Contract Research Organization Market Size

Contract Research Organization Market Size

Contract Research Organization Market size accounted for USD 56.7 billion in 2022 and is estimated to grow at 6.9% CAGR between 2023 and 2032. Rising adoption of advanced technologies for efficient R&D outcomes and the increasing outsourcing trends in the clinical trials industry has largely influenced the global market growth.

To get key market trends

  Download Free Sample

The significant shift from maintaining manual/paper-based records to digital data capture technologies is largely transforming and propelling the market growth. Moreover, the advent of COVID-19 has largely triggered the adoption of digital resources across clinical trials enhancing the quality of data while allowing greater flexibility. Furthermore, digital technologies can transform the companies’ approach towards clinical development by incorporating valuable insights from multiple sources and increasing the volume of data collected in trials enhancing clinical trial productivity, thereby fuelling the market expansion

Contract research organization, also known as clinical research organization, is a company that assists in managing complex clinical research & trial responsibilities, clinical development & commercialization of new products for sponsor companies and drug discovery primarily in the biotechnology, medical device and pharmaceutical industries. These organizations offer services such as clinical trial management, preclinical research, clinical research, commercialization, and pharmacovigilance among other research services. These are outsourced on contract basis, also known as fee-for-service basis.