Latest News- Contract Research Organization (CRO) Market: Clinical research is expected to lead the Application segment during 2025-2029

The Contract Research Organization (CRO) Market is being driven by Growth of biopharmaceutical industry

The Contract Research Organization (CRO) Market is expected to grow at a CAGR of 14.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 85.3 billion. In the dynamic healthcare industry, the surging need for clinical research to create new pharmaceuticals, biologics, and medical devices is paramount to address the burgeoning demand for disease prevention and treatment solutions. Major private drug manufacturers and biologics producers are actively engaging in clinical trials, providing both resources and financial support. To maximize research and clinical trial expenses, outsourcing these processes to Contract Research Organizations (CROs) is a burgeoning trend in advanced economies, including the US, Canada, and the UK. Government initiatives are also instrumental in fostering clinical trial growth, with various countries funding drug manufacturers' clinical trials and offering essential training to clinical trial personnel to bolster the clinical trial process in regional markets or specific nations. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Clinical research
  • Early phase development
  • Laboratory
  • Regulatory consulting
• End-user
  • Pharmaceutical and biopharmaceutical companies
  • Medical device companies
  • Academic institutes
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • Asia
    • China
    • India
    • Japan
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growth of biopharmaceutical industry
• Increasing prevalence of chronic diseases
• Increase in mergers and acquisitions activities by vendors

However, the market also witnesses some limitations, which are as follows:

• Intellectual property issues hampering growth of CRO industry
• Shortage of skilled professionals
• Capacity utilization and constraints

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Market Scope in Contract Research Organization (CRO) Market Research Report

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Research Analysis Overview

The Contract Research Organization (CRO) market encompasses various sectors including oncology research, pharmaceutical development, genomics research, clinical trial management, regulatory affairs, pharmacovigilance, drug discovery, clinical trial design, and drug safety. Biotechnology and pharmaceutical companies utilize CRO services for clinical research in areas such as personalized medicine, clinical data management, data analysis, and healthcare technology. Immunotherapy, cell therapy, precision medicine, drug delivery, clinical trial recruitment, biomarker discovery, medical device development, biostatistics, clinical operations, and healthcare consulting are also covered. CROs provide drug development services, pharmaceutical marketing, healthcare investment, phase IV trials, medical device manufacturing, and healthcare analytics. Ethical considerations in clinical trials are also addressed.

Market Research Overview

The Contract Research Organization (CRO) market is a significant segment of the global life science tools and services market, serving the biotech and pharmaceutical sectors. This market encompasses companies providing contract research services for drug development, clinical operations, and oncology clinical trials in immunological disorders. The parent market, which covers life science tools, instruments, and related services, is experiencing growth due to factors such as the increasing prevalence of aging populations and the resulting rise in demand for healthcare solutions, particularly in the areas of oncology drugs and oncology clinical trials. The global life science tools and services market size is determined by the combined revenues of manufacturers in the equipment, supplies, pharmaceuticals, biotechnology, and life science tools and services sectors. The increasing incidence of chronic diseases, coupled with advancements in technology and research methods, is driving the expansion of the CRO market within this context.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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/