Contract Research Organization (CRO) Services Market worth $127.3 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 2, 2023 /PRNewswire/ -- Contract Research Organization (CRO) Services Market in terms of revenue was estimated to be worth $76.6 billion in 2023 and is poised to reach $127.3 billion by 2028, growing at a CAGR of 10.7% from 2023 to 2028 according to a new report by MarketsandMarkets™. Growth in the CRO services market can mainly be attributed to factors such as: The need for novel clinical trial designs for complex cell and gene therapies and the advent of hybrid models with CRO-CDMO partnerships. These factors are expected to offer growth opportunities to players operating in this market.

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Contract Research Organization (CRO) Services Market Scope:

The clinical research services subsegment accounted for the largest share of the type segment in the CRO services market in 2022.

Based on type, the CRO services market is segmented into clinical research services, early-phase development services, laboratory services, consulting services, and data management services. The clinical research services segment accounted for the largest share of this market in 2022. The increasing R&D of new drugs and high costs incurred in conducting clinical trials are factors that attribute to large share of clinical research services segment.

The oncology subsegment accounted for the largest share of the therapeutic area segment in the CRO services market in 2021.

Based on therapeutic area, the CRO services market is segmented into oncology, infectious diseases, neurology, vaccines, cardiovascular system (CVS) disorders, metabolic disorders/endocrinology, immunological disorders, respiratory disorders, psychiatry, dermatology, hematology, ophthalmology, gastrointestinal diseases, genitourinary & women's health, and other therapeutic areas. The oncology segment accounted for the largest share of the global CRO services market in 2022. The large share of this segment is primarily attributed to the increasing number of drug discovery activities for oncology and the rising prevalence of cancer globally.

The Asia Pacific region is the fastest-growing region of the CRO services market in 2022.

Based on region, The global CRO services market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The market in the Asia Pacific is estimated to record the highest CAGR during the forecast period. This can be attributed to the region's fast-growing pharmaceutical and biopharmaceutical industries, favorable government policies, and the lower cost of conducting clinical trials.

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Contract Research Organization (CRO) Services Market Dynamics:

Drivers:

1. Increasing investment in pharmaceutical R&D
2. Increasing number of clinical trials
3. High cost of in-house drug development
4. Rising prevalence of orphan and rare diseases

Trends:

1. Growing adoption of artificial intelligence-based tools for drug discovery
2. Increased outsourcing to emerging Asian economies
3. CRO industry consolidation
4. Integrated end-to-end R&D service solutions

Opportunities:

1. Growth in the drugs and biologics market despite the COVID-19 pandemic
2. Rising demand for specialized testing services among end users
3. Need for novel clinical trial designs for complex cell and gene therapies

Challenges:

1. Shortage of skilled professionals for clinical trials
2. Requirement for unique analytical testing approaches for innovative formulations

Key Market Players:

Key players in the CRO services market include IQVIA (US), Laboratory Corporation of America Holdings (US), PPD (US), ICON (US), WuXi AppTec (China), Syneos Health (US), Charles River Laboratories International (US), and Medpace Holdings (US).

Recent Developments:

• In November 2022, IQVIA (US) collaborated with Clalit Health Services (Israel) to combine their clinical trial delivery, real-world research, data, and genomics capabilities.
• In October 2022, the PPD clinical research business of Thermo Fisher Scientific launched the Decentralized Clinical Trials Network to support global investigators and research sites participating in decentralized clinical trials (DCTs).

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