Contract Research Organization (CRO) Services Market Share, Size, Growth, Opportunity and Forecast 2021-2026

*As the coronavirus disease (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Contract Research Organization (CRO) Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Market Overview:

The global contract research organization (CRO) services market grew at a CAGR of around 8% during 2015-2020. Contract research organizations (CROs) provide research-based services on a contract to government organizations in the pharmaceutical, biotechnology and related sectors. They can be either large, international full-sized organizations or small, niche specialty groups that offer drug and device research and development (R&D) services, including drug discovery, preclinical research, clinical research, etc. These services are time and cost-efficient and assist in accessing intricate knowledge of regulatory requirements and audits.

Rapid technological advancements and increasing globalization are leading various biotech and pharmaceutical companies to outsource their research and development (R&D) activities to CROs. This represents one of the key factors impelling the growth of the market. Moreover, the key players are investing significantly in clinical and non-clinical research activities outsourced to CROs. They are also engaged in merger and acquisition (M&A) activities to expand their overall reach. For instance, Covance Drug Development, a segment of Laboratory Corporation of America Holdings, purchased Envigo RMS, LLC, a key provider of research models and services to enhance the global research capabilities of Covance’s non-clinical drug development business. Furthermore, CROs are gaining prominence across the healthcare sector for research, medications, and drug delivery services. Therefore, the escalating demand for these services from healthcare providers is creating a favorable outlook for the market growth. Other factors, including the growing demand for effective drugs and healthcare devices, along with the high cost of product development and rising patient population, are projected to strengthen the market in the upcoming years. Looking forward, IMARC Group expects the global contract research organization (CRO) services market to exhibit moderate growth during the next five years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global contract research organization (CRO) services market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, type, therapeutic area and end user.

Breakup by Type:

Drug Discovery
- Target Validation
- Lead Identification
- Lead Optimization
- Others
Pre-Clinical
Clinical
- Phase I Trial Services
- Phase II Trial Services
- Phase III Trial Services
- Phase IV Trial Services
Others

Breakup by Therapeutic Area:

Oncology
Cardiology
Infectious Disease
Neurology
Immunological Disorders
Gastroenterology and Hepatology
Others

Breakup by End User:

Pharmaceutical and Biotechnological Companies
Medical Device Companies
Others

Breakup by Region:

North America
- United States
- Canada
Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Latin America
- Brazil
- Mexico
- Others
Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Charles River Laboratories, Covance Inc. (Laboratory Corporation of America Holdings), ICON Plc, IQVIA Inc., Medpace, Parexel International Corporation, PPD Inc., PRA Health Sciences Inc., SGS SA, Syneos Health and WuXi AppTec.

Key Questions Answered in This Report:

How has the global contract research organization (CRO) services market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global contract research organization (CRO) services market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the therapeutic area?
What is the breakup of the market based on the end user?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global contract research organization (CRO) services market and who are the key players?
What is the degree of competition in the industry?