitors and assesses their competitive presence globally.
Clinical Research Services, one of the segments analyzed in the report, is projected to record 10% CAGR and reach US$76.7 Billion by the end of the analysis period. Growth in the Early Phase Development Services segment is estimated at 9.2% CAGR for the next 8-year period.
The U.S. Market is Estimated at $29.2 Billion, While China is Forecast to Grow at 11.7% CAGR
The report discusses how players in the industry adapt to evolutionary changes and analyzes the market prospects and outlook, noting rapid growth and seismic shifts. It emphasizes the role of stringent regulations and technology in shaping the CRO industry and provides insights into regional market dynamics, particularly the trend of clinical trials outsourcing in North America and the facilitation of decentralized trials by digital technology. Additionally, key trends and recent market activities are highlighted to provide a comprehensive overview of the CRO market.
China, the world's second largest economy, is forecast to reach a projected market size of US$10.1 Billion by the year 2030 trailing a CAGR of 11.7% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.7% and 8.4% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 9.3% CAGR.
Key Topics Covered:
MARKET OVERVIEW
- Contract Research Outsourcing: An Introduction
- Qualities that have to be considered while selecting a CRO
- Global Economic Update
- Competition
- M&A Activity Rampant in the CRO Market
- M&A Activity Yields Immense Pressure on Smaller CROs
- Contract Research Organization Services (CROs) - Global Key Competitors Percentage Market Share in 2023 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
- Players Adapt & Align with Evolutionary Changes in CRO Industry
- Global Market Prospects and Outlook
- Global Contract Research Organization Services (CROs) Market Set for a Rapid Growth
- Rapidly Changing & Evolving Landscape Entails Seismic Shifts for CROs
- Stringent Regulations Fuel the Need for CROs
- Technology Changes the Research Foot Prints of the CRO Industry
- Market Outlook
- Regional Market Analysis
- Trend of Clinical Trials Outsourcing Attains Pace in North America
- Digital Technology Facilitates Decentralized Trials
- Key Trends in the CRO Market
- Recent Market Activity
MARKET TRENDS & DRIVERS
- Strong Rise in Pharmaceutical Sales to Drive Demand for CRO Services
- Global Prescription Drug Sales (In US$ Trillion) for the Years 2017, 2019, 2021, 2023 & 2025
- Persistent Increase in Pharmaceutical R&D Bodes Well for CRO Market
- Surge in Clinical Trials Powers Growth of CRO Industry
- CROs to Leverage Artificial Intelligence in a Major Way to Increase Efficacy of Clinical Research
- Pandemic Spawns Digitization Wave
- CROs and the Emergence of New Technology: Opportunities and Challenges
- Popularity of Wearable technology Eases Enlisting Study groups and Tracking of Patient Activity
- Biosimulation Enhances Data Interpretation and Pre-Verification
- CROs: From a Humble Beginning to Partners of Moment for Drug Discovery Endeavors
- Biotechnology Firms as Valuable Options
- CROs in Great Demand
- CROs with Process Maturity in Demand
- Dealing with Geopolitical Issues
- Decentralized Clinical Trials & Flexibility
- Issues with Hybrid Trials & Sponsor Preferences
- CROs to Mitigate Supply Chain Glitches
- Bio-Pharmaceutical Sector Regains Momentum Post Pandemic
- Growing Size and Complexity of Clinical Trials Increase Biotech's Dependence on CROs
FOCUS ON SELECT PLAYERS(Total 307 Featured)
- 360biolabs
- Charles River Laboratories International Inc.
- ICON plc
- IQVIA, Inc.
- KCR S.A
- Medpace Holdings, Inc.
- Parexel International Corporation
- PSI CRO AG
- Syneos Health, Inc.
- WuXi AppTec
For more information about this report visit https://www.researchandmarkets.com/r/ohqa7m
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