Authored By: Sarah
11 Jul 2024

 Contract Research Organization (CRO) Market Size to grow by USD 63.35 billion between 2024-2028

According to a research report “ Contract Research Organization (CRO) Market” by Application (Clinical research, Early phase development, Laboratory, Regulatory consulting ) End-user (Pharmaceutical and biopharmaceutical companies, Medical device companies, Academic institutes ) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 63.35 billion, at a CAGR of  12.61% during the forecast period. The biopharmaceutical sector, encompassing biologics and pharmaceutical goods, is experiencing significant growth, driven by the success and innovation in the biologics business. As the pharmaceutical industry shifts towards biopharmaceuticals for the development of new medications and biosimilars, the market dynamics are evolving. Biopharmaceuticals have revolutionized the treatment landscape for diseases in sectors such as oncology, neurology, diabetes, and immunology, accounting for approximately 70% of emerging medicines. The biopharmaceutical industry's impact on reducing mortality rates from cancer and HIV/AIDS in the past decade has led to increased adoption in the global Contract Research Organization (CRO) market. Biopharmaceuticals' capacity to address previously untreatable conditions and improve patient outcomes is a major catalyst for this market growth.

Browse market data tables, figures, and in-depth TOC on “Contract Research Organization (CRO) Market” by Application (Clinical research, Early phase development, Laboratory, Regulatory consulting ) End-user (Pharmaceutical and biopharmaceutical companies, Medical device companies, Academic institutes ) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2028. Download Free Sample

 

By Application, the Clinical research segment is projected to dominate the market size in 2024

Contract Research Organizations (CROs) have become indispensable partners for pharmaceutical and biopharmaceutical companies in the drug development and manufacturing process. These organizations enable primary end-users to streamline their research and development efforts, minimize costs, and expedite the time-to-market for new drugs. By outsourcing various components of their drug development pipelines and processes to CROs, major pharmaceutical companies can extend their technical resources without incurring additional overhead expenses. This outsourcing strategy allows these companies to concentrate on their core competencies and focus on advancing their product portfolios more effectively. The collaboration between pharmaceutical and biopharmaceutical companies and CROs has significantly grown over the past two decades, making CROs increasingly vital players in the pharmaceutical sector.

By End-user, Pharmaceutical and biopharmaceutical companies  segment is expected to hold the largest market size for the year 2024

Contract Research Organizations (CROs) provide businesses with essential clinical research services, which encompass strategic planning, precise execution, and comprehensive oversight of clinical trials. These services include designing robust trial protocols, identifying suitable investigative sites, and managing patient recruitment. CROs play a crucial role in ensuring adherence to regulatory guidelines, implementing rigorous monitoring, and maintaining data quality throughout the trial process. Their expertise in clinical trial management accelerates the drug development timeline, fostering efficiency and compliance. Research centers, linked with CROs, conduct a broad range of tissue-based clinical research, sponsored by key players or government entities, thereby enhancing R&D activities.

North America is forecasted to hold the largest market size by region in 2024

In the dynamic landscape of the Contract Research Organization (CRO) market, North America emerged as the leading region in 2023, accounting for the largest market share. This dominance can be attributed to the presence of prominent players such as IQVIA, headquartered in the US, which offers comprehensive Research and Development (R&D) solutions to numerous multinational pharmaceutical and biotechnology companies worldwide. Other notable CROs based in North America include Charles River Laboratories, Laboratory Corporation of America, and Parexel, all of which provide R&D services on a global scale. These organizations offer contract research solutions and advanced technology services, making them indispensable to small- and medium-sized pharmaceutical and biotechnology vendors in the region and beyond.

The Contract Research Organization (CRO) Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • BioAgile Therapeutics Pvt. Ltd
  • Charles River Laboratories International Inc.
  • Clinical Trial Service B.V.
  • CTI Clinical Trial and Consulting Inc.
  • Ergomed Plc
  • Eurofins Scientific SE
  • Geneticist Inc.
  • Hangzhou Tigermed Consulting Co. Ltd.
  • ICON plc
  • IQVIA Holdings Inc.
  • Konecranes
  • Laboratory Corp. of America Holdings
  • Linical Co. Ltd.
  • Medpace Holdings Inc.
  • Novotech Health Holdings
  • Parexel International Corp.
  • Pharmaron Beijing Co. Ltd.
  • Syneos Health Inc.
  • Thermo Fisher Scientific Inc.
  • WuXi AppTec Co. Ltd.
.

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Research Analysis Overview

The Contract Research Organization (CRO) market plays a crucial role in the pharmaceutical industry by providing essential services for drug development, including clinical trial protocols, laboratory services, and data management. CROs have become increasingly important for R&D efficiency, especially in complex areas such as oncology research, infectious disease trials, metabolic disorders, cardiology research, and CNS disorders. The impact of industrialization and the rising burden of chronic diseases have led to a significant increase in the demand for CRO services. However, challenges such as basic literacy rates and workforce shortages in some regions require skill development programs to ensure high-quality research. CROs offer collaborative partnerships, patient-centric trials, and remote work, making them a popular choice for outsourcing trends in pharmaceutical R&D. The outsourcing of R&D processes to CROs enables companies to focus on their core competencies while ensuring the execution of clinical trials and laboratory services to the highest standards. In conclusion, the CRO market continues to evolve, providing critical services to the pharmaceutical industry, particularly in the areas of drug development and clinical trials. The ongoing outsourcing trends, industrialization impact, and the need for patient-centric trials will continue to drive the growth of the CRO market in the coming years.

Market Research Overview

The Contract Research Organization (CRO) market plays a crucial role in the biopharmaceutical industry by providing essential services for clinical trial logistics, budgeting, and monitoring. CROs help pharmaceutical sponsors, academic research institutes, and medical device companies navigate the complexities of clinical trial protocols and regulatory submissions. Services offered by CROs include risk-based monitoring, protocol amendments, adaptive trial design, real-world evidence studies, biomarker analysis, drug safety monitoring, endpoint adjudication, patient recruitment, quality assurance, clinical trial monitoring, pharmacovigilance, clinical data management, and laboratory services. CROs support various therapeutic areas such as infectious disease trials, metabolic disorders, cardiology research, and CNS disorders. They contribute to R&D efficiency by addressing workforce shortages and skill development programs, as well as the impact of industrialization on clinical trials. Patient-centric trials, remote work, and collaborative partnerships are emerging trends in the CRO market. CROs provide critical support for early phase development, basic literacy rates, and chronic disease treatment, making them indispensable partners in the pharmaceutical industry.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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