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Contract Research Organization (CRO) Market Size By Service (Early Phase Development Services {Discovery Services, Chemistry, Manufacturing & Control (CMC), Pre-clinical Services [Pharmacokinetics/Pharmacodynamics (PK/PD), Toxicology Testing Services]}, Clinical Research Services {Phase I, Phase II, Phase III, Phase IV}, Laboratory Services {Bioanalytical Testing Services, Analytical Testing Services [Physical Characterization, Raw Material Testing, Batch Release Testing, Stability Testing]}, Regulatory Consulting Services), By Therapeutic Area (Oncology, Clinical Pharmacology, Cardiology, Infectious Disease, Neurology, Gastroenterology & Hepatology, Ophthalmology), By End-use (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, Academic Institutes), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032

  • Report ID: GMI3012
  • Published Date: Dec 2022
  • Report Format: PDF

Industry Statistics

Contract Research Organization Market size garnered revenues worth over USD 56.5 billion in 2022 and is estimated to depict above 6.5% CAGR from 2023 to 2032. The considerable rise in R&D investments and expenditure globally has emerged as a significant factor positively influencing the industry landscape.
 

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The widely expanding disease burden has encouraged pharmaceutical and medical device manufacturers to constantly engage in R&D activities to offer advanced solutions and expand their existing product pipeline. The increasing R&D efforts, in combination with the flourishing CRO outsourcing trends across the pharmaceutical sector, will create optimistic growth scenarios for the contract research organization industry.
 

Strict regulatory norms to emerge as a growth restraining factor

Several regulatory authorities, including European Medicines Agency and U.S. FDA, abide by Good Laboratory Practice (GLP) regulations and stringent international standards to ensure that the clinical trials are conducted as per federal law. The stringent regulatory norms regarding clinical trials may hamper industry revenue. Most of the drug candidates and medical devices used during clinical trials are patented. This makes the technology transfer between CRO and the sponsor, at several points, a challenging process, thus impacting the market expansion.
 

Escalating drug development projects to boost the demand for clinical research services

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Contract research organization market from clinical research service segment is poised to be worth over USD 63.5 billion by 2032, backed by the growing prevalence of chronic ailments and the surging requirement to introduce effective diagnostic and medication. Besides, the escalating clinical trials by leading pharma companies and the government focused on developing and determining the efficacy and safety parameters of new treatments, drugs, and medical devices will spur industry landscape.
 

Increasing R&D initiatives toward developing advanced therapeutics for infectious diseases to bolster industry outlook

In terms of the therapeutic area, the Contract research organization market from the infectious disease segment is poised to amass more than USD 2.5 billion by 2032. The recent outbreaks of several life-threatening contagious diseases, such as COVID-19, ebola, etc., have necessitated the requirement to undertake R&D initiatives to introduce novel and improved treatments, diagnostic tests, and vaccines to contain the infection spread. The ongoing clinical research and trials focused on developing advanced diagnostics and therapeutics will transform the dynamics.
 

Accelerating student inclination toward clinical trials to drive product demand in academic institutes

Contract research organization market from academic institutes segment is projected to expand at over 5% CAGR from 2023 to 2032. CROs offer a range of benefits and thus are increasingly preferred by scientists and students from academic institutes for their research work. Besides, an increasing number of academic institutes offering clinical trial services to cater to the emerging research requirements among students will positively influence the market share.
 

Surging incidences of chronic diseases to facilitate industry development across North America

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North America contract research organization market held a substantial business share of 43% in 2022. North American economies such as the U.S. and Canada have witnessed a remarkable rise in incidences of cancer. The increasing disease burden has escalated the demand for research and clinical trial services. Besides, a strong foothold of major pharmaceutical giants will drive significant R&D investments, which will passively augment regional gains.
 

Growing strategic alliances to define the competitive landscape

Major companies operating in the contract research organization market include Charles River Laboratories, Inc., CMIC HOLDING Co., Ltd, Clinipace Inc., EPS International Co., Ltd (EPS Group),  IQVIA, Laboratory Corporation of America Holdings (Covance Inc), ICON plc, Medpace, Inc,  PAREXEL International, Worldwide Clinical Trials, Syneos Health, Pharmaceutical Product Development (Thermo Fisher Scientific, Inc.), WuXi AppTec,  CTRG (Clinical Trial Resource Group), Ora Inc., Iris Pharma, The Emmes Company, Trial Runners, LLC, Lexitas Pharma Services, Inc., ProTrial Research, Inc., JANIX,  and TFS HealthScience.
 

COVID-19 impact assessment on the contract research organization market trends

The COVID-19 pandemic had a profound impact on the CRO industry, especially during the first half of 2020. The imposition of stringent lockdown norms due to the accelerating rate of viral transmission severely disrupted the industry value chain and halted R&D activities across the globe. These factors, in tandem, significantly impacted the industry statistics. However, as the pandemic progressed, the increased requirement to introduce effective preventive therapies and treatments associated with the disease resulted in the resumption of several clinical trials, which helped the industry revival.
 

The contract research organization market report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2018 to 2032 for the following segments:

By Service

  • Early phase development services
    • Discovery services
    • Chemistry, Manufacturing & Control (CMC)
    • Pre-clinical services
      • Pharmacokinetics/pharmacodynamics (PK/PD)
      • Toxicology testing services
      • Others
  • Clinical research services
    • Phase I
    • Phase II
    • Phase III
    • Phase IV
  • Laboratory services
    • Bioanalytical Testing services
    • Analytical Testing services
      • Physical characterization
      • Raw Material testing
      • Batch Release testing
      • Stability testing
      • Others
  • Regulatory consulting services

By Therapeutic area

  • Oncology
  • Clinical pharmacology
  • Cardiology
  • Infectious disease
  • Neurology
  • Gastroenterology & hepatology
  • Ophthalmology
  • Others

By End-use

  • Pharmaceutical & Biopharmaceutical Companies
  • Medical Device Companies
  • Academic Institutes

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • Asia Pacific
    • Japan
    • China
    • India
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
       
Authors: Rupali Swain, Subodh Kharad

Frequently Asked Questions (FAQ) :

Global market for contract research organization stood at over USD 56.5 billion in 2022 and is predicted to exhibit more than 6.5% CAGR from 2023 to 2032 due to a significant rise in R&D investments worldwide.
Clinical research service segment is anticipated to garner over USD 63.5 billion by 2032, attributed to the increasing incidences of chronic health conditions and the escalating new drug delivery projects.
Academic institute segment is expected to witness over 5% CAGR from 2023 to 2032 owing to the escalating clinical research activities across academic institutes.
Prominent operating in the CRO market include Charles River Laboratories, Inc., CMIC HOLDING Co., Ltd, Clinipace Inc., EPS International Co., Ltd (EPS Group), IQVIA, Laboratory Corporation of America Holdings (Covance Inc), ICON plc, Medpace, Inc, and PAREXEL International, among others.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 22
  • Tables & Figures: 406
  • Countries covered: 14
  • Pages: 287
  • Upcoming Report: Details can be customized to meet your information and data needs. Feel free to share your detailed research requirements via this form.

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