News
Stay Ahead with the Latest Industry Trends & Market Insights with Industry News 📰

Contract Research Organization Market Size, Share, Industry, Forecast and outlook (2024-2031)

Published: September 2024 || SKU: HCIT868
excelpdfpowerpoint
180 pages
Report Summary
Table of Contents
List of Tables & Figures
Get Free Sample

See how US Tariffs impact Contract Research Organization Market

Don’t get caught off guard!

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, 2024-2031 

 

Market Size

The 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 2031, growing at a CAGR of 13.58% during the forecast period (2024-2031).

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 Summary

Metrics

Details

Market CAGR

 13.6%

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

 

For More Insights about the Market Request Free Sample

 

Market Trends

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 several 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 on Contract Research Organization Market

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.

Market Segmentation

The clinical research segment is expected to grow at the fastest CAGR during the forecast period (2024-2031)    

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.

Market Geographical Share

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.

Companies and 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.

 

Trending Reports:

Clinical IT Systems Market

Mobile Health Market

Population Health Management Market

Why purchase Contract Research Organization Market report?

Technological Innovations

Reviews ongoing clinical trials, product pipelines, and forecasts upcoming advancements in medical devices and pharmaceuticals.

Product Performance & Market Positioning

Analyzes product performance, market positioning, and growth potential to optimize strategies.

Real-World Evidence

Integrates patient feedback and data into product development for improved outcomes.

Physician Preferences & Health System Impact

Examines healthcare provider behaviors and the impact of health system mergers on adoption strategies.

Market Updates & Industry Changes

Covers recent regulatory changes, new policies, and emerging technologies.

Competitive Strategies

Analyzes competitor strategies, market share, and emerging players.

Pricing & Market Access

Reviews pricing models, reimbursement trends, and market access strategies.

Market Entry & Expansion

Identifies optimal strategies for entering new markets and partnerships.

Regional Growth & Investment

Highlights high-growth regions and investment opportunities.

Supply Chain Optimization

Assesses supply chain risks and distribution strategies for efficient product delivery.

Sustainability & Regulatory Impact

Focuses on eco-friendly practices and evolving regulations in healthcare.

Post-market Surveillance

Uses post-market data to enhance product safety and access.

Pharmacoeconomics & Value-Based Pricing

Analyzes the shift to value-based pricing and data-driven decision-making in R&D.

Target Audience 2025

Manufacturers

Pharmaceutical, Medical Device, Biotech Companies, Contract Manufacturers, Distributors, Hospitals.

Regulatory & Policy

Compliance Officers, Government, Health Economists, Market Access Specialists.

Application & Innovation

AI/Robotics Providers, R&D Professionals, Clinical Trial Managers, Pharmacovigilance Experts.

Investors

Healthcare Investors, Venture Fund Investors, Pharma Marketing & Sales.

Consulting & Advisory

Healthcare Consultants, Industry Associations, Analysts.

Supply Chain

Distribution and Supply Chain Managers.

Consumers & Advocacy

Patients, Advocacy Groups, Insurance Companies.

Academic & Research

Academic Institutions.

Buy this report
Single User
$4350
Multiple User
$4850
Enterprise User
$7850
Proceed to Buy
  Get Free Sample
  Request new version
  Customize Sample
  Demo Full Report
Chat on WhatsApp
FAQ’s

  • 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 2031

  • Major players 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 market is segmented as By Type, By Therapeutic Application & By End-User.
Related Reports
materials iconmaterials

Contact Cement Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Published: 2024 May 16

Starting from

$4350

information-communication-and-technology iconinformation-communication-and-technology

Contact Probe Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Published: 2024 December 19

Starting from

$4350

information-communication-and-technology iconinformation-communication-and-technology

Contact Center Outsourcing Market Size, Share, Industry, Forecast and outlook (2024-2031)

Published: 2024 October 22

Starting from

$4350

healthcare-it iconhealthcare-it

Digital Health Market Size, Share Analysis, Growth Trends and Industry Report 2025-2033

Published: 2025 May 19

Starting from

$4350

healthcare-it iconhealthcare-it

Blockchain in Healthcare Market Size, Share, Industry, Forecast and outlook (2024-2031)

Published: 2023 October 31

Starting from

$4350

healthcare-it iconhealthcare-it

IoT in Healthcare Market Size, Share, Industry, Forecast and outlook (2024-2031)

Published: 2024 October 10

Starting from

$4350

WhatsApp