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 market is driven by the increasing demand for outsourcing of clinical trials, rising prevalence of chronic diseases, and increasing government initiatives to support clinical research.
Contract research organizations (CRO`s) are organizations that provide services to the pharmaceutical, biotechnology, and medical device industries. These services include clinical trial management, data management, biostatistics, regulatory affairs, and other services related to drug development.
The increasing demand for outsourcing of clinical trials and the rising prevalence of chronic diseases are the major factors driving the growth of the global contract research organization (CRO) services market.
In addition, the increasing government initiatives to support clinical research and the growing demand for personalized medicine are expected to further fuel the growth of the market.
However, the high cost of clinical trials and the lack of skilled professionals are some of the factors that are expected to restrain the growth of the market.
The global contract research organization (CRO) services market is segmented based on type, service, therapeutic area, and region. Based on type, the market is segmented 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 the increasing demand for comprehensive services.
Based on service, the market is segmented into clinical trial management, data management, biostatistics, regulatory affairs, and other services.
The clinical trial management segment is expected to dominate the market during the forecast period due to the increasing demand for outsourcing of clinical trials.
Based on therapeutic area, the market is segmented into oncology, cardiovascular diseases, central nervous system disorders, respiratory diseases, infectious diseases, and other therapeutic areas.
The oncology segment is expected to dominate the market during the forecast period due to the increasing prevalence of cancer and the growing demand for personalized medicine.
Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market during the forecast period due to the presence of a large number of CROs in the region and the increasing demand for outsourcing of clinical trials.
Some of the key players in the global contract research organization (CRO) services market are Parexel International Corporation, IQVIA Holdings Inc., Covance Inc., Syneos Health Inc., Charles River Laboratories International Inc., ICON plc, PRA Health Sciences Inc., Pharmaceutical Product Development LLC (PPD), INC Research LLC, Vial CRO, and ClinTec International Ltd.