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Global Contract Research Organization (CRO) Services Market to Grow at a CAGR of 7% During 2022-2027, Propelled by Rising Technological Advancements

Published on Nov 02, 2022

The latest report by IMARC, titled “Contract Research Organization (CRO) Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the global contract research organization (CRO) services market is expected to exhibit a CAGR of 7% during the forecast period (2022-2027). Contract research organization services or CRO services offer clinical management services to biotechnology, pharmaceutical and medical device producers. These organizations can either be large, international full-sized organizations or small, niche specialty groups that provide a device and drug research and development (R&D) services, such as preclinical research, drug discovery, and clinical research. In recent years, CRO services have gained momentum as they are economical and time-efficient and assist in accessing intricate knowledge of regulatory audits and requirements.

We are regularly tracking the direct effect of COVID-19, along with the indirect influence of the associated industries. These observations will further be integrated into the report.

Global Contract Research Organization Services Market Trends:

One of the primary factors driving the market is the increasing technological advancements, due to which numerous companies outsource their research and development (R&D) activities to CROs. Additionally, the extensive utilization of CROs in the healthcare industry for medications, research, and drug delivery services is creating a positive market outlook. Other than this, the rising demand for better drugs and healthcare devices, on account of the increasing prevalence of chronic illnesses and growing patient population, is positively influencing the market growth. Furthermore, the rising cost of product development is providing a positive market outlook. Moreover, key players are investing extensively in research and development (R&D) activities to expand their consumer base. For instance, Covance Drug Development, a segment of Laboratory Corporation of America Holdings, bought Envigo RMS, LLC, a key provider of research models and services to improve the global research capabilities of Covance’s non-clinical drug development business.

Market Summary:

  • Based on the type, the market has been divided into drug discovery (target validation, lead identification, lead optimization, and others), pre-clinical, and clinical (phase I, phase II, phase III, phase IV trial services), and others.
  • On the basis of the therapeutic area, the market has been segregated into oncology, cardiology, infectious disease, neurology, immunological disorders, gastroenterology and hepatology, and others.
  • Based on the end user, the market has been segmented into pharmaceutical and biotechnological companies, medical device companies, and others.
  • Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has also been analyzed, with some 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.
     

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