The global contract research organization (CRO) services market is expected to grow at a CAGR of 8.2% during the forecast period (2023–2030). The growth of the market is attributed to the increasing demand for cost–effective drug development services, rising prevalence of chronic diseases, and increasing government initiatives for drug development.
Contract research organizations (CRO`s) are third–party service providers that provide clinical trial services to pharmaceutical and biotechnology companies. These organizations offer a wide range of services such as clinical trial management, data management, regulatory affairs, medical writing, pharmacovigilance, and others.
The growing demand for cost–effective drug development services is driving the growth of the CRO market. Additionally, the rising prevalence of chronic diseases such as cancer and cardiovascular diseases is also contributing to the growth of the market. Furthermore, government initiatives for drug development are also expected to drive the growth of the CRO market in the coming years.
The global contract research organization (CRO) services market has been segmented based on type, therapeutic area, end user, and region. Based on type, the market has been divided into full service CROs and functional service providers (FSPs).
The full service CROs segment is expected to dominate the market during the forecast period due to their ability to provide comprehensive clinical trial solutions. Based on therapeutic area, oncology is expected to be a major segment due to increasing prevalence of cancer across the globe.
Oncology drugs are expensive and require extensive clinical trials before they can be approved by regulatory authorities; this factor is driving demand for CRO services in this segment.
Based on end user, pharmaceutical companies are expected to dominate the global contract research organization (CRO) services market during the forecast period due to their need for cost–effective drug development solutions.
In terms of region, North America is expected to dominate the global contract research organization (CRO) services market due to presence of major players in this region and increasing government initiatives for drug development in countries such as US and Canada. Asia Pacific is also expected to witness significant growth during forecast period due to increasing prevalence of chronic diseases in countries such as India and China.
Some key players operating in global contract research organization (CRO) services market include Parexel International Corporation; Quintiles IMS Holdings Inc.; Covance Inc.; Charles River Laboratories International Inc.; ICON plc; PRA Health Sciences Inc.; Pharmaceutical Product Development LLC; INC Research Holdings Inc.; Wuxi AppTec Co., Ltd.; LabCorp; Medpace Holdings Inc.; Syneos Health; SGS SA; WuXi PharmaTech (Cayman) Inc.; Accell Clinical Research LLC; Clinipace Worldwide; GVK Biosciences Pvt Ltd., among others.
