Contract Research Organization (CRO) Market size is set to grow by USD 63.35 billion from 2024-2028, Growth of biopharmaceutical industry boost the market, Technavio
NEW YORK, May 30, 2024 /PRNewswire/ -- The global contract research organization (CRO) market size is estimated to grow by USD 63.35 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 12.61% during the forecast period.
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Segment Overview
1. Application
-- 1.1 Clinical research
-- 1.2 Early phase development
-- 1.3 Laboratory
-- 1.4 Regulatory consulting
2. End-user
-- 2.1 Pharmaceutical and biopharmaceutical companies
-- 2.2 Medical device companies
-- 2.3 Academic institutes
3. Geography
-- 3.1 North America
-- 3.2 Europe
-- 3.3 Asia
-- 3.4 Rest of World (ROW)
1.1 Clinical research- Contract Research Organizations (CROs) provide clinical research services, which include strategic planning, execution, and oversight of clinical trials. They design trial protocols, identify investigative sites, manage patient recruitment, and ensure regulatory compliance. CROs collaborate with research centers for tissue-based clinical research, sponsored by key players or governments. In December 2022, Parexel announced a referral agreement with MyEyeDr. for ophthalmology clinical trials, expanding into endocrinology. Such collaborations accelerate drug development and contribute to market growth during the forecast period.
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Contract Research Organization (CRO) Market Scope
Report Coverage
Details
Base year 2023
Historic period
2018 - 2022
Forecast period
2024-2028
Growth momentum & CAGR Accelerate at a CAGR of 12.61%
Market growth 2024-2028
USD 63.35 billion
Market structure
Fragmented
YoY growth 2022-2023
(%) 11.64
Regional analysis
North America, Europe, Asia, and Rest of World (ROW)
Performing market
contribution North America at 40%
Key countries
US, Canada, Germany, UK, and China
BioAgile Therapeutics Pvt. Ltd, Charles River Laboratories International Inc., Clinical Trial Service
B.V., CTI Clinical Trial and Consulting Inc., Ergomed Plc, Eurofins Scientific SE, Geneticist Inc.,
Hangzhou Tigermed Consulting Co. Ltd., ICON plc, IQVIA Holdings Inc., Konecranes, Laboratory Corp. of
America Holdings, Linical Co. Ltd., Medpace Holdings Inc., Novotech Health Holdings, Parexel
International Corp., Pharmaron Beijing Co. Ltd., Syneos Health Inc., Thermo Fisher Scientific Inc.,
Key companies profiled and WuXi AppTec Co. Ltd.
Market Driver
The global Contract Research Organization (CRO) market is experiencing growth due to increasing government initiatives to support clinical trials for new drugs, biologics, and medical devices. These initiatives include funding and training for Good Clinical Practices (GCP), leading to an increase in clinical trials in regional markets.
The demand for clinical trial supplies, particularly cold chain storage, is rising due to the temperature-sensitive nature of biologics and pharmaceutical ingredients. Medical device clinical trials also require optimized supply chain management. Thus, government-backed GCP development is driving the expansion of the CRO market.
The Contract Research Organization (CRO) market is experiencing significant growth, driven by the increasing demand for outsourcing clinical trials. Pharmaceutical and biotech companies are turning to CROs for their expertise and resources in trial management. The trend towards decentralized trials and real-world evidence studies is also impacting the market.
Regions like Asia-Pacific and Europe are witnessing high growth due to cost advantages and favorable regulatory environments. The use of technology, such as electronic data capture and telemedicine, is transforming the way trials are conducted. The market is competitive, with companies focusing on providing innovative solutions and expanding their service offerings. The regulatory environment and data security remain key challenges for CROs. Overall, the CRO market is poised for continued growth in the coming years.
Market Challenges
-- Contract Research Organizations (CROs) in the pharmaceutical,
biotechnology, and medical device industries face significant challenges
related to intellectual property (IP) in outsourced clinical trials.
Regulatory bodies patent many medical devices and medications,
increasing the risk of data leakage.
-- Pharmaceutical companies must submit safety and efficacy data for drug
approval, creating burdensome patent concerns and pre- and post-grant
disagreements. CROs must prioritize clinical trial agreements to address
these issues and maintain industry growth, despite potential
reputational damage.
-- The Contract Research Organization (CRO) market faces several challenges
in delivering effective and efficient clinical trials. These include
sourcing and outsourcing processes, regulatory compliance, data
management and analysis, and ensuring high-quality trial conduct.
Additionally, budget and timeline constraints, geographical
considerations, and the increasing complexity of clinical trials pose
significant challenges.
-- To address these issues, CROs must employ advanced technologies,
streamlined processes, and a global network to provide comprehensive
clinical trial solutions. Collaboration and communication between all
stakeholders are also crucial to ensure successful trial outcomes.
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Research Analysis
The Contract Research Organization (CRO) market in the realm of Pharmaceutical R&D is experiencing significant trends, with R&D outsourcing becoming increasingly popular. Collaborative partnerships between organizations are on the rise, enabling the sharing of resources and expertise in areas such as remote work, patient-centric trials for chronic disease treatment, and research into CNS disorders, cardiology, metabolic disorders, infectious diseases, and oncology.
Industrialization impact is driving the need for skill development programs to address workforce shortages, particularly in areas of basic literacy rates and laboratory services. CROs play a crucial role in drug development, optimizing R&D efficiency through the implementation of clinical trial protocols and drug development processes. The focus on improving R&D efficiency and addressing the challenges of industrialization is leading to innovative solutions and advancements in the CRO market.
Market Research Overview
The Contract Research Organization (CRO) market refers to the industry that provides outsourced research services to pharmaceutical, biotechnology, and medical device companies. These organizations specialize in conducting clinical trials and research studies to help bring new drugs and treatments to market. The CRO market is driven by the increasing complexity of clinical trials and the need for cost savings and efficiency.
The trends in the CRO market include the use of technology to streamline processes, the growth of emerging markets, and the focus on specialized services such as rare disease research. The CRO market also faces challenges such as regulatory compliance, data security, and the need for high-quality data. Overall, the CRO market plays a critical role in the development of new therapies and treatments, and is expected to continue growing in the coming years.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
-- Application
-- Clinical Research
-- Early Phase Development
-- Laboratory
-- Regulatory Consulting
-- End-user
-- Pharmaceutical And Biopharmaceutical Companies
-- Medical Device Companies
-- Academic Institutes
-- Geography
-- North America
-- Europe
-- Asia
-- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
