Chicago, June 27, 2023 (GLOBE NEWSWIRE) -- In the near future, the contract research organization (CRO) services industry is poised for significant growth and transformation. CROs play a crucial role in supporting pharmaceutical, biotechnology, and medical device companies in their drug development and clinical research efforts. With increasing complexities in clinical trials, the demand for CRO services is expected to rise. CROs will leverage emerging technologies such as artificial intelligence, machine learning, and big data analytics to streamline and optimize various aspects of clinical research, including patient recruitment, data management, and trial monitoring. Additionally, CROs will expand their expertise in specialized therapeutic areas and offer innovative solutions for personalized medicine and precision clinical trials. With a focus on efficiency, cost-effectiveness, and regulatory compliance, the CRO services industry will continue to be a key partner in accelerating drug development, improving patient safety, and bringing novel therapies to market in a timely manner.
Contract Research Organization (CRO) Services market in terms of revenue was estimated to be worth $76.6 billion in 2023 and is poised to reach $127.3 billion by 2028, growing at a CAGR of 10.7% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. Growth in the CRO services market can mainly be attributed to factors such as the increasing drug R&D pipeline, technological advancements in clinical trials, and the high cost of in-house drug development. The need for novel clinical trial designs for complex cell & gene therapies and the emergence of hybrid models with CRO-CDMO partnerships are expected to offer a wide range of growth opportunities to players operating in this market.
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Contract Research Organization (CRO) Services Market Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $76.6 billion |
| Estimated Value by 2028 | $127.3 billion |
| Growth Rate | Poised to grow at a CAGR of 10.7% |
| Market Size Available for | 2023-2028 |
| Forecast Period | 2023-2028 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Therapeutic area, End user and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America (LATAM) and Middle East and Africa (MEA) |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Need for novel clinical trial designs for complex cell & gene therapies |
| Key Market Drivers | Growing size of the drug R&D pipeline |
Contract Research Organization (CRO) Services market major players covered in the report, such as:
- IQVIA Inc. (US)
- Laboratory Corporation of America Holdings (US)
- PPD Inc. (a part of Thermo Fisher Scientific Inc.) (US)
- Syneos Health Inc. (US)
- WuXi AppTec Co. Ltd. (China)
- Charles River Laboratories International Inc. (US)
- Parexel International Corporation (US)
- Pharmaron Beijing Co. Ltd. (China)
- ICON Plc (Ireland)
- Medpace Holdings Inc. (US)
- SGS SA (Switzerland)
- Frontage Holdings Corporation (US)
- PSI CRO AG (Switzerland)
- BioAgile Therapeutics Pvt. Ltd. (India)
- Firma Clinical Research LLC (US)
- AccuLab Life Sciences (US)
- Novotech Health Holdings (Australia)
- KCR S.A. (US)
- Linical Co. Ltd. (Japan)
- Advanced Clinical (US)
- Azelix LLC (US)
- Clinical Trial Service BV (Netherlands)
- Pepgra Healthcare Pvt. Ltd. (UK)
- Worldwide Clinical Trials Holdings Inc. (US)
- CTI Clinical Trial and Consulting Services Inc. (US)
- and Among Others
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This report categorizes the CRO services market into the following segments and subsegments:
CRO Services Market, by Type
- Clinical Research Services
- Early phase development Services
- Laboratory Services
- Consulting Services
- Data Managenment Services
CRO Services Market, by Clinical Research Services
- Phase III
- Phase II
- Phase I
- Phase IV
CRO Services Market, by Early phase development services
- Chemistry, Manufacturing and Controls Services
- Preclinical Services
- Pharmacokinetics/ Pharmacodynamics Services
- Toxicology Testing Services
- Other Preclinical Services
- Discovery Studies
CRO Services Market, by Laboratory services
- Analytical Testing Services
- Physical Characterization Services
- Raw Material Testing Services
- Batch Release Testing Services
- Stability Testing Services
- Other Analytical Testing Services
- Bioanalytical Testing Services
CRO Services Market, by Therapeutic Area
- Oncology
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Prostate Cancer
- Other Cancer
- Infectious Diseases
- CVS Disorders
- Neurology
- Vaccines
- Metabolic Disorders/Endocrinology
- Immunological Disorders
- Psychiatry
- Respiratory Disorders
- Dermatology
- Ophthalmology
- Gastrointestinal Diseases
- Genitourinary & Women’s Health
