USD 62 billion
Contract Research Organization Market Size, Share, Growth Analysis, By Type(Clinical Research Services ( Phase (Phase III, Phase II, Phase I, Phase IV)), By Therapeutic Area(Oncology (Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer), By End User(Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, and Academic Institutes), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2185 |
Region:
Global |
Published Date: September, 2024
Pages:
157
|Tables:
38
|Figures:
74
Contract Research Organization Market Insights
Contract Research Organization Market size was valued at around USD 68 billion in 2022 and is expected to rise from USD 75.1 billion in 2023 to reach a value of USD 155.2 billion by 2031, at a CAGR of 9.5% over the forecast period (2024–2031).
The growing popularity of outsourcing in the healthcare industry and rising costs of manufacturing around the world are projected to primarily augment contract research organization market growth. High investments in medical research and growing number of clinical trials are also expected to bring more business for contract research organizations in the future. Increasing complexity of drug development processes will also promote the demand for contract research organizations on a global level. Moreover, use of contract research organizations helps healthcare organizations keep their costs low and maximize their profitability without compromising on their business ambitions. Favorable regulatory scenarios in emerging markets are also creating new opportunities for contract research organizations. On the contrary, intellectual property concerns, dependency on pharmaceutical companies, and high competition from other contract research organizations are expected to be top restraints for market development in the future.
US Contract Research Organization Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024–2031
Global Market Size
Largest Segment
preclinical research
Fastest Growth
preclinical research
Growth Rate
11.7% CAGR
Global Contract Research Organization Market ($ Bn)
Country Share for North America Region (%)
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Contract Research Organization Market Segmental Analysis
Global Contract Research Organization Market is segmented by Type, Therapeutic Area, End User, and region. Based on Type, the market is segmented into Clinical Research Services ( Phase (Phase III, Phase II, Phase I, Phase IV), By Study Design (For Phase III & IV) (Interventional, Real World Evidence (RWE)), Early phase development Services (Chemistry, Manufacturing and Controls Services, Preclinical Services (Pharmacokinetics/ Pharmacodynamics Services, Toxicology Testing Services, Other Preclinical Services), Discovery Studies), 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, and Data Management Services. Based on Therapeutic Area, the market is segmented into Oncology (Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Other Cancer), Infectious Diseases, CVS Disorders, Neurology, Vaccines, Metabolic Disorders/Endocrinology, Immunological Disorders, Psychiatry, Respiratory Disorders, Dermatology, Ophthalmology, Gastrointestinal Diseases, Genitourinary & Women’s Health, Hematology, and Other Therapeutic Areas. Based on End User, the market is segmented into Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, and Academic Institutes. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Contract Research Organization Market Analysis by Type
Clinical trial management is projected to bring in the most revenue for contract research organizations across the study period. The growing complexity of clinical trials and imposition of complex and stringent regulatory mandates for the same are also estimated to help the dominance of this segment. Increasing investments in novel drug research and rising number of clinical trials around the world are also expected to help create new opportunities for contract research organizations working in this segment.
On the other hand, the demand for data management in contract research organizations is projected to increase at a robust pace across the study period and beyond. Rapidly increasing volumes of data generated by contract research organizations during research or clinical trials is pushing contract research organization companies to invest heavily in data management services to maximize their business growth in the future. Growing digitization of multiple healthcare operations will also create new opportunities for contract research organizations via this segment in the future.
Contract Research Organization Market Analysis by End User
Pharmaceutical and biopharmaceutical companies are projected to lead contract research organization services worldwide. Growing emphasis on maximizing productivity and the rising popularity of outsourcing in the companies are helping this segment maintain a high market share. Increasing complexity of drug development process is also pushing pharmaceutical companies to opt for the services of contract research organizations and thereby further cementing the dominance of this segment.
Demand for contract research organization services for medical device companies is projected to increase at a robust CAGR over the coming years. Growing investments in medical device technology development and rising demand for outsourcing in medical device companies will also create new opportunities for contract research organizations going forward. Moreover, increasing registration of clinical trials for novel medical devices will also favor contract research organization market growth in the future.
Global Contract Research Organization Market By Type
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Contract Research Organization Market Regional Insights
North America is anticipated to lead the global contract research organization market. Growing number of clinical trials, high investments in medical R&D, and the presence of key pharmaceutical, biotechnology, and medical device companies contribute to the dominance of this region. Increasing emphasis on regulatory compliance and the growing complexity of regulatory framework is also bringing new business for contract research organizations. Canada and the United States are forecasted to be the most opportune markets for contract research organizations in the North American region through 2031 and beyond.
The presence of multiple contract research organizations in the Asia-Pacific region makes it the most opportune regional market for contract research organizations. Growing investments in medical research, rising number of clinical trials, and supportive government initiatives are helping contract research organization market growth in this region. India, China, and Japan are slated to be the leading markets for contract research organizations operating in the Asia Pacific region. Availability of cheap resources and labor in this region is also attracting multiple contract research organizations to Asian countries.
