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

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.