June 18, 2024

Contract Research Organization (CRO) Market Size, Share, Report by 2033

The global contract research organization (CRO) market size is expected to increase USD 118.81 billion by 2033 from USD 60.85 billion in 2023 with a CAGR of 6.92% between 2024 and 2033.

Key Points

  • The North America transmission sales market size accounted for USD 26.77 billion in 2023 and is expected to attain around USD 52.87 billion by 2033, poised to grow at a CAGR of 7.04% between 2024 and 2033.
  • North America dominated the Contract Research Organization (CRO) Market in 2023.
  • Asia Pacific is expected to show the fastest growth during the forecast period.
  • By type, the clinical segment held a significant share of the market in 2023.
  • By type, the early phase development services segment is expected to grow at a rapid pace over the forecast period.
  • By application, the oncology segment dominated the market in 2023.
  • By application, the CNS disorder segment is expected to show significant growth during the forecast period.
  • By end user, the pharmaceutical & biotech companies segment dominated the market in 2023.
  • By end user, the CROs for the medical device segment is projected to experience the fastest growth in the market over the studied period.

Contract Research Organization (CRO) Market Size 2024 to 2033

The Contract Research Organization (CRO) market refers to a sector within the pharmaceutical and biotechnology industries where companies offer research and development services on a contract basis. CROs provide a wide range of services including clinical trials, preclinical research, regulatory services, and post-market surveillance. This industry has experienced significant growth in recent years due to the increasing outsourcing trend among pharmaceutical and biotech companies looking to reduce costs and improve efficiency in drug development.

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Growth Factors:

Several factors contribute to the growth of the CRO market. These include the rising demand for novel therapeutics and medical devices, the complexities involved in drug development, stringent regulatory requirements, and the need for specialized expertise. Additionally, advancements in technology such as data analytics, artificial intelligence, and precision medicine have further fueled the expansion of the CRO market by enhancing the efficiency and accuracy of research and development processes.

Region Insights:

The CRO market is geographically diverse, with key regions including North America, Europe, Asia Pacific, and the rest of the world. North America dominates the market due to the presence of a large number of pharmaceutical and biotech companies, well-established regulatory frameworks, and significant investments in research and development. However, the Asia Pacific region is witnessing rapid growth attributed to factors such as increasing outsourcing activities, a large pool of patients for clinical trials, and favorable regulatory reforms.

Contract Research Organization (CRO) Market Scope

Report CoverageDetails
Contract Research Organization (CRO) Market Size in 2023USD 60.85 Billion
Contract Research Organization (CRO) Market Size in 2024USD 65.06 Billion
Contract Research Organization (CRO) Market Size by 2033USD 118.81 Billion
Contract Research Organization (CRO) Market Growth RateCAGR of 6.92% from 2024 to 2033
Largest MarketNorth America
Base Year2023
Forecast Period2024 to 2033
Segments CoveredType, Service, End-user, and Regions
Regions CoveredNorth America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Contract Research Organization (CRO) Market Dynamics

Drivers:

Several drivers are propelling the growth of the CRO market. These include the growing prevalence of chronic diseases, the rising adoption of outsourcing by pharmaceutical and biotech companies, increasing investment in research and development, and the expanding pipeline of biopharmaceutical products. Moreover, the COVID-19 pandemic has further accelerated the demand for CRO services, particularly in vaccine development and clinical trials.

Opportunities:

The CRO market presents numerous opportunities for growth and expansion. These include the emergence of niche CROs specializing in specific therapeutic areas or services, the integration of technology-driven solutions to enhance efficiency and data management, and the expansion of CRO services into emerging markets with high growth potential. Additionally, collaborations and partnerships between CROs and pharmaceutical companies offer opportunities for innovation and synergistic growth.

Challenges:

Despite its growth prospects, the CRO market faces several challenges. These include pricing pressures from clients, regulatory complexities and compliance requirements, the risk of data privacy and security breaches, and the shortage of skilled personnel. Additionally, the competitive landscape is intensifying as new players enter the market, leading to consolidation and pricing competition among CROs. Addressing these challenges will be crucial for sustaining growth and competitiveness in the CRO industry.

Read Also: Transmission Sales Market Size to Worth USD 30.11 Bn by 2033

Contract Research Organization (CRO) Market Recent Developments

  • In October 2023, IQVIA, a leading global provider of advanced analytics, technology solutions, and clinical research services to the life sciences industry, announced a strategic collaboration with Argenx (Netherlands) to advance treatment for patients suffering from rare autoimmune diseases by utilizing innovative and integrated technology-enabled pharmacovigilance (PV) safety services and solutions.
  • In October 2022, the retail giant Walmart launched a new healthcare research organization to drive higher-quality, more equitable healthcare. The Walmart Healthcare Research Institute will initially focus on driving greater equity in clinical trials for drugs that treat chronic conditions.
  • In July 2022, Labcorp®, a global leader in life sciences, expanded its automated clinical trial kit production line in Mechelen, Belgium. The new, automated line will be used to produce specimen collection kits for clinical trial investigator sites in Europe, the Middle East, and Africa.

Contract Research Organization (CRO) Market Companies

  • Catalent, Inc.
  • Celerion
  • Cerner Corporation
  • Charles River Laboratories International, Inc.
  • Cognizant
  • GVK Biosciences Private Limited
  • ICON plc
  • IQVIA Holdings Inc.
  • Laboratory Corporation of America Holdings
  • Medpace Holdings, Inc.
  • Parexel International Corporation
  • Pharmaceutical Product Development, LLC
  • Syneos Health, Inc.
  • Thermo Fisher Scientific Inc.
  • Wuxi AppTec

Segments Covered in the Report

By Type

  • Pre-clinical
  • Drug Discovery
  • Clinical
  • Others

By Service

  • Medical Writing
  • Project Management
  • Clinical Monitoring
    • Phase i
    • Phase ii
    • Phase iii
    • Phase iv
    • Others
  • Biostatistics
  • Quality Management
  • Regulatory/ Medical Affairs
  • Data Management
  • Others

By End-user

  • Pharmaceutical & Biopharmaceutical Companies
  • Medical Device Companies
  • Others

By Geography

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East & Africa

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