CHICAGO, Jan. 22, 2024 /PRNewswire/ -- Contract Research Organization Services Market / CRO Services Market in terms of revenue is estimated to be worth $82.0 billion in 2024 and is poised to reach $129.8 billion by 2029, growing at a CAGR of 9.6% from 2024 to 2029 according to a new report by MarketsandMarkets™. The rising number of products in the drug development pipeline and growing technological advancements in the clinical trials, are the factors supporting market growth.
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Contract Research Organization Services Market / CRO Services Market Scope:
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Report Coverage |
Details |
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Market Revenue in 2024 |
$82.0 billion |
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Estimated Value by 2029 |
$129.8 billion |
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Growth Rate |
Poised to grow at a CAGR of 9.6% |
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Market Size Available for |
2024–2029 |
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Forecast Period |
2024-2029 |
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Forecast Units |
Value (USD Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
type, therapeutic area, end user |
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Geographies Covered |
North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
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Report Highlights |
Updated financial information / product portfolio of players |
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Key Market Opportunities |
Growing focus on precision/ personalized medicine |
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Key Market Drivers |
Increasing number of drugs in pipeline |
Data management subsegment is the fastest-growing of the CRO Services market by type
Among the type subsegments, the market is segmented as Clinical Research Services, Early Phase Development Services, Laboratory Services, Consulting Services and Data Management Services. In 2023, the data management services segment accounted for the highest growth rate of the CRO Services market by type. Growth in this market segment can be attributed to factors such as availability of technically advanced systems for effective data management as well as requirement of efficient data collection, management and analysis for successful conduction of clinical trials.
Medical Device Companies is the fastest-growing segment of the CRO Services market by end user
Among the end user subsegments, the CRO services market is segmented into pharmaceutical & biopharmaceutical companies, medical device companies, and academic institutes. In 2023, medical device companies segment accounted for the fastest growing subsegment of the end user segment of CRO Services market. Growth in this market segment can be attributed to one of the major factors which is growth in the number of clinical trials conducted for medical devices.
Europe: The second-largest region in the CRO Services market.
The European market is the second-largest CRO Services market globally, mainly due to factors such as growing investment in the pharmaceutical and biotechnology R&D along with presence of players involved in pharmaceutical drug development. Moreover, growing number of clinical trials in the region is another factor supporting the growth of European CRO Services market.
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Contract Research Organization Services Market / CRO Services Market Dynamics:
Drivers:
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Rising pharmaceutical R&D expenditure and increasing drug pipeline
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Technological advancements in clinical trials and innovative trial designs
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High cost of in-house drug development
Opportunities:
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Favorable growth prospects for biologics and biosimilars market
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Need for novel clinical trial designs for complex cell & gene therapies
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Emergence of hybrid models with CRO-CDMO partnerships
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Growing focus on personalized/precision medicine
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Development of next-generation biotherapeutic products
Challenge:
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Lack of adequate patient recruitment and retention for clinical trials
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Changing clinical trial complexities
Key Market Players of Contract Research Organization Services Market / CRO Services Industry:
The market for CRO Services is competitive, with key players strategizing to capture the market. Prominent players in the CRO Services market are IQVIA Inc. (US), Laboratory Corporation of America Holdings (US), Thermo Fisher Scientific Inc. (US), ICON Plc (Ireland), WuXi AppTec (China), Syneos Health (US), Charles River Laboratories (US), Pharmaron (China), Fortrea, Inc. (US), Eurofins Scientific (Luxembourg) and Medpace, Inc. (US) among others.
The primary interviews conducted for this report can be categorized as follows:
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By Respondent: Supply Side- 70% and Demand Side 30%
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By Designation: Managers - 45%, Directors- 30%, and Executives - 25%
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By Country: North America- 35%, Europe- 30%, Asia Pacific- 25%, Latin America- 5%, and Middle East and Africa- 5%
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Contract Research Organization Services Market / CRO Services Market - Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the CRO Services market and its segments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market's pulse and provide them with information on the key market drivers, opportunities, challenges and trends.
The report provides insights on the following pointers":
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Analysis of key drivers (growth in number of products in pipeline), opportunities (personalized medicine focus), challenges (patient recruitment) and trends (real world data and real-world evidence) influencing the growth of the CRO Services market.
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Market Development: Comprehensive information about lucrative markets- the report analyses the CRO Services market across varied regions.
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Market Diversification: Exhaustive information about new service, untapped geographies, recent developments, and investments in the CRO Services market.
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Competitive Assessment: In-depth assessment of market shares, growth strategies and product offerings of leading players like IQVIA Inc. (US), Laboratory Corporation of America Holdings (US), Thermo Fisher Scientific Inc. (US), ICON Plc (Ireland), WuXi AppTec (China), Syneos Health (US), Charles River Laboratories (US), Fortrea, Inc. (US), Pharmaron (China), Eurofins Scientific (Luxembourg) and Medpace (US) among others in the CRO Services market.
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