Contract Research Organization Market Overview

Contract Research Organization Market Size was valued at USD 39.69 Billion in 2021 and is projected to grow from USD 45.53 Billion in 2022 to USD 115.19 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.01% during the forecast period (2022 - 2030).

The impact of the novel coronavirus has been brutal, with various pharmaceutical vendors forced to pause new trials or even suspend the ongoing ones. This shows the magnitude of the disruptions caused by the COVID-19 outbreak. To address the severe effects of the SARS-CoV-2 pandemic, organizations including patient recruitment organizations (PROs) and site management organizations (SMOs) are collaborating with new virtual trial platform companies, remote monitoring solution vendors and eRecruitment providers. This will help them gain the ability to support hybrid CT models. Despite the world still under a strict lockdown, the contract research organizations market can recover rapidly, in view of the rising penetration of advanced clinical trial approaches that deploy virtual trial tools coupled with the surge in favorable regulatory policies.

Notable advances in the healthcare industry, in terms of medications, research and drug delivery have given a considerable boost to the healthcare contract research organization market. A soaring number of healthcare providers now understand the benefits of using CRO services, which could benefit the contract research organization services market in the following years. Clinical consulting, laboratory and research CRO services are witnessing extensive adoption by pharmaceutical vendors, which could be quite favorable for the biopharmaceutical services industry in the ensuing years.

Major stakeholders in the contract research organization services market are collaborating with other firms to develop open technology standards, which are expected to be game changers for clinical trial operations in the future. Acquisitions and mergers are a few other competitive strategies prevalent among players, with the aim to bolster their market positions.

Contract Research Organization Market Segmentation

Contract Research Organization Market has been categorized with respect to segment, clinical trial phase, and end users.

Segments considered in the market study are post marketing services, clinical development, drug discovery, and more.

Depending on clinical trial, the global market caters to preclinical trials, phase I, phase II, phase III, phase IV, among others.

The key industry end users recognized in the MRFR study include academic institutes, medical devices companies, pharmaceutical/ biotechnology companies, and others.

Contract Research Organization Market Regional Analysis

Europe, Asia Pacific or APAC along with North America and RoW/Rest of the World are the primary markets for Contract Research Organization Market.

America is currently the top market for Contract Research Organization Market, in view of the thriving healthcare industry and the massive patient pool in the region. Evolving lifestyle combined with high healthcare spending also foster substantial market growth in the region. Several renowned pharmaceutical vendors in the US and Canada prefer leaner and structured business models, which pushes their dependency on CROs. The dramatic expansion of the biotech sector as well as the biopharmaceutical services industry in the region has also resulted in a higher number of vendors focusing on research as well as drug development.

Europe is the second most bankable CRO market, on account of the considerable funds allocated for research, enormous patient population and increasing spending on healthcare. The lucrative healthcare industry in the region along with strong government support in terms of RD also ensures significant gains in the following years. High-quality regulations followed by the pharmaceutical sector, stunning expansion of the biologics and biosimilar industry, and escalation in clinical trial activities should also induce growth in the European market over the review period.

APAC is making the fastest progress in the global market, encouraged by the colossal patient population and rapidly developing countries such as India and China witnessing growth in per capita healthcare spending. Lately, Japan has been a hotspot for various clinical trials, while also observing a surge in product registration and approvals. Moreover, global CROs have been striving to bolster their business in Japan by spending substantially on facilities as well as resources in services including imaging, clinical supplies and central laboratories, which can translate into considerable growth in the APAC market.

Keyplayers

Contract Research Organization Market Players are Pharmaceutical Product Development, LLC. (U.S.), PAREXEL International Corporation (US), PRA Health Sciences Inc. (US), QuintilesIMS (US), ICON plc. (Europe), Laboratory Corporation of America Holdings (US) and INC Research LLC (U.S.) to mention a few.

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