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Chicago, Feb. 12, 2024 (GLOBE NEWSWIRE) — Contract Research Organization Services (CRO) Market According to a latest report published by MarketsandMarkets™, it was estimated to be valued at $82.0 billion in 2024 in terms of revenue and is expected to reach $129.8 billion by 2029, growing at a CAGR of 9.6% from 2024 to 2029. The increasing penetration of contract research organization services (CROs) in clinical pathological testing is driving the growth of the market. The growth in CRO services market is mainly driven by factors such as increasing R&D by pharmaceutical, biotechnology and medical device companies. Additionally, increasing advancements in the technologies used to conduct clinical trials (provided by CROs) are leading to greater outsourcing of drug development services.

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Contract Research Organization Services (CRO) market scope:

report coverage Description
Market Revenue in 2024 $82.0 billion
Estimated value by 2029 $129.8 billion
growth rate Expected to grow at a CAGR of 9.6%
Market size available 2024–2029
forecast period 2024–2029
forecasting units Value (Billion US Dollars)
report coverage Revenue Forecast, Competitive Landscape, Growth Factors and Trends
segments covered Type, therapeutic area, end user
Geography covered North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Highlights of the report Updated financial information/product portfolio of players
key market opportunities Increasing focus on precision/personalized medicine
key market drivers Increasing number of drugs in the pipeline

The CRO services market is classified into three major segments based on type, therapeutic area and end user.

Based on type, the CRO services market has been segmented into five categories including clinical research services, early-stage development services, laboratory services, consulting services, and data management services. In 2023, the clinical research services segment had the largest share in this market. The large share of this segment can be attributed to certain factors such as increasing initiatives for development of therapies for multiple indications, increasing number of clinical trials across key therapeutic areas such as oncology, metabolic disorders, immunology And huge cost. In domestic drug development.

On the basis of therapeutic area, the CRO services market is segmented into oncology, infectious diseases, neurology, vaccines, cardiovascular system (CVS) disorders, metabolic disorders/endocrinology, immunological disorders, respiratory disorders, psychiatry, dermatology, hematology, ophthalmology, Gastrointestinal disease, is divided into. Genitourinary and women’s health, and other therapeutic areas. In 2023, the oncology segment had the largest share in the global CRO services market. The major share of this market can be attributed to the increasing number of clinical trials of anti-cancer treatments across all modalities (small molecules, biologics, cell and gene therapy among others).

On the basis of end user, the CRO services market is segmented into pharmaceutical and biopharmaceutical companies, medical device companies, and educational institutions. The pharmaceutical and biopharmaceutical companies segment accounted for the largest share in the CRO services market in 2023. The large share of this segment can be attributed to the increasing investments by key players in drug development R&D, especially focusing on key therapeutic areas such as oncology, metabolic. Increasing outsourcing of clinical research services in disorders and immunology among others, as well as to pharmaceutical and biotechnology companies.

On the basis of region, Asia Pacific is projected to register the highest CAGR during the forecast period. China is the biggest market in this region. The Asia Pacific market is characterized by the presence of huge patient pool to conduct clinical studies as well as relatively low costs incurred in conducting clinical trials among other factors.

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Key players of the Contract Research Organization Services (CRO) market are included in the report, such as:

  • IQVIA Inc. (US)
  • Laboratory Corporation of America Holdings (LabCorp) (US)
  • Thermo Fisher Scientific Inc. (US)
  • Fortria, Inc. (US)
  • Syneos Health (US)
  • Wuxi Apptech (China)
  • Charles River Laboratories (US)
  • Parexel International Corporation (US)
  • Pharmaron (China)
  • ICON PLC (Ireland)
  • Medpace (US)
  • SGS SA (Switzerland)
  • Frontage Labs (US)
  • Eurofins Scientific (Luxembourg)
  • PSI CRO AG (Switzerland)
  • BioAgile (India)
  • Firma Clinical Research (US)
  • Acculab Life Sciences (US)
  • Novotech (Australia)
  • KCR SA (US)
  • Linical (Japan)
  • Advanced Clinicals (US)
  • Elusant (US)
  • Clinical Trials Service (Netherlands)
  • Guirs Inc. (Pepgra Healthcare Pty Ltd) (UK)
  • Worldwide Clinical Trials (US)
  • CTI Clinical Trials & Consulting (US)
  • and among others

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The report has been divided into all the market segments for the CRO services market. This report categorizes the CRO Services Market market into the following segments:

CRO Services Market, By Type

  • Clinical Research Services
    • by stage
      • third stage
      • Phase II
      • Phase 1
      • Stage IV
    • By study design (for phase III and IV)
      • interjective
      • Real World Evidence (RWE)
  • Early Stage Development Services
    • Chemistry, Manufacturing and Control Services
    • Preclinical Services
      • Pharmacokinetics/Pharmacodynamics Services
      • Toxicology Testing Services
      • Other Preclinical Services
    • discovery study
  • Laboratory Services
    • Analytical Testing Services
      • Physical Characterization Services
      • Raw Material Testing Services
      • Batch Release Testing Services
      • Stability Testing Services
      • Other Analytical Testing Services
    • Bioanalytical Testing Services
  • consulting services
  • Data Management Services

CRO services market by therapeutic area

  • oncology
    • Breast Cancer
    • lung cancer
    • colorectal cancer
    • prostate cancer
    • other cancers
  • infectious disease
  • cvs disorder
  • neurology
  • vaccines
  • Metabolic Disorders/Endocrinology
  • immune disorders
  • psychotherapy
  • respiratory disorders
  • dermatology
  • Ophthalmology
  • gastrointestinal diseases
  • Genitourinary and women’s health
  • blood
  • other therapeutic areas

CRO services market, by end user

  • Pharmaceutical and biopharmaceutical companies
  • medical device companies
  • educational institution

CRO services market, by region

  • North America
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • spain
    • Rest of Europe (ROE)
  • Asia Pacific (APAC)
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • new zealand
    • Rest of Asia Pacific (RoAPAC)
  • Latin America
    • brazil
    • Mexico
    • rest of latin america
  • Middle East and Africa

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Key Market Stakeholders:

  • Pharmaceutical and biopharmaceutical companies
  • Medical device manufacturing companies
  • Educational and Research Institute
  • Venture capitalists and investors
  • Market Research & Consulting Firm
  • government association
  • Medical institutions and universities

Objectives of the report:

  • To define, describe and forecast the contract research organization (CRO) services market by type, therapeutic area, end user and region
  • To provide detailed information about current trends as well as key factors (drivers, opportunities and challenges) influencing the growth of the market.
  • Strategically analyzing micro markets with respect to their individual growth trends, future prospects and contribution to the total market.
  • Analyzing opportunities in the market for stakeholders and providing an overview of the competitive landscape for market leaders
  • Forecasting the revenue of market segments with respect to five key regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
  • Profiling key players and comprehensively analyzing their market shares and core competencies
  • To track and analyze competitive developments in the CRO services market, such as service launches, agreements, partnerships, collaborations, mergers and acquisitions, and research and development activities.

Related reports:

clinical trial supplies market

Biologics Safety Testing Market

Healthcare Analytical Testing Services Market

Laboratory Informatics Market

Oxidative Stress Assay Market

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Source: www.globenewswire.com

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