Contract Research Organization Services (CROs) Market is Expected to Reach $129.8 Billion | MarketsandMarkets™

Chicago, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Contract Research Organization Services (CROs) market in terms of revenue was estimated to be worth $82.0 billion in 2024 and is poised to reach $129.8 billion by 2029, growing at a CAGR of 9.6% from 2024 to 2029 according to a latest report published by MarketsandMarkets™. The increasing penetration of Contract Research Organization Services (CROs) in clinical pathological testing is driving the market growth. Growth in the CRO services market is mainly driven by factors such as increasing R&D by pharmaceutical, biotechnology and medical devices companies. Also, growing advancements in the technologies (offered by CROs) used to conduct clinical trials are leading to higher outsourcing of drug development services.

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Contract Research Organization Services (CROs) Market Scope:

Report Coverage	Details
Market Revenue in 2024	$82.0 billion
Estimated Value by 2029	$129.8 billion
Growth Rate	Poised to grow at a CAGR of 9.6%
Market Size Available for	2024–2029
Forecast Period	2024–2029
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	type, therapeutic area, end user
Geographies Covered	North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunity	Growing focus on precision/ personalized medicine
Key Market Driver	Increasing number of drugs in pipeline

The CRO services market is categorized into three major segments based on type, therapeutic area, and end user.  

On the basis of type, the CRO services market is segmented into five categories including clinical research services, early-phase development services, laboratory services, consulting services, and data management services. In 2023, the clinical research services segment accounted for the largest share of this market. The large share of this segment can be attributed to few of the factors such as the increasing initiatives for development of therapies for several indications, increasing number of clinical trials  of major therapeutic areas such as oncology, metabolic disorders, immunology among others and huge costs incurred in in-house drug development. 

Based on therapeutic area, the CRO services market is segmented into oncology, infectious diseases, neurology, vaccines, cardiovascular system (CVS) disorders, metabolic disorders/endocrinology, immunological disorders, respiratory disorders, psychiatry, dermatology, hematology, ophthalmology, gastrointestinal diseases, genitourinary & women’s health, and other therapeutic areas. In 2023, the oncology segment accounted for the largest share of the global CRO services market. The large share of this market can be attributed to the increasing number of clinical trials of anticancer therapies including all modalities (small molecules, biologics, cell and gene therapies among others).

Based on end user, the CRO services market is segmented into pharmaceutical & biopharmaceutical companies, medical device companies, and academic institutes. The pharmaceutical & biopharmaceutical companies segment accounted for the largest share of the CRO services market in 2023. The large share of this segment can be attributed to the increasing investments by key players in drug development R&D especially focusing on major therapeutic areas such as oncology, metabolic disorders and immunology among others as well as increasing outsourcing of clinical research services among pharmaceutical and biotechnology companies.

Based on region, Asia Pacific region is projected to register the highest CAGR during the forecast period. In the region, China is the largest market. The Asia Pacific market is characterized by presence of a vast patient pool for conducting clinical studies along with relatively low costs incurred in the conduction of clinical trials among other factors.

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Contract Research Organization Services (CROs) market major players covered in the report, such as:

• IQVIA Inc. (US)
• Laboratory Corporation of America Holdings (LabCorp) (US)
• Thermo Fisher Scientific Inc. (US)
• Fortrea, Inc. (US)
• Syneos Health (US)
• WuXi AppTec (China)
• Charles River Laboratories (US)
• Parexel International Corporation (US)
• Pharmaron (China)
• ICON Plc (Ireland)
• Medpace (US)
• SGS SA (Switzerland)
• Frontage Labs (US)
• Eurofins Scientific (Luxembourg)
• PSI CRO AG (Switzerland)
• BioAgile (India)
• Firma Clinical Research (US)
• Acculab Life Sciences (US)
• Novotech (Australia)
• KCR S.A. (US)
• Linical (Japan)
• Advanced Clinical (US)
• Allucent (US)
• Clinical Trial Service (Netherlands)
• Guires Inc. (Pepgra Healthcare Pvt. Ltd.) (UK)
• Worldwide Clinical Trials (US)
• CTI Clinical Trial And Consulting (US)
• and Among Others

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All the market segments have been divided for CRO Services market in the report. This report categorizes the CRO Services Market market into the following segments:

CRO Services Market, by Type

• Clinical Research Services
  • By Phase
    • Phase III
    • Phase II
    • Phase I
    • Phase IV
  • By Study Design (For Phase III & IV)
    • Interventional
    • Real World Evidence (RWE)
• Early phase development Services
  • Chemistry, Manufacturing and Controls Services
  • Preclinical Services
    • Pharmacokinetics/ Pharmacodynamics Services
    • Toxicology Testing Services
    • Other Preclinical Services
  • Discovery Studies
• Laboratory Services
  • Analytical Testing Services
    • Physical Characterization Services
    • Raw Material Testing Services
    • Batch Release Testing Services
    • Stability Testing Services
    • Other Analytical Testing Services
  • Bioanalytical Testing Services
• Consulting Services
• Data Management Services

CRO Services Market by Therapeutic area

• Oncology
  • Breast Cancer
  • Lung Cancer
  • Colorectal Cancer
  • Prostate Cancer
  • Other Cancer
• Infectious Diseases
• CVS Disorders
• Neurology
• Vaccines
• Metabolic Disorders/Endocrinology
• Immunological Disorders
• Psychiatry
• Respiratory Disorders
• Dermatology
• Ophthalmology
• Gastrointestinal Diseases
• Genitourinary & Women’s Health
• Hematology
• Other Therapeutic Areas

CRO Services Market, by End user

• Pharmaceutical & Biopharmaceutical Companies
• Medical Device Companies
• Academic Institutes

CRO Services Market, by region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia Pacific (APAC)
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • New Zealand
  • Rest of Asia Pacific (RoAPAC)
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East and Africa
  • Middle East
  • Africa

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Key Market Stakeholders:

• Pharmaceutical & biopharmaceutical companies
• Medical device manufacturing companies
• Academic & research institutes
• Venture capitalists & investors
• Market research & consulting firms
• Government associations
• Medical institutions & universities

Report Objectives:

• To define, describe, and forecast the contract research organization (CRO) services market based on type, therapeutic area, end user, and region
• To provide detailed information regarding the major factors influencing the market growth (drivers, opportunities, and challenges) along with the current trends
• To strategically analyze micromarkets with respect to their individual growth trends, future prospects, and contributions to the total market
• To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
• To forecast the revenue of market segments with respect to five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa
• To profile the key players and comprehensively analyze their market shares and core competencies
• To track and analyze competitive developments in the CRO services market, such as service launches, agreements, partnerships, collaborations, mergers & acquisitions, and research & development activities

Related Reports:

Clinical Trial Supplies Market

Biologics Safety Testing Market

Healthcare Analytical Testing Services Market

Laboratory Informatics Market

Oxidative Stress Assay Market

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