Contract Research Organization (CRO) Market Size Worth USD 108.55 Billion By 2032 | Quince Market Insights

Pune, May 09, 2023 (GLOBE NEWSWIRE) -- Contract Research Organization (CRO) Market Size Worth USD 108.55 Billion By 2032 | Quince Market Insights

According to a recent market study by Quince Market Insights, the global contract research organization market size is expected to value at USD 61.88 Billion in 2023, to reach USD 108.55 Billion by 2032 and is anticipated to exhibit at a CAGR of 6.44% during the forecast period. The contract research organization is a company that provides research and development services to the pharmaceutical, biotechnology, and medical device industries. CROs offer a wide range of services, including clinical trial management, data management, regulatory affairs, and pharmacovigilance. CROs work with their clients to design, conduct, and analyze clinical trials and other research studies.  CROs are designed to help corporations create innovative medications and treatments in niche markets to lower costs. They intend to streamline entry into drug markets as well as development, as huge pharmaceutical companies' requirement to do everything 'in-house' is no longer necessary. In addition to governmental organizations (such as the NIH, EMA, and others), CROs help foundations, research institutions, and universities.

The CRO market has been divided based on therapeutic area, end-user, and region.

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Some Significant Market Developments Considered in the Report:

• August 2022: Frontage has finalized the acquisition of Experimur LLC, a Chicago-based CRO that provides GLP-compliant toxicological services.

• May 2022: Pharmaron has agreed to acquire a Coventry - Rhode Island-based API manufacturing facility from Noramco, which was originally held by Johnson & Johnson and is currently owned by the private equity firm SK Capital.

COVID-19 Impact on the Global Contract research organization Market

As per the QMI team, the demand for contract research organization has been moderate post the COVID-19 recovery. It is anticipated to grow at a high rate during the analysis period.

Many countries across the globe have enforced strict lockdown norms to control the spread of the pandemic, which is hampering all kinds of business activities. The COVID-19 pandemic had a significant impact on the CRO market. The pandemic has influenced how clinical trials are conducted. Many trials have moved to a virtual or hybrid model, increasing the use of digital technologies like telemedicine and remote monitoring. As a result of this transformation, CROs now have new potential to provide digital solutions and services.

Global Contract Research Organization Market Analysis by Region

The CRO Market is geographically segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Among these regions, North America is projected to experience the highest growth rate during the forecast period. The rising number of chronic diseases across the region has resulted in significant increase in new drug creation. This has ultimately resulted in the advent of many contract research organizations.  Additionally, the region has witnessed increasing research and development expenses by many US based companies which in turn are anticipated to drive the contract research organization market in coming years.

Some Major Findings of the Contract Research Organization Market Report Include:

• Major global market trends and forecasts analysis along with a country-specific market analysis for up to 25 countries
• An in-depth Contract research organization Market analysis by the segments, along with an analysis of trend-based insights and factors
• The major market players operating in the global contract research organization market include Acculab Life Sciences, Bioagile Therapeutics Pvt. Ltd., Charles River Laboratories International Inc., Ethicare Clinical Trial Services (CRO), Firma Clinical, Frontage Labs, Icon Plc, Iqvia Inc, Laboratory Corporation Of America Holdings, Linical Americas, Medpace Holdings Inc, Novotech Health Holdings, Parexel International Corporation, Pepgra, Pharmaron, Psi Cro Ag, Sgs Sa, Thermo Fisher Scientific Inc. (PPD Inc.), Wuxi Apptec.
• Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years
• Key impact factor analysis across regions includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global contract research organization market
• Impact of COVID-19 on the global contract research organization market

Leading Companies & Their Analysis

The global contract research organization market is highly competitive owing to a large number of industry players. The market provides various opportunities for new entrants due to changing consumer preferences and the easy availability of raw materials. Furthermore, major players engage in competitive strategies such as new product launches, joint ventures, strengthening of online presence, and capacity expansions.

• Acculab Life Sciences
• Bioagile Therapeutics Pvt. Ltd.
• Charles River Laboratories International Inc.
• Ethicare Clinical Trial Services (CRO)
• Firma Clinical
• Frontage Labs
• Icon Plc
• Iqvia Inc
• Laboratory Corporation of America Holdings
• Linical Americas
• Medpace Holdings Inc
• Novotech Health Holdings
• Parexel International Corporation
• Pepgra
• Pharmaron
• PSI CRO AG
• SGS SA
• Thermo Fisher Scientific Inc. (PPD Inc.)
• Wuxi Apptec

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Market Segmentation

• Therapeutic Area Outlook (Revenue, USD Billion, 2019 - 2032)
  • Oncology
  • infectious Diseases
  • Central Nervous System (CNS) Disorders
  • Immunological Disorders
  • Cardiovascular System Disorders
  • Respiratory Disorders
  • Diabetes
  • Others
• End User Outlook (Revenue, USD Billion, 2019-2032)
  • Pharmaceutical & Biopharmaceutical Companies
  • Medical Device Companies
  • Academic Institutes
• Regional Outlook (Revenue, USD Billion, 2019 - 2032)
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Singapore
    • Malaysia
    • Rest of Asia-Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Qatar
    • Rest of Middle East & Africa

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