The global contract research organization market was valued at US$ 8,845.2 million in 2019 and is projected to reach US$ 14,510.1 million by 2030; it is expected to grow at a CAGR of 5.2% from 2020 to 2030.
Contract research organizations (CRO`s) are organizations that provide services to the pharmaceutical, biotechnology, and medical device industries. These services include clinical trials, preclinical trials, regulatory affairs, and other services. CROs are used to reduce the cost and time associated with drug development.
The global contract research organization market is driven by the increasing demand for outsourcing of clinical trials, rising prevalence of chronic diseases, and increasing government funding for clinical trials. In addition, the increasing number of clinical trials and the growing demand for personalized medicine are expected to provide lucrative opportunities for the market. However, the high cost of clinical trials and the lack of skilled professionals are expected to restrain the market growth.
The global contract research organization market is segmented on the basis of service, therapeutic area, end user, and region. By service, the market is divided into clinical trial services, preclinical trial services, and other services. By therapeutic area, it is classified into oncology, cardiovascular diseases, central nervous system disorders, respiratory diseases, and others. By end user, it is categorized into pharmaceutical and biotechnology companies, medical device companies, and others. Region wise, it is analyzed across North America, Europe, Asia–Pacific, and LAMEA.
The key players operating in the global contract research organization market are Charles River Laboratories International, Inc., ICON plc, PRA Health Sciences, Inc., Parexel International Corporation, Covance Inc., Quintiles IMS Holdings, Inc., Pharmaceutical Product Development, LLC, Medpace Holdings, Inc., Syneos Health, Inc., and Wuxi AppTec.
Key Benefits
The study provides an in–depth analysis of the global contract research organization market, with current trends and future estimations to elucidate the imminent investment pockets.
It offers a quantitative analysis from 2019 to 2030, which is expected to enable the stakeholders to capitalize on prevailing market opportunities.
Comprehensive analysis of all geographical regions is provided to determine the prevailing opportunities.
Key players are profiled and their strategies are analyzed thoroughly to understand the competitive outlook of the global market.
Contract Research Organization Market Key Segments:
By Service
- Clinical Trial Services
- Preclinical Trial Services
- Other Services
By Therapeutic Area
- Oncology
- Cardiovascular Diseases
- Central Nervous System Disorders
- Respiratory Diseases
- Others
By End User
- Pharmaceutical and Biotechnology Companies
- Medical Device Companies
- Others
By Region
- North America
- Europe
- Asia–Pacific
- LAMEA