- Hematology
- Other Therapeutic Areas
CRO Services Market, by End user
- Pharmaceutical & Biopharmaceutical Companies
- Medical Device Companies
- Academic Institutes
CRO Services Market, by region
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia Pacific (APAC)
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific (RoAPAC)
- Latin America (LATAM)
- Brazil
- RoLATAM
- Middle East and Africa (MEA)
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The key stakeholders in the Contract Research Organization (CRO) Services market include:
- Pharmaceutical, Biotechnology, and Medical Device Companies: These companies are the primary clients of CROs, outsourcing their research and development activities to leverage specialized expertise and resources. They rely on CROs for various services, including clinical trial management, data management, regulatory support, and post-marketing surveillance.
- Contract Research Organizations (CROs): CROs are the service providers in the market, offering a wide range of research and development services to pharmaceutical, biotechnology, and medical device companies. They have the expertise and infrastructure to conduct clinical trials, perform data analysis, ensure regulatory compliance, and provide project management support. CROs play a pivotal role in driving drug development and clinical research by efficiently executing studies on behalf of their clients.
- Regulatory Authorities: Regulatory authorities, such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA), are critical stakeholders in the CRO services market. They oversee the regulatory compliance of clinical trials and ensure that the data generated meets the necessary standards for safety and efficacy. CROs collaborate with regulatory authorities to navigate the complex regulatory landscape, adhere to guidelines, and obtain necessary approvals for their clients' clinical trials.
- Investigators and Clinical Research Sites: Investigators, including principal investigators and research site staff, are responsible for conducting clinical trials at designated research sites. They work closely with CROs to implement study protocols, recruit and enroll patients, collect data, and ensure compliance with study procedures and ethical standards. CROs collaborate with investigators and clinical research sites to streamline study operations and optimize patient recruitment and retention.
- Patients and Patient Advocacy Groups: Patients are vital stakeholders in the CRO services market as they participate in clinical trials and contribute to the development of new therapies. Patient advocacy groups play an important role in raising awareness, providing support, and representing the interests of patients involved in clinical research. CROs engage with patients and advocacy groups to enhance patient-centricity, ensure informed consent, and promote patient safety throughout the clinical trial process.
- Technology and Service Providers: Technology and service providers offer specialized tools, platforms, and solutions to support the operations of CROs. These include electronic data capture systems, clinical trial management systems, laboratory services, central imaging services, and electronic patient-reported outcome platforms. CROs collaborate with these providers to leverage advanced technologies and streamline their processes for efficient study execution and data management.
Collaboration and synergy among these stakeholders are crucial for the successful conduct of clinical trials, adherence to regulatory requirements, and the development of safe and effective therapies. Together, they contribute to advancing medical knowledge, improving patient outcomes, and driving innovation in the CRO services market.
Frequently Asked Questions (FAQs) of Contract Research Organization (CRO) Services Market:
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Recent Developments:
- In November 2022, IQVIA (US) collaborated with Clalit Health Services (Israel) to combine their clinical trial delivery, real-world research, data, and genomics capabilities.
- In October 2022, the PPD clinical research business of Thermo Fisher Scientific launched the Decentralized Clinical Trials Network to support global investigators and research sites participating in decentralized clinical trials (DCTs).
Reasons to Buy the Report:
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall Contract Research Organization (CROs) Services Market and its subsegments. 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. This report will enable stakeholders to understand the market's pulse and provide them with information on the key market drivers, challenges, trends, and opportunities.
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