Contract Research Organization Market is Poised to Reach USD 122.2 Billion by 2032 | SkyQuest Technology Consulting

The pharmaceutical industry's increasing focus on creating novel medications to treat a variety of chronic illnesses is the main factor propelling the expansion of the contract research organization sector. 

WESTFORD, Mass., July 31, 2025 /PRNewswire/ -- SkyQuest Technology Consulting published a report, titled, Contract Research Organization Market - Global Opportunity Analysis and Industry Forecast, 2025-2032", valued at USD 64.6 Billion in 2024. With a projected CAGR of 8.3% from 2025 to 2032, the market is expected to reach USD 122.2 Billion by the end of 2032. The increasing number of clinical trials conducted globally is the main factor propelling the growth of the contract research organization sector over the forecast period. Pharmaceutical companies' greater emphasis on research and development (R&D) activities to produce new products will be advantageous to the CRO sector. Globally, about one in three adults suffers from multiple chronic illnesses. The need for effective treatments is growing along with the number of chronic illnesses, which motivates pharmaceutical and biotechnology companies to develop new drugs.

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Contract Research Organization Market Key Growth Drivers

Over the years, pharmaceutical and biotechnology companies have increasingly used CROs in R&D due to their cost-effectiveness and efficiency. This would allow companies to leverage the specialized knowledge offered by other organizations while focusing their internal workforce or resources on core competencies. The need for effective solutions is being fuelled by demands for increasingly affordable products in the drug development industry.

Moreover, two new growth opportunities in the contract research organization (CRO) market are the increasing demand for gene therapies and personalized medicine. These novel treatments would necessitate specialized clinical trials and regulatory knowledge, which might present CROs with chances to expand their product lines in the development of sophisticated therapies.

Recent Developments in Contract Research Organization Market

• In March 2024, Heeds, a European contract research organization was acquired. 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.
• In July 2024, IQVIA, a well-known company in the global contract research organization landscape, announced the release of new technology to improve business operations. One Home for Sites brings together all of the systems at a clinical trial site into one, easy-to-use dashboard.
• In September 2024, A new contract research organization solution for ophthalmology clinical trials was launched by Lindus Health. 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.

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Major Challenges in Contract Research Organization Industry

Among the great challenges faced by clinical research organizations are the intricate and ever-changing regulatory environments in various countries; the number of rules and regulations associated with clinical trials and data management delays the setup of clinical trials, taking significant time and money away from other pursuits. For CROs, the regulatory challenges inhibit market growth and operational efficacy.

Moreover, contract research organization operations are solely dependent on biotechnology and pharmaceutical companies. Any disruption to these companies can hinder contract research organizations market growth. The demand outlook for contract research organizations is also downgraded due to factors such as funding cuts and rejections from approvals.

Competitive Landscape

Major players in the contract research organization (CRO) market, including Quintiles IMS, Labcorp Drug Development, and Parexel are influencing the growth curve by providing comprehensive and innovative solutions at various stages of clinical trials, regulatory services, and data analytical services. These businesses, which are based on strategic partnerships, investments in state-of-the-art technology, performance efficiency initiatives, market accessibility, and standard shaping, all have extensive global reach that will improve their CRO service offerings.

The major players in the Contract Research Organization industry include,

• ICON PLC
• Medpace
• Fortrea
• Thermo Fisher Scientific
• PPD Inc.
• Labcorp Drug Development
• Eurofins Scientific
• SGS SA
• PSI CRO AG
• KCR S.A.
• Linical Co. Ltd.
• Pharmaron
• WuXi Biologics
• Tigermed

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Contract Research Organization Market Segmental Analysis

The global contract research organization market is segmented into type, therapeutic area, end user, and region. By type, the market is classified into drug discovery, lead identification, lead optimization, pre-clinical, phase I trial services, phase II trial services, phase III trial services, and phase IV trial services. Depending on therapeutic area, it is divided into oncology, cardiology, infectious disease, neurology, immunological disorders, and gastroenterology & hepatology. According to end user, the market is bifurcated into pharmaceuticals & biotechnological companies and medical device companies.

• By type, the phase III trial services lead the market in 2024 with more late-stage clinical trials undertaken evaluating the efficacy and safety of a drug in large populations of patients.
• By therapeutic area, with the rising number of cancer patients across the globe and the increased number of clinical trials for immuno-oncology and targeted treatments, oncology led the market in 2024.
• By end user, the largest end user in 2024 is pharmaceutical & biotechnological companies who continued to outsource clinical research to CROs to reduce development costs and time to market.

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Regional Outlook

North America lead the contract research organization market, fueled by a large biotech and pharmaceutical industry, ample R&D spending, and a favorable regulatory environment for outsourcing clinical trials.

Europe continued to make significant contributions, with a strong clinical research infrastructure and increasing collaboration between CROs and pharmaceutical companies in Germany, the UK, and France.

Asia-Pacific grew the most rapidly due to low-cost trial services, fast recruitment, and high R&D spending in countries like China, India, and South Korea.

LAMEA also steadily advanced, with increased CRO activity in Brazil and the United Arab Emirates because of regulatory modernization and the advancement of clinical trial networks.

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