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GLOBAL CONTRACT RESEARCH ORGANIZATION (CRO) SERVICES MARKET TO REACH USD 80.9 BILLION BY 2026

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GLOBAL CONTRACT RESEARCH ORGANIZATION (CRO) SERVICES MARKET TO REACH USD 80.9 BILLION BY 2026

Global Contract Research Organization (CRO) Services Market is valued approximately at USD 43.7 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 9.2% over the forecast period 2020-2026. The contract research organization (CRO) often known as a clinical research organization that helps the pharmaceutical & biotechnological companies and medical device industry in the type of research services outsourced on a contract basis. A CRO provide services as biologic assay development, commercialization, preclinical research, biopharmaceutical development, pharmacovigilance, clinical research, and clinical trials management. CROs also assist research institutions, universities, and organizations besides governmental organizations (such as the National Institutes of Health (NIH), European Medicines Agency (EMA), and more). Recently, due to the widespread of COVID-19 pandemic, biopharma industry’s shift focus on developing therapies and vaccines to reduce the prevalence of COVID-19 cases but it may potentially disrupt clinical trials for other diseases. Thus, some organizations are outsourcing their tasks to CRO services on a contract basis. Moreover, rise in number of clinical trials, increasing outsourcing of R&D activities and escalating demand for outsourcing analytical testing and clinical trial services are the few factors responsible for high CAGR of the market over the forecast period. For instance, as per Clinical Leader, in 2017, there was a minor increment in clinical outsourcing penetration as it grew from 43% to 45%. While the mainstream of outsourcing still lies with large and full service CROs. Thus, the percentage of work going to specialist CROs is rising owing to a need for experts in therapeutic areas and indications and regulatory requirements. This, in turn, is expected to accelerate the demand for Contract Research Organization (CRO) Services for tracking drugs to avoid product recalls, thus contributing to the growth of the global market. However, regulatory pressure on CROs and dearth of skilled professionals are the few factors expected to hamper the growth of the market over the forecast period of 2020-2026.

The regional analysis of global Contract Research Organization (CRO) Services market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rapid growth in its biosimilar and biologics market, high-quality standards in the pharmaceutical industry, and increase in clinical trial in the region. Whereas, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026, due to the high prevalence of chronic conditions and establishment of government authorities to regulate clinical trials, such as Central Drug Standard Control Organization (CDSCO) in India.

Major market player included in this report are:
IQVIA
LabCorp
Charles River Laboratories
WuXi App Tec
Syneos Health Inc.
Paraxel International
PRA Health Sciences
PPD
ICON PLC
Medpace Holdings

The detailed segments and sub-segment of the market are explained below:

By Services:
Early Phase Development Services
Clinical Research Services
Laboratory Services
Consulting Services
Data Management Services

By Therapeutic Area:
Central Nervous System (CNS)
Cardiovascular
Respiratory
Infectious Diseases
Diabetes
Others

By End-User:
Pharmaceutical & Biopharmaceutical Companies
Medical Device Companies
Academic Institutes

By Region:
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2016, 2017, 2018
Base year – 2020
Forecast period – 2020 to 2026

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