CRO Market value worth USD 83.5 Billion by 2028, Says Global Market Insights Inc.

Some of the major market players operating in the CRO industry include IQVIA, Pharmaceutical Product Development, Laboratory Corporation of America Holdings, PAREXEL International, and Syneos Health.

Selbyville, Delaware, April 20, 2022 (GLOBE NEWSWIRE) --

The contract research organization (CRO) market value is projected to reach USD 83.5 billion by 2028, according to a new research report by Global Market Insights Inc. Increasing outsourcing trend in clinical trials will foster the business landscape.

The rising number of clinical trials is attributed to the increasing disease burden and growing demand for novel treatment for disease and advance techniques for disease diagnosis and prevention. Furthermore, notable developments in the pharmaceutical sector and the growing number of new molecules being commercialized, a surge in number of patients with broad spectrum of diseases to validate these molecules has increased in tandem. CROs offer outsourcing services ranging from preclinical to post-marketing surveillance, hence, highly experienced in conducting clinical trials. Therefore, propelling the CRO market progression.

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Laboratory services segment is expected to register 5.8% CAGR during the forecast timeline. The laboratory services segment is further sub segmented into bioanalytical testing services and analytical testing services. The analytical testing services segment surpassed USD 3,791.7 million in 2021. The rising cases of chronic disease such as diabetes and cardiovascular disease will impel the industry share.

Some major findings of the CRO market report include:

  • Increasing number of clinical trials coupled with growing R&D expenditure is anticipated to boost the market expansion.
  • Growing prevalence of eye disease is predicted to drive the ophthalmology segment revenue.
  • Rising disease burden and government support for conducting clinical trials in the Asia Pacific that has propelled the regional market forecast.
  • Industry players are focusing on various strategies such as business expansion, acquisition, and novel service launches to consolidate their market presence.

Browse key industry insights spread across 286 pages with 389 market data tables & 16 figures & charts from the report, “Contract Research Organization (CRO) Market Forecasts By Service Type (Early Phase Development Services {Discovery Services, Chemistry, Manufacturing & Control (CMC), Pre-clinical Services [Pharmacokinetics /Pharmacodynamics (PK/PD), Toxicology Testing Services]}, Clinical Research Services {Phase I, Phase II, Phase III, Phase IV}, Laboratory Services {Bioanalytical Testing Services, Analytical Testing Services [Physical Characterization, Raw Material Testing, Batch Release Testing, Stability Testing]}, Regulatory Consulting Services), Therapeutic Area (Oncology, Clinical Pharmacology, Cardiology, Infectious Disease, Neurology, Gastroenterology & Hepatology, Ophthalmology), End-use (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, Academic Institutes), Industry Analysis Report, Regional, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2028” in detail along with the table of contents:

CRO market from ophthalmology segment is set to cross USD 3,421 million by 2028. Increasing prevalence of eye disorders will spur the market development. For instance, according to the Review of Ophthalmology, acute dacryocystitis may occur in 20% to 72.5% of patients and develop congenital dacryocele. Thus, this has led to increasing demand of ophthalmology devices, effective diagnosis, and treatment for various eye disorders. Further, the demand for a specialized, experienced CRO focused on ophthalmology is observed, further boosting the industry statistics.

Contract research organization market from academic institutes segment is likely to witness 5% CAGR through 2028. This is attributed to rising number of outsourcing research activities to academic institutes. Additionally, swiftly evolving research practices along with increasing outsourcing of R&D activities will stimulate the industry trend.

Asia Pacific CRO market is projected to show robust CAGR of 7.9% from 2022 to 2028. Increasing prevalence of chronic diseases such as cardiac diseases, cancer, and diabetes is anticipated fuel the demand for oncology drugs thereby accelerating the regional industry share. Furthermore, the regional disease burden, increase in outsourcing by pharmaceutical and biotechnology companies, and a paradigm shift towards outsourcing has led to positive conditions for the market revenue in the Asia Pacific countries. Hence, several clinical trials are being shifted to the region. Moreover, increasing government funding for drug discovery and support for conducting clinical trials and related research will drive the market growth in the APAC region.

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A few prominent companies operating in the contract research organization industry include Laboratory Corporation of America Holdings, IQVIA, Pharmaceutical Product Development, PAREXEL International, and Syneos Health.

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.