Dublin, March 08, 2023 (GLOBE NEWSWIRE) -- The "Global Contract Research Organization (CRO) Services Market by Type (Early Phase, Clinical, Lab, Consulting), Therapeutic Area (Oncology, Infectious Disease, Neurology, Immunology, Hematology, Vaccines, Cell & Gene Therapy), End-user, and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global CRO services market is estimated to grow at a CAGR of 10.7% during the forecast period. Growth in the CRO services market can mainly be attributed to factors such as the increasing investment in pharmaceutical R&D, the rising number of clinical trials, high cost of in-house drug development, which in turn is encouraging pharma-biotech companies to opt for outsourcing.
The data management services segment accounted for the highest growth rate in the CRO services market, by type, during the forecast period
In 2022, the data management services segment accounted for the highest growth rate. The data management services segment is projected to grow at the highest CAGR owing to the factors such as the need to generate quality data for analysis and significance of data to meet the regulatory standards. Data management is gaining importance due to its role in the streamlined and uninterrupted development of drugs and medical devices.
Asia-Pacific: The fastest-growing region in the CRO services market
The Asia-Pacific market is estimated to record the highest CAGR during the forecast period. This is attributed to the rapid growth in the pharmaceutical and biopharmaceutical industries in the region and the relatively low cost of conducting clinical trials.
Market Dynamics
Drivers
- Increasing Drug R&D Pipeline
- Technological Advancements in Clinical Trials
- High Cost of In-House Drug Development
Opportunities
- Need for Novel Clinical Trial Designs for Complex Cell & Gene Therapies
- Emergence of Hybrid Models with CRO-CDMO Partnerships
Challenges
- Patient Recruitment and Retention for Clinical Trials
- Shortage of Skilled Professionals for Clinical Trials
List of Companies Profiled in the Report
- IQVIA (US)
- LabCorp (US)
- PPD (US)
- Syneos Health (US)
- WuXi AppTec (China)
- Charles River Laboratories International (US)
- Parexel International Corporation (US)
- Pharmaron Beijing (China)
- ICON (Ireland)
- Medpace Holdings (US)
- SGS (Switzerland)
- Frontage Holdings Corporation (US)
- PSI CRO (Switzerland)
- BioAgile Therapeutics (India)
- Firma Clinical Research (US)
- AccuLab Life Sciences (US)
- Novotech Health Holdings (Australia)
- KCR (US)
- Linical (Japan)
- Advanced Clinical (US)
- Azelix (US)
- Clinical Trial Service (Netherlands)
- Pepgra Healthcare (UK)
- Worldwide Clinical Trials Holdings (US)
- CTI Clinical Trial and Consulting Services (US)
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 455 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $76.6 Billion |
| Forecasted Market Value (USD) by 2028 | $127.3 Billion |
| Compound Annual Growth Rate | 10.7% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 CRO Services Market, by Type
6.1 Introduction
6.2 Clinical Research Services
6.2.1 Phase III Clinical Research Services
6.2.2 Phase II Clinical Research Services
6.2.3 Phase I Clinical Research Services
6.2.4 Phase IV Clinical Research Services
6.3 Early-Phase Development Services
6.3.1 Chemistry, Manufacturing, and Controls Services
6.3.2 Preclinical Services
6.3.2.1 Pharmacokinetics/Pharmacodynamics Services
6.3.2.2 Toxicology Testing Services
6.3.2.3 Other Preclinical Services
6.3.3 Discovery Studies
6.4 Laboratory Services
6.4.1 Analytical Testing Services
6.4.1.1 Physical Characterization Services
6.4.1.2 Raw Material Testing Services
6.4.1.3 Batch-Release Testing Services
6.4.1.4 Stability Testing Services
6.4.1.5 Other Analytical Testing Services
6.4.2 Bioanalytical Testing Services
6.5 Consulting Services
6.6 Data Management Services
7 CRO Services Market, by Therapeutic Area
7.1 Introduction
7.2 Oncology
7.2.1 Breast Cancer
7.2.2 Lung Cancer
7.2.3 Colorectal Cancer
7.2.4 Prostate Cancer
7.2.5 Other Cancers
7.3 Infectious Diseases
7.4 Cardiovascular System Disorders
7.5 Neurology
7.6 Vaccines
7.7 Metabolic Disorders/Endocrinology
7.8 Immunological Disorders
7.9 Psychiatry
7.10 Respiratory Disorders
7.11 Dermatology
7.12 Ophthalmology
7.13 Gastrointestinal Diseases
7.14 Genitourinary & Women's Health
7.15 Hematology
7.16 Other Therapeutic Areas
7.17 Customization
7.17.1 Cell & Gene Therapy
7.17.2 Rare Diseases
7.17.3 Biosimilars
8 CRO Services Market, by End-user
8.1 Introduction
8.2 Pharmaceutical & Biopharmaceutical Companies
8.3 Medical Device Companies
8.4 Academic Institutes
9 CRO Services Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Appendix
Companies Mentioned
- Acculab Life Sciences
- Advanced Clinical
- Azelix LLC
- BioAgile Therapeutics Pvt. Ltd.
- Charles River Laboratories International, Inc.
- Clinical Trial Service BV
- CTI Clinical Trial and Consulting Services, Inc.
- Firma Clinical Research, LLC
- Frontage Holdings Corporation
- Icon PLC
- IQVIA
- KCR (Formerly Kiecana Clinical Research)
- Laboratory Corporation of America Holdings (LabCorp)
- Linical Co. Ltd.
- Medpace Holdings, Inc.
- Novotech Health Holdings
- Parexel International Corporation
- Pepgra Healthcare Pvt. Ltd.
- Pharmaron Beijing Co. Ltd.
- PPD Inc. (A Part of Thermo Fisher Scientific, Inc.)
- PSI CRO AG
- SGS SA
- Syneos Health Inc.
- Worldwide Clinical Trials Holdings Inc.
- WuXi AppTec Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/wkg5q8
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