Global Contract Research Organization Market By Geography
- Largest
- Fastest
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Contract Research Organization Market Dynamics
Contract Research Organization Market Drivers
Rising Demand for Healthcare Outsourcing
- The trend of outsourcing is quite prevalent in the healthcare industry as the burden on healthcare increases. Pharmaceutical and biotechnology companies are increasingly outsourcing clinical trials, drug development, and regulatory services to contract research organizations to reduce costs, access specialized expertise, and expedite time-to-market.
Increasing Complexity of Drug Development
- Drug development processes are becoming more complex by the day as new regulations and mandates are imposed by governments and regulatory authorities. The rise of biologics, cell and gene therapies, and precision medicine, is driving the need for specialized contract research organization services to comply with modern regulatory requirements.
Restraints
Intellectual Property Concerns
- As intellectual property becomes more exclusive than ever before, pharmaceutical and biotech companies may have concerns over intellectual property protection as they outsource their business to contract research organizations. These concerns could impede contract research organization market growth to a certain extent in the future.
Dependency on Pharmaceutical and Biotech Companies
- The business scope of contract research organization is completely dependent on pharmaceutical and biotechnology companies. Any disruptions to these establishments could slow down contract research organization market growth. Budget cuts and approval rejections are some factors that slow down contract research organization demand outlook.
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Contract Research Organization Market Competitive Landscape
Contract research organizations should focus on acquiring new business from different pharmaceutical and biotechnology companies to boost revenue generation. Providing advanced technologies and better regulatory compliance will also play a vital role in generating new opportunities for contract research organization market players. Contract research organizations can also work closely with regulatory bodies to ensure compliance for multiple healthcare products and drugs made by contract research organizations.
Contract Research Organization Market Top Player’s Company Profiles
- IQVIA
- Laboratory Corporation of America Holdings (Labcorp)
- PPD Inc. (a part of Thermo Fisher Scientific, Inc.)
- Syneos Health Inc.
- WuXi AppTec Co., Ltd.
- Charles River Laboratories International, Inc.
- Parexel International Corporation
- Pharmaron Beijing Co., Ltd.
- ICON PLC
- Medpace Holdings, Inc.
- SGS SA
- Frontage Holdings Corporation
- PSI CRO AG
- BioAgile Therapeutics Pvt. Ltd.
- Firma Clinical Research, LLC
- AccuLab Life Sciences
- Novotech Health Holdings
- KCR (formerly Kiecana Clinical Research)
- Linical Co., Ltd.
- Advanced Clinical
- Azelix LLC
- Clinical Trial Service BV
- Pepgra Healthcare Pvt. Ltd.
- Worldwide Clinical Trials Holdings Inc.
- CTI Clinical Trial and Consulting Services, Inc.
Contract Research Organization Market Recent Developments
- IQVIA, a leading name in the global contract research organization landscape announced the launch of a new technology to enhance business operations in July 2024. One Home for Sites™ provides a centralized dashboard for systems at all clinical trial sites to improve efficiency.
- A new contract research organization solution for ophthalmology clinical trials was launched by Lindus Health in September 2024. The new solution can handle vast amounts of data generated from clinical trials to enhance the operation of contract research organizations compared to the traditional approach.
- Heeds, a European contract research organization was acquired in March 2024. Veeda Clinical Research Ltd., a leading CRO based in India was behind this acquisition as it focuses on expanding its business scope and operations to new regions.
Contract Research Organization Key Market Trends
- Use of Artificial Intelligence Technology: Contract research organization companies can leverage artificial intelligence and machine learning technologies to improve clinical trial design, patient recruitment, and data analysis, leading to more efficient and accurate results. Companies can also automate their business through these novel technologies.
- Virtual Clinical Trials: Contract research organization companies can focus on providing virtual clinical trials to maximize their business scope in the future. These trials utilize telemedicine, digital health tools, and remote patient monitoring to conduct trials outside of traditional clinical settings thereby providing a unique approach and allowing companies to stand out from their competition.
Contract Research Organization Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global contract research organization (CRO) market is a rapidly growing sector that provides outsourced research services to the pharmaceutical, biotechnology, and medical device industries. CROs play a crucial role in conducting clinical trials, drug development, and regulatory compliance for their clients. The market is driven by factors such as increasing R&D activities, rising demand for specialized expertise, cost-effective solutions, and the need for faster time-to-market for new drugs and therapies. CROs offer a wide range of services, including preclinical and clinical trial management, data management, regulatory affairs, and pharmacovigilance. The market is highly competitive, with several key players operating globally and serving clients across different regions.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 68 billion |
| Market size value in 2031 | USD 155.2 billion |
| Growth Rate | 9.5% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Contract Research Organization Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Contract Research Organization Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Contract Research Organization Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Contract Research Organization Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Contract Research Organization Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Contract Research Organization Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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