CRO (Contract Research Organization) Market Revenue to Cross $88.8Bn by 2028 at 8.5% CAGR with Clinical Research Services Segment (9% CAGR) Driving Growth During 2021-2028 | The Insight Partners

North America held the largest share of the global contract research organization (CRO) market; while Asia Pacific is estimated to register the highest CAGR during 2021-2028, driven by increasing R&D expenditures and outsourcing activities and rise in the number of clinical trials.

Pune, India, July 25, 2023 (GLOBE NEWSWIRE) -- According to Recently Published Report by The Insight Partners, “Contract Research Organization Market Revenue Report and Size Forecast to 2028 - COVID-19 Impact and Global Analysis by Type and End User”; the market size is projected to reach $88.83 billion by 2028 from $50.09 billion in 2021; it is estimated to grow at a CAGR of 8.5% from 2021 to 2028. In June 2021, Charles River Laboratories Completes Acquisition of Vigene Biosciences for US$ 292.5 million in cash. The acquisition of Vigene Biosciences’ extensive gene therapy capabilities further enhances Charles River’s position as a premier scientific partner for cell and gene therapies.

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Global Contract Research Organization Market Report Scope, Segmentations, Regional & Country Scope:

Report Coverage Details
Market Size Value in USD 50.09 Billion in 2021
Market Size Value by USD 88.83 Billion by 2028
Growth rate CAGR of 8.5% from 2021-2028
Forecast Period 2021-2028
Base Year 2021
No. of Pages 189
No. of Tables 90
No. of Charts & Figures 71
Historical data available Yes
Segments covered Type and End User

Global Contract Research Organization Market: Segmental Overview
The global contract research organization market, Based on type, the contract research organization market is bifurcated into early phase development services, clinical research services, laboratory services, and post-approval services. The clinical research services segment held the largest share of the market in 2021, and the same segment is anticipated to register the highest CAGR of 9.0% in the market during the forecast period.  Based on end user, the contract research organization market is bifurcated into pharmaceutical and biotechnology companies and medical devices companies. The pharmaceutical and biotechnology companies segment held the larger share of the market in 2021, and the same segment is anticipated to register the higher growth rate during the forecast period.

Browse key market insights spread across 189 pages with 90 list of tables & 71 list of figures from the report, "Contract Research Organization Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Early Phase Development Services, Clinical Research Services, Laboratory Services, and Post-Approval Services) and End User (Pharmaceutical & Biotechnology Companies and Medical Device Companies)" in detail along with the table of contents:

Global Contract Research Organization Market Analysis: Competitive Landscape and Key Developments
IQVIA, PARAXEl International Corporation, Laboratory Corporation of America Holdings, Syneos Health, PRA Health Sciences, Charles River, ICON plc, WuXi AppTec, and Medpace among others are a few of the key companies operating in the contract research organization market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.

In July 2021, Labcorp Launches Companion Diagnostic therascreen KRAS PCR Mutation Analysis to identify patients with non-small cell lung cancer (NSCLC) who are eligible for treatment with LUMAKRAS (sotorasib), a new treatment option developed by Amgen.

In July 2021, ICON plc. has acquired PRA Health Sciences. This acquisition will benefit both the firms to increase functional, geographic and therapeutic scale as well as expansive healthcare technology innovation.

Impact of COVID-19 Pandemic on Global Contract Research Organization Market:
The COVID-19 pandemic has brought unprecedented challenges globally. It has put a major strain on the health systems of many countries around the world and disrupted many services including clinical trial services. global disruption presented a number of operational challenges to the CRO industry. Life science companies compete to develop treatments while delivering needed therapeutics to their existing patients while adjusting to unpredictable, rapidly changing market environments. The impact of the COVID-19 pandemic on the CRO market is expected to be significant due to the ongoing clinical trials focused on developing effective therapeutics and vaccines against the virus. For instance, in January 2021, Pfizer Inc. and BioNTech collaborated with ICON PLC to provided clinical trial services in developing Pfizer and BioNTech's investigational COVID-19 vaccine. In this program, ICON worked in more than 153 sites in Europe, South Africa, the United States, and Latin America to recruit 44,000 participants for the clinical trial studies. Also, it provided site training, document management, and operational support for patient informed consent form review. Additionally, during the COVID-19 pandemic, substantial awareness campaigns through social media increased knowledge about clinical trials and changed public attitudes toward participating in clinical trials.

Rise in The Number of Clinical Trials is driving the Global Contract Research Organization (CRO) Market Growth:
Clinical trials are the crucial and significant step in discovering whether the medical strategy, treatment, or device is safe and effective for human use. The clinical studies help in understanding and determining the best medical approaches for certain therapeutic area. Clinical trials are conducted primarily to collect data regarding the safety and efficacy of new drug and device development. Before the approval of drug molecules and the medical devices by the regulatory authorities, series of clinical studies are conducted. Increasing prevalence of various communicable and non-communicable diseases are increasing the demand for the development of new drugs or medical devices for the treatment. This is in turn expected to increase the demand of the clinical trial activities for various therapeutic areas.

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Medicines under development for several diseases in 2020:

Therapeutic Area Total
Cancer 2743
Infectious Diseases 1213
Diabetes 503
Respiratory 450
Musculoskeletal 317
Neurology 1498
Immunology 1535
Digestive 1323

Source: International federation of Pharmaceutical Manufacturers & Associations (IFMA), IFPMA and The Insight Partner Analysis

As per the US National Library of Medicine presently approximately, 280, 801 clinical studies have been listed with locations of 50 states and 204 countries in till 2018. The number of registered studies by August 2018, is shows the rise in the number of the registration for the clinical trials.

Number of registered studies for Clinical Trials:

Year First Posted Start of Year During Year End Year
2018 262,310 30,958 293,268
2019 293,268 32,519 325,787
2020 325,787 36,737 362,524
2021 362,524 27,042 389,566

Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):

Healthcare Contract Research Organizations (CRO) Services Market Forecast to 2027 - COVID-19 Impact and Global Analysis

Veterinary CRO Market to 2027 - Global Analysis and Forecasts

Biopharmaceutical CMO and CRO Market Forecast to 2028 - COVID-19 Impact and Global Analysis

In Vivo CRO Market Forecast to 2028 - Covid-19 Impact and Global Analysis

Pre-Clinical CROs Market to 2027 - Global Analysis and Forecasts

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