Global Contract Research Organization Market- WishTree Insight

Global Contract Research Organization Market by Service Type (Laboratory Services, Clinical, and Others), Application (CNS Disorder, Cardiology, Oncology, Infectious Disease, and Others), End-User (Medical Device Companies, Pharmaceutical & Biotech Companies, Academic & Research Institute, and Others), and Regions, (APAC, Europe, North America, and LAMEA) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2022 – 2032

The Contract Research Organization market size was valued at USD 63 billion in 2022 and is expected to surpass USD 73.5 billion by 2032, expanding at a CAGR of 13 % during the forecast period, 2022–2032. The market's growth is attributed to the increasing R&D expenditure globally, rising technological advancements, and others.

INTRODUCTION

A Contract Research Organization (CRO) is a company that provides research and development services to the pharmaceutical, biotechnology, and medical device industries. CROs offer a wide range of services to support clinical research, including study design, protocol development, clinical trial management, data management, statistical analysis, regulatory compliance, and medical writing.

CROs work closely with pharmaceutical and biotechnology companies to manage clinical trials and to help bring new drugs and medical devices to market. CROs are also involved in post-marketing studies and provide consulting services to help companies make informed decisions about product development.

CROs play an important role in the drug development process, providing expertise and resources that may not be available within the company. By outsourcing these services to CROs, companies can save time and money, while also ensuring that their clinical trials are conducted in compliance with regulatory requirements and ethical standards.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing R&D expenditure worldwide is anticipated to propel the market growth.
• The growing number of clinical trials in emerging countries is driving the global contract research organization market.
• Growing outsourcing of R&D activities is expected to boost market growth.
• Rising technological advancements are a key factor to augment market growth.
• Intellectual property rights issues are restraining factors in the market growth.
• Stringent regulatory policies may hamper the global contract research organization market.

Scope of the Report

Market Segment Insights

The clinical segment is projected to register a considerable CAGR

Based on service type, the contract research organization market is divided into laboratory services, clinical, and others. The clinical segment is expected to expand rapidly during the forecast period owing to the high prevalence and rise in the number of chronic disease cases.

The oncology segment is anticipated to expand rapidly

Based on application, the contract research organization market is divided into CNS disorder, cardiology, oncology, infectious disease, and others. The oncology segment is expected to expand rapidly during the forecast period owing to the continuous development of cancer treatment solutions. However, the CNS disorder segment is anticipated to hold a key share of the market in the coming years led by the growing prevalence of Alzheimer’s disease, dementia, and Parkinson’s disease.

The pharmaceutical & biotech segment is projected to register a considerable CAGR

On the basis of end-user, the contract research organization market is segregated into medical device companies, pharmaceutical & biotech companies, academic & research institutes, and others. The pharmaceutical & biotech segment is projected to register a considerable CAGR during the forecast period due to the pharmaceutical sponsors investing more in R&D and outsourcing a larger portion of R&D to independent service providers. On the other hand, the medical devices segment is anticipated to account for a major market share during the forecast period.

North America holds a major share

In terms of regions, the contract research organization market is classified as APAC, Europe, North America, and LAMEA. The market of North America is expected to constitute a key share of the market during the projected period owing to widespread drug development activity and good healthcare by pharmaceutical companies. Europe holds the second largest share and is anticipated to expand at a rapid pace during the forecast period due to the surge in the incidence of diseases. Asia Pacific is expected to grow at the highest CAGR in the projected period.

Competitive Landscape

Key players competing in the Contract Research Organization market are Novotech (Australia); KCR SA (U.S.); Paraxel International Corporation (U.S.); Icon plc (Ireland); PSI (Switzerland); WuXi Biologics (China).

FAQs

How much is the market worth?

The Contract Research Organization market size was valued at USD 63 billion in 2022 and is expected to surpass USD 73.5 billion by 2032.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 13%.

Mention the segments covered in the Contract Research Organization report.

The segments covered in the report are service type (laboratory services, clinical, and others), application (CNS disorder, cardiology, oncology, infectious disease, and others), end-user (medical device companies, pharmaceutical & biotech companies, academic & research institute, and others).

Mention which region is expected to hold the highest share of the Contract Research Organization market.

The North American region is expected to hold the highest share of the Contract Research Organization market.

Mention the key players in the market.

Novotech (Australia); KCR SA (U.S.); Paraxel International Corporation (U.S.); Icon plc (Ireland); PSI (Switzerland); WuXi Biologics (China).