Contract Research Organization (CRO) Market Size & Share to Surpass $ 122.7 Billion by 2028 | Vantage Market Research


WASHINGTON, Jan. 10, 2023 (GLOBE NEWSWIRE) -- Global Contract Research Organization Market is valued at USD 62.5 Billion in 2021 and is projected to reach a value of USD 122.7 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 11.9% over the forecast period 2022-2028.

One of the most significant economic areas is the Contract Research Organization business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.

The report provides a thorough analysis of international producers and suppliers and their current situation and future prospects. It also details the global drivers of the demand for Contract Research Organization, including rising investment requirements, developing technology, and new laws.

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Market Overview

According to Vantage Market Research, some of the key factors anticipated accelerating the Contract Research Organization market growth over the forecast period. The growing elderly generation, the rise in serious illness, and the problems linked to lifestyle are all accelerating the demand for Contract Research Organization (CRO) services. The market is expanding since chronic diseases are becoming more common, especially among the elderly.

We forecast that the pre-clinical category in the Contract Research Organization market sales will account for more than 56% of total sales by 2028. The pre-clinical market comprises discovery and pre-clinical research, which is considerably smaller and less cutthroat than the clinical business. Pre-clinical Contract Research Organization (CRO) services are in high demand due to higher research & design funds for drug discovery, which will fuel the segment's rise during the forecast period.

North America region throughout the projection period. Sales of Contract Research Organization (CRO) services are anticipated to grow in North America during the projected period due to rising government investments in R&D and the growing demand for effective medicines to treat chronic conditions.

Top Players in the Global Contract Research Organization Market

  • Laboratory Corporation of America Holdings (US)
  • Quintiles IMS (US)
  • Parexel International Corporation (US)
  • Pharmaceutical Product Development LLC Inc. (US)
  • Pra Health Sciences Inc. (US)
  • Icon PLC (Ireland)

For Additional Information on Contract Research Organization Market Players and Detail List, Download a Report PDF Brochure

Market Dynamics

Massive Increase in Patient Specimens Tested to Boost Market Growth

Greater disease going monitored and screening, which is supported by various government medical examination policies; infectious disease spread of infectious diseases such as diabetes, increase in new strains of infectious diseases, and the requirement for routine diagnosis and treatment in long-term disease management are some of the elements contributing to the growth of the market over the upcoming years.

Rising Development of Digital Pathology to Drive the Market Growth

The growing popularity of digital pathology websites and the growing preference among the general public for thorough health examinations given by clinical laboratories are major drivers propelling the global Contract Research Organization (CRO) services market. The growth of the market for the services provided by Contract Research Organizations (CROs) is also facilitated by creating new, cutting-edge techniques that allow meant to inform and are more customers.

Top Trends in Global Contract Research Organization Market

  • One trend Vantage Market Research (VMR) expects to see in the Contract Research Organization industry is growing to fund. The national government's increased investment in encouraging these solutions further impacts the market. Additionally, the market for Contract Research Organization (CRO) services is positively impacted by the rise in healthcare expenditure, improvements in the healthcare system, and rising demand for the extended healthcare system.
  • Another trend that VMR predicts will continue in the Contract Research Organization industry is the increased academic and research institutes. Academic and research institutions are particularly important in the discovery development process during the early stages. Additionally, the market will expand as more academic institutions contract with services companies that Contract Research Organizations (CROs) for their pre-clinical research activities.

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Recent Developments

  • February 2021, ICON PLC entered a definitive agreement to acquire PRA Health Sciences Inc., thus expanding its portfolio in healthcare intelligence and clinical research.
  • February 2021, Charles River Laboratories entered a definitive agreement to acquire Cognate BioServices Inc., a cell and gene therapy contract development and manufacturing organization (CDMO), to expand Charles River’s scientific capabilities in the high-growth cell and gene therapy sector.

