The global contract research organization (CRO) services market is expected to exhibit a CAGR of 7% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
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.
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 at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, therapeutic area and end user.
Breakup by Type:
- Drug Discovery
- Target Validation
- Lead Identification
- Lead Optimization
- Phase I Trial Services
- Phase II Trial Services
- Phase III Trial Services
- Phase IV Trial Services
Breakup by Therapeutic Area:
- Infectious Disease
- Immunological Disorders
- Gastroenterology and Hepatology
Breakup by End User:
- Pharmaceutical and Biotechnological Companies
- Medical Device Companies
Breakup by Region:
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Charles River Laboratories International Inc., Covance Inc. (Laboratory Corporation of America Holdings), ICON Clinical Research Limited, IQVIA Inc., Medpace Inc., Parexel International Corporation, PPD Inc., PRA Health Sciences Inc., SGS SA, Syneos Health Inc., and WuXi AppTec Co. Limited.
|Base Year of the Analysis
||Type, Therapeutic Area, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Charles River Laboratories International Inc., Covance Inc. (Laboratory Corporation of America Holdings), ICON Clinical Research Limited, IQVIA Inc., Medpace Inc., Parexel International Corporation, PPD Inc., PRA Health Sciences Inc., SGS SA, Syneos Health Inc., and WuXi AppTec Co. Limited
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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?