Dublin, Nov. 22, 2024 (GLOBE NEWSWIRE) -- The "Contract Research Organization (CRO) Services: Global Markets" report has been added to ResearchAndMarkets.com's offering.
The contract research organization (CRO) services market was valued at USD 111.8 billion in 2024, and is expected to reach USD 166 billion by 2029, rising at a CAGR of 8.20%.
The global CRO market's value has surged due to increased outsourcing resulting from three main factors: specialized demand, patent expiration and the rise of generic drugs. Pharmaceutical companies are looking for ways to achieve cost savings and efficiency in clinical trials, which is causing increased time-to-market pressures and margin awareness. This integrated pharma-CRO partnership results in efficiency gains, making it ideal for clinical trials with high complexity, strict timelines or broad scope.
Presently, pharma pipelines are full with advanced treatments, including regenerative cell-based therapies, CAR-T, immune-oncology combinations and autoimmune therapies. Clinical trials that utilize advanced data and analytics to enhance adaptive trial designs and patient selection, and thereby ensure the development of cutting-edge treatments for market release, are underway worldwide. Adaptive design and risk-based monitoring in studies can reduce costs and allow for adjustments as research progresses. These methods improve drug discovery, patient safety and reduce risks for patients and pharmaceutical companies. As a result, patient receptivity is high, and this is leading to the rapid growth of clinical trials globally.
Increasing numbers of chronic diseases and rising drug discovery are also boosting the growth. Chronic disease affects hundreds of millions of patients globally. Approximately 45% of the population of the Americas, or 133 million people, suffer from one or more chronic health condition. Similarly, in Europe, nearly 60 million people have more than one chronic disease. The prevalence of chronic disease is expected to rise rapidly in the forecast period (2024-2029), and this is expected to create a significant burden on global healthcare.
This unprecedented release of drugs in the market by wealthy pharmaceutical companies, is benefitting CROs. These organizations are leveraging their experience in specific clinical research phases to capitalize on the increasing importance of cost-effectiveness and time-to-market acceleration in the competitive and time-sensitive drug development market.
This report analyzes the market trends associated with CRO services using data from 2023, which serves as the base year. Market estimates are provided for 2024, and forecasts of compound annual growth rates are given for the period 2024 through 2029. The report will also highlight the current and future potential of the CRO services market, and will give a detailed analysis of this market's competitive landscape by covering regulatory scenarios, drivers, restraints and opportunities, as well as the market share of key players.
The report includes:
- 86 data tables and 33 additional tables
- An overview of the current and future global market for contract research organization (CRO) services
- Analyses of global market trends, with market revenue data for 2021-2023, estimates for 2024, forecasts for 2029 and projected CAGRs through 2029
- Estimates of the market size and revenue forecasts for the global CRO market, with market share analysis based on functional services, therapeutic area, end user, and region
- Information on CDISC standards, and regulations on sponsor activities; discussion of the impact of FDA regulations on the pharmaceutical industry and the potential long-term impacts of CROs on the drug discovery technologies market
- Discussions of the market dynamics, opportunities and challenges, as well as emerging technologies
- Overview of the sustainability trends and ESG developments in the industry, with emphasis on the ESG practices followed by leading companies, their ESG ratings, and consumer attitudes
- Competitive intelligence, including companies' market shares, recent M&A activity and venture funding
Profiles of the leading Contract Research Organizationcompanies, including:
- IQVIA Inc
- PPD Inc
- ICON plc
- Charles River Laboratories International Inc
- LabCorp
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 169 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $111.8 Billion |
| Forecasted Market Value (USD) by 2029 | $166 Billion |
| Compound Annual Growth Rate | 8.2% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1 Executive Summary
- Market Outlook
- Scope of the Report
- Market Summary
Chapter 2 Market Overview
- Overview
- Porter's Five Forces Analysis
- Bargaining Power of Buyers
- Bargaining Power of Suppliers
- Potential for New Entrants
- Threat of Substitutes
- Competitiveness in the Industry
Chapter 3 Market Dynamics
- Market Dynamics
- Market Drivers
- Increasing Adoption of AI in CROs
- R&D Investment in Biotech & Pharma Companies
- Rising Prevalence of Chronic and Immunological Diseases Globally
- CROs Add Efficiency
- Market Restraints
- Challenges in CRO Outsourcing
- Shortage of Skilled Professionals
- Market Opportunities
- Inorganic Strategies
Chapter 4 Regulatory Landscape
- FDA Regulation and Impact
- Regulations on Sponsor Activities
- CDISC Standards
- BIMO Program
- European Standards
Chapter 5 Emerging Technologies
- Overview
- Computer-Based Techniques
- Decentralized Clinical Trials
- Advanced Analytics and Simulation
Chapter 6 Market Segmentation Analysis
- Segmentation Breakdown
- Global Market CRO Services by Functional Services
- Global Market Size and Forecast
- Clinical Trials
- Preclinical Research
- Drug Discovery
- Central Lab
- Global Market for CRO Services by Therapeutic Area
- Global Market Size and Forecast
- Oncology
- Cardiology
- Metabolic
- Neurology
- Immunology
- Other Applications
- Global Market for CRO Services, by End User
- Global Market Size and Forecast
- Biopharmaceutical Companies
- Academic Research Institutions
- Geographic Breakdown
- Global Market for CRO Services by Region
- Global Market Size and Forecast
- North America
- Europe
- Asia-Pacific
- Rest of World
Chapter 7 Competitive Intelligence
- Overview
- Competitive Landscape
- Mergers and Acquisitions
- SWOT Analysis
- Strengths of the Global Market for CRO Services
- Weaknesses of the Global Market for CRO Services
- Opportunities in the Global Market for CRO Services
- Threats to the Global Market for CRO Services
Chapter 8 Sustainability in CRO Services Market: An ESG Perspective
- Introduction to ESG
- Sustainability in the CRO Services Market
- ESG Perspective
- Environmental Impact
- Social Impact
- Governance
Company Profiles
- Charles River Laboratories
- Frontage Labs.
- Icon PLC
- Iqvia Inc.
- Laboratory Corporation of America Holdings
- Medpace
- Parexel International Corp.
- Syneos Health
- Thermo Fisher Scientific Inc.
- Wuxi Apptec
For more information about this report visit https://www.researchandmarkets.com/r/oh8ol5
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