[Latest Report 2023], CRO Services Market Size to Surpass USD 188.52 Billion by 2030 | With a CAGR of 12.5%

As per the report by Fortune Business Insights, the global contract research organization services market size is projected to reach USD 188.52 billion in 2030, at a CAGR of 12.5% during the forecast period, 2023-2030

Pune, India, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Global Contract Research Organization Services Market size is projected to grow from USD 82.60 billion in 2023 to USD 188.52 billion by 2030, exhibiting a CAGR of 12.5% during the forecast period. Rising outsourcing activities from pharmaceuticals, and rising collaborative efforts will boost the market's growth during the forecast period.

Fortune Business Insights presents this information in their report titled “Global Contract Research Organization (CRO) Market, 2023–2030.”

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Notable Industry Development

  • July 2021: China’s Beijing Illness Challenge Foundation (ICF) has formed a strategic relationship with Parexel. This ground-breaking collaboration aims to obtain direct feedback from individuals with rare diseases to improve their access to and participation in clinical trials.

Key Takeaways:

  • Increased investment opportunities by pharmaceutical, biopharmaceutical, and medical device companies will increase the market’s footprint.
  • The growth in outsourcing R&D activities in the biotechnology & pharmaceutical sectors propels the market.
  • The global market observed a significant growth in its market value due to the high demand for services.
  • North America CRO services market was valued at USD 36.97 billion in 2022.

Discover the Leading Players Featured in the Report:

“Pharmaceutical Product Development, LLC (U.S.), Medpace Holdings, Inc. (U.S.), Iqvia (U.S.), ICON plc (Ireland), KCR SA (U.S.), PSI (Switzerland), Parexel International Corporation (U.S.), Labcorp Drug Development (U.S.)”

Report Scope & Segmentation

Report CoverageDetails
Forecast Period2023 to 2030
Forecast Period 2023 to 2030 CAGR12.5%
2030 Value ProjectionUSD 188.52 Billion
Base Year2022
Market Size in 2023USD 82.60 billion
Historical Data2019 to 2021
No. of Pages121
Segments coveredService Type, Application, End-User, and Region

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Increased Number of Clinical Trials Led to Clinical Segments’ Massive Growth

Based on service type, the market can be divided into early-phase development services, clinical, laboratory services, and others. Outsourcing R&D activities and rising clinical trials dominated the clinical segment in 2022 and is expected to continue during the forecast period.

Development of Cancer Treatment Solutions Dominated the Oncology Segment

By application, the market can be segmented into oncology, CNS disorder, cardiology, infectious disease, metabolic disorder, renal/nephrology, and others. Advanced research and technology and a focus on global disease resulted in the oncology segment holding the highest share.

Growing R&D Lead to Dominance of Pharmaceutical Biotech Companies

Based on end user, the market can be segmented across pharmaceutical and biotech companies, medical device companies, academic and research institutes, and others. Outsourcing of R&D to independent service providers and investments by pharmaceutical sponsors dominated the pharmaceutical and biotech companies’ growth.

Regarding geography, the market can be categorized into North America, Europe, Asia Pacific, and the Rest of the World.

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Drivers & Restraints

Rising Prevalence of Chronic Diseases & Rising Clinical Trials to Augment Growth

Factors such as the increasing burden of chronic disorders among the general population and the rising integration of worldwide health expectancy will boost the CRO services market growth during the forecast period. Additionally, the rising number of clinical trials, rising requirements for discovering new diseases, and rising development towards detecting, diagnosing, and preventing diseases will increase the contract research organization (CRO) services market share.

However, a lack of skilled professionals will limit the contract research organization (CRO) services market growth during the forecast period.

Regional Insights

North America to Hold Dominance Due to Accelerated Drug Development Activities

North America will witness the largest contract research organization (CRO) services market share during the forecast period owing to the presence of prominent players in the region and rising overall development of drug development, to name a few. Additionally, the U.S. boasts of effective infrastructure. Large pharmaceutical organizations have focused their attention on outsourcing clinical trials to further fuel the market’s growth during the forecast period.

Europe will occupy a significant market share due to rising incidences of diseases and rocketing healthcare expenditure. Additionally, the market will flourish due to the rising dependencies of pharma companies towards contract research organizations for increased efficiency & productivity.

Competitive Landscape

Product Development & Extended Collaborative Effort to Push Dominant Players Towards Market Dilution

A large section of the sector of contract research organization (CRO) services is expected to be occupied by two companies, Labcorp and IQVIA. These organizations are expected to dominate the market during the intended forecast period. However, other players are expected to consolidate the market aggressively by integrating strategies such as mergers & acquisitions, and collaborations.

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What is the market size of the contract research organization?

The contract research organization services market size was USD 73.38 billion in 2022. It is expected to reach USD 188.52 billion by 2030.

How big is the CRO services market in 2023?

The contract research organization services market size is USD 82.60 billion in 2023 and will exhibit a CAGR of 12.5% during the forecast period, 2023-2030.

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