Published Date : 22 Feb 2023
The global contract research organization (CROs) services market size accounted for USD 68.79 billion in 2022 and is expected to hit around USD 135.26 billion by 2030, poised to grow at a CAGR of 10.1% from 2022 to 2030.
Biotechnology, pharmaceutical, and medical device companies might use the services of contract research organizations (CROs) for their research needs. Only a few of the services offered range from drug discovery through pharmacovigilance, commercialization, and post-approval services. For clinical trials, a sponsor hires a contract research organization (CRO) on a project-by-project basis. Without the requirement for the sponsor to hire full-time staff, contract research organizations (CROs) offer the technical support, knowledge, and execution experience required to complete clinical trials safely and effectively.
The market will develop as a result of the growing significance of contract research organization (CRO) services. Services provided by contract research organizations (CROs) have proliferated 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 increasing prevalence of rare diseases, the rising number of clinical trials, and increased investments in biopharmaceutical and pharmaceutical R&D activities are all expected to have an impact on the global market for contract research organization (CRO) services. In the healthcare industry, CRO services are more common. In terms of research, medication development, drug distribution, and tailored drugs, significant progress has been made in the healthcare industry.
The consulting and contract research organization industry should expand rapidly as healthcare providers learn more about their advantages and disadvantages. During the projection period, a number of factors will contribute to the market's expansion, including the rising need for efficient medications and healthcare equipment, as well as an increase in patient volume and rising product development costs. A tighter drug approval process and increased strategic collaboration are two other factors promoting market expansion.
Contract Research Organization (CROs) Services Market Report Scope
|Market Size in 2023
|USD 68.79 Billion
|Projected Forecast Value in 2030
|USD 135.26 Billion
|10.1% from 2022 to 2030
|North America Region Revenue Share In 2022
|Fastest Growing Market
|2022 To 2030
|By Service Type and By End User
|North America, Europe, Asia-Pacific, Latin America and Middle East & Africa
In terms of region, North America will account for 65% of revenue in 2022. Sales of contract research organization (CRO) services are anticipated to grow in North America during the projected period due to rising government investments in R&D and the growing demand for effective medicines for the management of chronic diseases. North America is expected to maintain its dominance because of high levels of healthcare awareness, increased demand for technologically improved products, and significant spending on healthcare services in the area.
During the projected period, it is predicted that the Europe segment will be the most opportune. This is due to a greater emphasis being placed on R&D projects across a variety of businesses, including biotechnology and pharmaceutical firms.
Drivers: Increased availability of clinical trial services
During the anticipated time frame, the market for contract research organization (CRO) services is anticipated to grow as a result of rising R&D expenditures as well as rising R&D activity outsourcing. As clinical trials are conducted more often, there is an increasing demand for analytical testing and clinical trial services. On the other hand, it is anticipated that the regulatory pressure on contract research organization (CRO) services will fuel the market's expansion.
Increased federal financing to promote the adoption of these solutions has a bigger impact on the market. Furthermore, the Contract Research Organization benefits from the increase in healthcare spending, improvements in the healthcare infrastructure, and high demand for expanded care delivery.
The expansion of the contract research organization (CROs) services market is anticipated to be stymied over the forecast period by the expanding biosimilar and biologics markets as well as the rising need for specialized testing services. The future expansion of the contract research organization (CROs) services market, however, could face further difficulties due to escalating industry competition and a lack of qualified professionals with relevant experience.
In spite of the COVID-19 pandemic, 2020 was the pharmaceutical industry's second-best year for medications authorized by the US FDA. Only 59 pharmaceutical products were approved in 2018, which was when 53 medications were approved. Ten monoclonal antibodies, two antibody-drug conjugates, three peptides, and two oligonucleotides are among the 53 novel chemical entities and 13 biologics that were authorized in 2020.
The FDA authorized 160 medicines between 2018 and 2020, up from just 21 in 2010. The rise in biopharmaceutical companies' spending on the creation of biologics and biosimilars is responsible for the rise in the number of medicines that have been authorized globally.
Service Type Insights
According to service type, the clinical services category will account for 65% of total revenue in 2022. The segment is expanding as a result of increased chronic disease prevalence and escalating demand for precise and prompt disease detection. Pre-clinical is anticipated to expand at the quickest rate during the forecasted timeframe. Pre-clinical contract research organization (CRO) services are in high demand due to higher research and development funds for drug discovery, which will fuel the segment's rise during the forecast period.
The global contract research organization (CROs) services market was dominated by the pharmaceutical and biotechnology end-user sector in terms of revenue in 2020. Demand for the segment is anticipated to increase during the forecast period as a result of an expanding trend among pharmaceutical and biotechnology companies to outsource end-to-end services, particularly among small and mid-size businesses lacking significant expertise in the preclinical stage of drug development.
It is predicted that during the projected period, the academic and research institutes segment will be the most opportune. Academic and research institutions are extremely important throughout the preclinical phase of discovery development. The market will also expand as more academic institutions contract with services firms that provide pre-clinical research organizations (CROs) to conduct their pre-clinical research.
Major Key Players:
By Service Type
By End User
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