Contract Research Organization (CRO) Market Size is projected to reach USD 155 Billion at 11.7% CAGR by 2022-2030 | Market Research Future
Research Reports
Oct 18, 2022
Market Overview
One of the major factors driving the Contract Research Organization (CRO) Market is the biotechnical and pharmaceutical industries. The number of innovations and research programs being done on the market front has led to potential product launches and driven the potential consumers towards heavy investment in market innovations. This also ensures secure and high return policies for the people.
Investment in the pharmaceutical industry has always been a driving factor for the market dynamics. With potential contracts and agreements, the services of the organizations have been proving to be helpful. The constant need for research in the field has increased market trends. The market functions in a balanced manner with increased profit with increased productivity. The Contract Research Organization (CRO) Market stood at $6.25 billion in 2017. The market was predicted to have healthy and substantial growth in its forecast period. The forecast period of the market is from 2022 to 2030. With a constant growth rate of 11.7% of CAGR, the market is again predicted to stand at USD 155 Billion by the end of its forecast period. The covid-19 pandemic, however, unlike any other industry, had a positive impact on the Contract Research Organization (CRO) Market. The demand for the pharmaceutical sector rose when it came to the healthcare system. There was an acute need for research on the covid vaccine, and this exposed the industries of the market to a greater developmental phase.
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But certain other factors did restrain the market growth and development. This is because of the ever-increasing prices of operational costs. The labor cost of the market was constantly increasing, leading to a scarcity of skilled and technical workers on the work site. This disturbed the demand of the market at the global level. The supply chain of the Contract Research Organization (CRO) Market was disrupted as well. The retailers and the manufacturers were in heavy losses thereby.
Despite this, substantial growth is expected for the market in its forecast period.
Market Segmentation
The Contract Research Organization (CRO) Market is majorly distributed into its segment, clinical trial and end-users.
By segment, it is divided into clinical development and drug discovery. The clinical trial is divided into phase preclinical trials that have the phase 1, 2 and 3 parts. The end-users have the pharmaceutical industries.
Regional Analysis
The Contract Research Organization (CRO) Market is geographically spread across areas of Europe like Germany, Spain, Italy and the UK. It also expanded into parts of Chicago and the US in North America. Other parts of the world include Asia-Pacific.
The key players of the contract research organization (cro) market are
- ICON
- Laboratory Corporation of America holdings
- PRA health science
- Pharmaceutical product development
- INC research
- IQVIA
- Med pace
- KCR
- Paracel international company
Recent Developments
Worldwide Clinical Trials, Charles River Laboratories, PAREXEL International Corporation, IQVIA, WuXi AppTec, and Corporation of America Holdings (Covance Inc) are some of the major key players in the Contract Research Organization (CRO) Market. They have been part of major collaborations and product launches that have contributed to the market dynamics. Some of the developments in the market dynamics include:
In Dec 2021: One of the leading market firms, Toxikon Corporation, was acquired by the Lab Corporation of America, which targeted increasing productivity of the non-clinical developments.
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