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 healthcare industry, the surging need for clinical research to create new pharmaceuticals, biologics, and medical devices to combat chronic and epidemic diseases is driving market growth. Private drug manufacturers and biologics producers are investing significantly in these clinical trials through funding and resources. To minimize research and clinical trial costs, outsourcing these processes to Contract Research Organizations (CROs) is a burgeoning trend in developed nations, including the US, Canada, and the UK. Government initiatives are also instrumental in fostering clinical trial expansion through financing drug manufacturers' trials and offering training to clinical trial personnel in regional markets or specific countries. 

Get more information on Contract Research Organization (CRO) Market by requesting a sample report

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 companies

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

Benefits of Buying Global Contract Research Organization (CRO) Market Research Report by Technavio

Rich Experience: 20+ years leading global market research, trusted insights across industries.

Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.

Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.

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

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

The Contract Research Organization (CRO) market encompasses various services including clinical operations, medical writing, and publication planning. Additionally, it offers scientific consulting, regulatory strategy, global clinical development, and expertise in personalized and precision medicine, translational research, and various therapeutic areas such as infectious diseases, rare diseases, and orphan drugs. The market caters to early and late phase development, accelerated approvals, and designations like breakthrough therapy and priority review. Cross-functional teams specialize in global regulatory affairs, real-world evidence (RWE), data visualization, predictive modeling, machine learning, and artificial intelligence. Big data analytics, risk-based monitoring, centralized monitoring, remote monitoring, wearable sensors, and digital health technologies are also integral to CRO services. Furthermore, data standards, supply chain management, and technology transfer are essential components of the CRO market.

Market Research Overview

The Contract Research Organization (CRO) market is a significant segment of the larger global life science tools and services market. This market encompasses organizations providing clinical trials, drug development, bioanalytical testing, toxicology studies, data management, and regulatory affairs services. The parent market, valued at [market size] by Technavio, covers manufacturers of life science tools and services, as well as those offering contract research, manufacturing, and sales services. Key growth drivers for this market include the increasing global population aging, leading to a rise in demand for new pharmaceutical and biotechnology products, as well as the need for comprehensive, outsourced research solutions to facilitate efficient and cost-effective drug development.. 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/