Growth Factors Driving the Market: The Growth in CRO services market can mainly be attributed to factors such as the increasing investment in pharmaceutical R&D, rising number of clinical trials, high cost of in-house drug development (encouraging pharma-biotech companies to opt for outsourcing), and the rising prevalence of orphan and rare diseases (creating new revenue pockets for CROs). Growth in the drugs and biologics market despite the COVID-19 pandemic, the increasing demand for specialized testing services among end users, and the need for novel clinical trial designs for complex cell and gene therapies are also expected to offer a wide range of growth opportunities to players operating in this market.
MarketsandMarkets™ View on Revenue: The Global Contract Research Organization (CROs) Services Market is estimated to grow from USD 115.1 billion by 2027 from USD 68.3 billion in 2022, at a CAGR of 11.0% during the forecast period.
Industry Segmentation in Detailed:
The clinical research services subsegment accounted for the largest share of the type segment in the CRO services market in 2021.
Based on type, the CRO services market is segmented into clinical research services, early-phase development services, laboratory services, consulting services, and data management services. The clinical research services segment accounted for the largest share of this market in 2021. The large share of this segment can primarily be attributed to factors such as the increasing R&D of new drugs and the high cost of clinical trials.
The oncology subsegment accounted for the largest share of the therapeutic area segment in the CRO services market in 2021.
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. The oncology segment accounted for the largest share of the global CRO services market in 2021. The large share of this segment is primarily attributed to the increasing number of drug discovery activities for oncology and the rising prevalence of cancer worldwide.
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Leading Key Players Analysis:
The Asia Pacific region is the fastest-growing region of the CRO services market.
Key players in the global CRO servicesMarket include IQVIA Inc. (US), Laboratory Corporation of America Holdings (US), PPD, Inc. (a part of Thermo Fisher Scientific, Inc.), ICON plc (Ireland), Charles River Laboratories International, Inc. (US), WuXiAppTec Co., Ltd. (China), Syneos Health Inc. (US), Parexel International Corporation (US).
Geographical Trends in Detailed:
The global CRO services market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The market in the Asia Pacific is estimated to record the highest CAGR during the forecast period. This can be attributed to the fast-growing pharmaceutical industry in the region, favorable government policies, increasing number of pharmaceutical companies establishing their manufacturing facilities in the region, and the lower cost of clinical trials in the region.
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