Pharmaceutical CRO Market Size Analysis and Top Companies
The global pharmaceutical CRO market size is estimated to hit around USD 84.90 billion by 2033, increasing from USD 41.50 billion in 2023 with a CAGR of 7.42% from 2023 to 2033. The top companies operating in the pharmaceutical CRO are Thermo Fisher Scientific Inc., Medpace, IQVIA, CTI Clinical Trial & Consulting, Parexel International (MA) Corporation., ICON plc, Laboratory Corporation of America Holdings, WuXi AppTec, Veeda Clinical Research, and Others.
Market Report Coverage
| Report Coverage |
Details |
| Market Size by 2033 |
USD 84.90 Billion |
| Market Size in 2023 |
USD 41.50 Billion |
| Market Growth Rate from 2024 to 2033 |
CAGR of 7.42% |
| Largest Market |
Asia Pacific |
| Base Year |
2023 |
| Forecast Period |
2024 to 2033 |
| Segments Covered |
Type, Molecule Type, Therapeutic Areas, Service, and Regions |
| Regions Covered |
North America, Europe, Asia-Pacific, Latin America and Middle East, & Africa |
Pharmaceutical CRO Key Players
- Thermo Fisher Scientific Inc.
- Medpace
- IQVIA
- CTI Clinical Trial & Consulting
- Parexel International (MA) Corporation.
- ICON plc
- Laboratory Corporation of America Holdings
- WuXi AppTec
- Veeda Clinical Research
Latest Announcements by Industry Leaders
- In April 2024, Thermo Fisher Scientific, the PPD clinical research business and the world leader in serving science has been awarded the two Best Clinical Trials Supplier Awards in the categories of Site Innovation and Supply Chain Management at the 2024 Asia-Pacific Biopharma Excellence Awards ceremony held in Singapore.
- In June 2024, Medpace, a worldwide full-service clinical research organization (CRO), sustained its leading position and was awarded the CRO Leadership Awards presented by Life Science Leader and Clinical Leader. They receive five awards in all the categories, including expertise, compatibility, reliability, quality, and capabilities.
Recent Developments
- In May 2024, Enzene Biosciences launched the new drug discovery division and increased the CDMO’s breadth of services to the biotech industry. The launch will provide the end-to-end combined discovery service to cater to the growing industry demand.
- In April 2024, Goldman Sachs increased its coverage in India CRO/CDMO (contract research organization/contract development and manufacturing organization) for supplying the diversification in the global pharmaceutical industry picks up.
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