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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.
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:
Breakup by Therapeutic Area:
Breakup by End User:
Breakup by Region:
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.
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