Contract Research Organization Market

SKU: DMHCIT868 | Last Updated On: Dec 27 2022 | Available Formats

>Contract Research Organization Market is expected to reach a high CAGR of 13.58% By 2029:

Contract Research Organization Market is segmented By Type (Drug Discovery, Early Phase Development Services, Clinic Research Services, Phase I Trial Services, Phase II Trial Services, Phase III Trial Services, Phase IV Trial Services, Laboratory Services, Consulting Services), By Therapeutic Application (Oncology, Infectious Diseases, Central Nervous System (CNS) Disorders, Immunological Disorders, Cardiovascular Diseases, Respiratory Disorders, Diabetes, Other Therapeutic Areas)), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.

Contract Research Organization Market was valued at US$ 59,923.29 million in 2021 and is estimated to reach US$ 170,427.41 million by 2029, growing at a CAGR of 13.58% during the forecast period (2022-2029).      

Contract Research Organization Market

Metrics

Details

Market CAGR

 13.58%

Segments Covered

By Type, By Therapeutic Application, By End-User, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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The contract research organization (CRO) is an organization that provides support and assistance to biotechnological and biopharmaceutical companies and academic institutes in the shape of outsourced research services for pharmaceuticals.

The CROs range from large, international full-service organizations to small niche specialty groups to fulfill the client’s requirements. Outsourcing to CROs offers a strategic advantage to the manufacturers, such as saving in cost and time during the development and approval process of new drugs and devices.

Market Dynamics

The major driving forces are the increasing research and development expenditure, increased outsourcing of R&D activities, the rising number of clinical trials, and growth in the biosimilars and biologics markets are expected to drive market growth.

The rising outsourcing of R&D activities and growth in clinical trials are expected to drive market growth.     

The global market for contract research organizations is primarily driven by the increased outsourcing of R&D activities and the rising number of clinical trials along with the many advantages of CROs, such as reducing the cost of research and its help in successful clinical development programs, making it favored by biopharmaceutical or biotechnological industries and academic institutes. With the stringent and complex regulatory policies for drug development, more resources to develop new drugs and devices are required, increasing the demand for CROs.

Various latest technological advancements are taking place, and the number of clinical trials is increasing by contract research organizations. For instance, in Jun 2022, Labcorp, a life science company, announced its latest collaboration with Tigerlily Foundation, an advocacy organization for breast cancer patients. In this collaboration, they will expand the diversity of clinical trials for women of color. Labcorp has also signed the Inclusion pledge for black women of Tigerlily and joined various other life science and healthcare companies.

High competition among contract research organizations will hamper the market’s growth.  

The high competition in the CRO services market as number of new contract research organizations are being introduced in the market. The shortage of skilled professionals may hinder market progress. The long approval timelines due to increasing regulatory requirements influence the market.

COVID-19 Impact Analysis

The pandemic has positively impacted global financial expectations and operations due to the increase in demand for novel and effective vaccines and drugs and the rise in the number of clinical trials. Various biopharmaceutical companies partnered or collaborated with contract research organizations to meet the demands and growing R&D activities. Various collaborations and mergers are happening worldwide, boosting the market’s growth. For instance, in Jul 2022, Labcorp announced its partnership with MD Anderson Cancer Centre Foundation Spain for increasing accessibility of early-phase clinical trials for oncology. Through this collaboration, MD Anderson Cancer Center will conduct Labcorp-managed clinical trials on oncology.

Segment Analysis

The clinical research segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)          

The clinical research segment is the highest market holder in the global contract research organization market. The clinical research services segment is further divided into Phase I Trial, Phase II Trial, Phase III Trial, and Phase IV Trial. The clinical research services share accounted for the largest of the global CRO services market owing to its growing biologics and biosimilar markets, increased R&D investments in pharmaceutical and biopharmaceutical companies, and increased clinical trial activities. With the growing privatization of clinical trials, there has been a rise in outsourcing manufacturing processes to developing economies. This is the fastest-growing segment as CROs are crucial in many areas with the complex regulatory framework for drug development in various countries. Many contract research organizations are undergoing various clinical trials in the market. For instance, in Jun 2022, Medidata, a company of Dassault Systemes, announced the launch of novel technology for clinical operations that will address crucial issues critical in clinical trial oversight. The improvement in Rave CTMS and Medidata Detect will enhance data oversight and reporting for contract research organizations.

 Geographical Analysis

North America holds the largest market share of the global contract research organization market.

North America dominates the global contract research organization market, primarily attributed to the increasing number of CRO-based companies and the rising demand for outsourcing services. Furthermore, factors including growing expenditure on research and development, the growing biosimilar and biologics market and the increasing outsourcing of R&D activities. are likely to enhance the growth of the region's contract research organization market.

Moreover, the growing number of regional clinical trials is responsible for the market’s growth. For instance, North America ranks first in the name of clinical trials performed worldwide, and most of the clinical trials are from North America. Other factors, such as the high spending of GDP on healthcare, stimulate the market’s growth. Many key developments are being done by CROs based in this region. For instance, in Jun 2022, Medidata announced that around ten innovative organizations joined its Sensor Cloud Network. These companies include AliveCor, Blue Spark Technologies, the University of Arizona, the University of Rochester and many more.  They will now work on solving sensor integration challenges and developing new digital biomarkers and algorithms.

Competitive Landscape

The contract research organization market is highly competitive with local and global companies.  Key players contributing to the market’s growth are IQVIA Holdings, Labcorp Drug Development, PPD Inc. (Thermo Fisher Scientific), Parexel, Charles River Laboratories International, ICON plc, Syneos Health, Medidata, Novotech Health Holdings, Medpace Holdings Inc and more.

The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the market’s growth. For instance, in Jul 2022, Medidata announced their partnership expansion and renewal with Novotech to continue clinical studies in different therapeutic areas. Leveraging various technologies such as Rave EDC, Ecoa, Rave RTSM etc., from Medidata, Novotech now has equipped tools that are configurable and flexible and address clinical research needs at a large scale.

IQVIA Holdings:

Overview:

IQVIA is a contract research organization that provides clinical research services along with advanced technology and analytics solution for making intelligent connections that can provide novel innovations in the life science industry. It was established in 1982 and is headquartered in North Carolina, United States.

­Product Portfolio:

Clinical Data Analytics Suite: This is a SaaS-based clinical data analytics platform. It equips all the data (structured or unstructured) in a single ecosystem. Clinical Data Analytics Suite utilizes ML-enhanced advanced analysis that helps identify predictive and hidden insights.

Key Development: In Sep 2022, IQVIA, contract services and advanced technology solutions provider, announced that it had received GDPR compliance validation for its program Decentralized Clinical Trial by TRUSTArc.

The global contract research organization market report would provide access to approximately 40+ market data tables, 45+ figures, and 200 (approximate) pages.  

 

Frequently Asked Questions

What is the Projected CAGR value of the Contract Research Organization Market?

Contract Research Organization Market is expected to grow at a CAGR of 13.58% during the forecasting period 2022-2029.

Which region controlled the global market during 2022-2029?

North America region Controls the Contract Research Organization Market during 2022-2029.

Which is the fastest growing region in the Contract Research Organization Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period.

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