Top Report Findings

  • Based on Drug Discovery, most of the Contract Research Organization market's revenue is controlled by the rug development category. Due to several factors, including increased effectiveness, simplified strategic planning of R&D costs, low risk of repeat studies, expedited drug development, and reduced overhead expenses, among others, the expectation for CRO services for early phase drug advancement and clinical research is anticipated to increase in the coming decade.
  • Based on a Clinical Trial, most of the Contract Research Organization market's revenue is controlled by the pre-clinical trials category. The significance of pre-clinical services is growing due to the demand for orphan medications and tailored medicines. Along with technological advancement and the internationalization of pre-clinical trials, there is also a requirement for Contract Research Organizations to conduct clinical studies.
  • Based on End Users, most of the Contract Research Organization market's revenue is controlled by the pharmaceutical category. Demand for the segment is anticipated to increase during the forecast period due to the expanding trend of pharmaceutical companies contracting end-to-end capabilities, specifically to smaller and medium-sized businesses lacking considerable expertise in the beginning stages of drug development.

Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on Contract Research Organization Market Forecast Report (2022-2028).

Top 10 Players Generates More Than 45% of the Global Contract Research Organization Market Revenue

The report also found that the largest players in the Contract Research Organization market are technology providers such as Laboratory Corporation of America Holdings (US), Quintiles IMS (US), Parexel International Corporation (US), Pharmaceutical Product Development LLC (US) Inc. These companies are expected to benefit from increased demand for their products and services and growing investments in new products. Other major players include, Pra Health Sciences Inc. (US), Icon PLC (Ireland). As per latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% revenue of the market.

Segment Category in Contract Research Organization Market to Generate Over 56% Revenue

Contract Research Organization are an expensive investment. Vantage Market Research has analyzed the market for Contract Research Organization to understand its current state and potential future growth factors. For better understanding, based on the segment, the Contract Research Organization market is divided into drug discovery and clinical development.

During the forecast period, the market for Contract Research Organizations is anticipated to experience the highest CAGR for the drug discovery category. Drug manufacturers have been under the obligation to make up for the money lost to generics as more and more patents are set to expire, boosting competition from generic versions of medications. Due to the complexity of pharmacological compounds and stricter regulatory restrictions, R&D expenditures are rising. The methods involved in finding new drugs and developing them are getting more complicated.

On the other hand, the clinical development category is anticipated to grow significantly over the forecast period. The need for contract research companies is driven by innovation for clinical use and government measures to speed up drug approval.

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Global Contract Research Organization Market Segmentation

By Segment

  • Drug Discovery
  • Clinical Development

By Clinical Trial

  • Phase Preclinical Trials
  • Phase I
  • Phase II
  • Phase III

By End Users

  • Pharmaceutical Companies
  • Medical Device Companies
  • Academic Institutes

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Regional Analysis

  • The North America region accounted for the largest share of the global CRO market in 2021, with an estimated 65% of the total market revenue. This can be attributed to the increasing number of clinical trials being conducted in the region, as well as the presence of a large number of CROs in countries such as the United States and Canada.
  • The European region is expected to be the second-largest market for CROs, with an estimated 20% share of the global market in 2021. This can be attributed to factors such as the increasing number of biopharmaceutical companies in the region and the favorable reimbursement policies for clinical trials.
  • The Asia-Pacific region is expected to witness the fastest growth during the forecast period, with a CAGR of 8.9%. This can be attributed to factors such as rising healthcare expenditure, increasing government support for clinical research, and a growing number of patients suffering from chronic diseases.

Scope of the Report:

Report AttributesDetails
Market Size in 2021USD 62.5 Billion
Revenue Forecast by 2028USD 122.7 Billion
CAGR11.9% from 2022 to 2028
Base Year2021
Forecast Year2022 to 2028
Key PlayersLaboratory Corporation of America Holdings, Quintiles IMS, Parexel International Corporation, Pharmaceutical Product Development LLC. Inc., Pra Health Sciences Inc., Icon PLC

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