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Contract Research Organization Market Analysis
- Report ID: GMI3012
- Published Date: Mar 2023
- Report Format: PDF
Contract Research Organization Market Analysis
Based on service type, the contract research organization market is segmented into early phase development services, clinical research services, laboratory services and regulatory consulting services. The clinical research services segment is expected to reach USD 63.55 billion by 2032. The clinical research services are further sub segmented into Phase I, Phase II, Phase III, Phase IV. The segmental growth is attributed to the increasing prevalence of chronic diseases and increasing demand for effective medications and diagnostics products. Furthermore, various contract research organizations offer wide range of clinical trial research services and support different areas of medical device and drug development.
Based on therapeutic area, the contract research organization market is bifurcated into oncology, clinical pharmacology, cardiology, infectious disease, neurology, gastroenterology & hepatology, ophthalmology and others. Oncology segment contributed USD 30.85 billion revenue in 2022. Increasing prevalence of cancer has compelled sponsors to focus on developing different therapies and medical devices for better management of cancer. Hence, leading to an increased number of clinical trials and discovery of various drugs for the cancer treatment.
Based on end-use, the contract research organization market is divided into pharmaceutical & biopharmaceutical companies, medical device companies and academic institutes. Pharmaceutical & biopharmaceutical companies segment is anticipated to witness significant CAGR of 7.4% over the forecast period. The increasing segmental growth is majorly attributed to surge in outsourcing of R&D. Increasing demand for contract research organization owing to increasing number of clinical trials coupled with a paradigm shift towards outsourcing the same is expected to further facilitate the market growth. Additionally, increasing government support with increasing funding as well as subsidies with respect to conducting clinical trials is expected to promote the industry demand.
North America contract research organization market surpassed USD 24.4 billion in 2022 and is projected to register significant growth throughout the forecast period. The significant market growth is attributed to higher density of pharmaceutical and biotechnology companies across the North America region. Moreover, increasing focus of pharmaceutical and biotechnology for outsourcing clinical trials for treatment of various disease is expected to fuel the North American market size.
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Contract Research Organization Market Scope
