Contract Research Organization Market is Anticipated to grow USD 155 Billion at a CAGR of 11.7% CAGR by 2030 – Report by Market Research Future

The contract research organization market size is assumed to reach USD 155 Billion at 11.7% CAGR in the forecast period (2022-2030). The market is developing due to the growing significance of contract research organization (CRO) services. Services provided by contract research organizations (CROs) have increased in the healthcare sector in recent years. Research and medication development in the healthcare industry has made significant strides. Services provided by contract research organization (CRO) companies are growing in popularity. The growing elderly population, the rise in chronic disease, and the problems linked to lifestyle are all accelerating the demand for contract research organization (CRO) services. The market is expanding since chronic diseases are becoming more common, especially among the elderly. Numerous pharmaceutical and biopharmaceutical businesses increased their R&D and production efforts in response to the COVID-19 outbreak to create and disseminate test kits, vaccines, and medications to combat the SARS-CoV-2 virus.

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Regional Analysis

North America dominated the market for contract research organizations in 2021. The region’s prominence is partly due to the significant pharmaceutical businesses based there, their extensive drug research activity, and the region’s excellent healthcare infrastructure. Pharmaceutical companies are putting more of an emphasis on contracting out clinical trials to address various illness problems. Additionally, these businesses are spending more money on R&D projects.

Europe was the fastest-growing region for contract research organizations. This is a result of the rise in disease incidence. According to the Strategic Policy Group report, the number of individuals in the region who are 65 or older will dramatically expand, going from about 90.5 million in 2019 to 129.8 million by 2050. Additionally, as healthcare costs rise, pharmaceutical corporations increasingly rely on contract research groups to provide greater productivity and efficiency.

Key Players

Some of the key market players are Pharmaceutical Product Development, LLC, Charles River Laboratories, Clinipace Inc., CMIC HOLDING Co., Ltd, EPS International Co., Ltd (EPS Group), IQVIA, ICON plc, Laboratory Corporation of American Holdings (Covance Inc), PAREXEL International Corporation, Medpace, Inc, WuXi AppTec, and Others.

Market Segmentation

The global contract research organization market has been segmented into service type, application, and end user.

The market has been segmented based on product type into early-phase development services, clinical, laboratory services, and others. The clinical segment had a prominent share in 2021. The high prevalence and increase in chronic disease cases are to blame for this. The expansion of outsourcing R&D projects in the biotechnology and pharmaceutical industries is also driving this market. On the other hand, the early phase development services segment was the fastest-growing segment during the forecast period. This is a result of growing funding for the creation of life-saving medications.

Based on application, the market has been segmented into infectious disease,oncology, CNS disorder, cardiology, metabolic disorder, renal/nephrology, and others. Oncology had a prominent share in 2021 in the contract research organization market. As science and technology develop, greater attention is being paid to broader concerns from infectious diseases like oncology. The length, expense, and complexity of clinical trials have also increased due to the strict regulatory regulations and onerous penalties for non-compliance.

Based on end-user, the market has been segmented into pharmaceutical and biotech companies, medical device companies, academic and research institutes, and others. The pharmaceutical and biotech companies had a prominent share in 2021 in the market for contract research organizations due to increased R&D spending by pharmaceutical sponsors and increased outsourcing of  R&D to unaffiliated service providers.

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