Contract Research Organization (CRO) Services Market
Contract Research Organization (CRO) Services Market Trends, Opportunity, and Forecast Analysis, 2024-2033
Contract research organization (CRO) services market revenue to generate USD 177.9 Billion by 2033, according to KDMI analyst’s growth analysis. The market is segmented by type, by therapeutic area, by end-user, and by Region.
Contract research organization (CRO) services Market Size Survey Report – In a Glance
As per the survey report on global Contract research organization (CRO) services market, the market is projected to foresee a CAGR of CAGR value 9.3% between 2024-2033, and further generate a market size of USD 177.9 billion revenue by the end of 2033. In the year 2024, the market size was valued at USD 86.5 billion revenue.
- The global Contract research organization (CRO) services market is projected to grow on account of the increasing number of clinical trials.
- In Japan, the Contract research organization (CRO) services market growth can be attributed to the surge in R&D activities.
- KDMI analyst’s growth analysis foresees lack of skilled professionals to challenge the market growth.
- North America, having the highest market share in the Contract research organization (CRO) services market, is projected to dominate the global market.
Contract research organization (CRO) services Market Analysis
Contract research organization (CRO) or clinical research organization services are external assistance that delivers expertise in research, clinical trials, data management, and regulatory guidelines, providing support to biotechnology, pharmaceutical and medical devices companies. In recent times, due to the growing demand for faster and more effective treatments, the number of clinical trials is on the rise, propelling the overall CRO market. Recently, the World Health Organization (WHO) issued instructions to improve the structure, execution and management of clinical trials in countries of varying income tiers. This protocol is designed to promote enhanced research and development (R&D) ecosystems in the country. Furthermore, it will also help to improve medical framework within the nation so that new, safe and effective medical interventions can be made more available and budget-friendly for people across the globe. IQVIA Inc. (US), Laboratory Corporation of America Holdings (US), Thermo Fisher Scientific Inc. (US), are some of the significant parties in the global market for Contract research organization (CRO) services.
Analyst’s Observation on Japan Contract research organization (CRO) services Market Survey
In Japan, the market growth for Contract research organization (CRO) services can be attributed to the surge in R&D activities. Many companies in the medical sector like that of pharmaceutical or biotechnology depend on CROs for clinical trials, R&D expertise, and regulatory support, concentrating more and more on research and development. Based on the recent results of the Survey of Research and Development on December 15, 2023, the Statistics Bureau of Japan (SBJ) stated that the overall expenditure of Japan on R&D during fiscal year (FY) 2022 came to be around 20.70 trillion yen, a 4.9 percent increase from the previous fiscal year, which is the highest ever recorded. Therefore, with the growing scope of medical research, the CRO market also experiences growth.
Contract research organization (CRO) services Market: Report Scope |
|
Base Year |
2023 |
Estimated Market Size |
USD 86.5 Billion IN 2024 |
Forecast Year |
2024-2033 |
Projected Market Size |
USD 177.9 Billion in 2033 |
CAGR Value |
9.3% |
Contract research organization (CRO) services Market Key Trends/Major Growth Drivers |
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Restraint Factors |
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Contract research organization (CRO) services Market Segmentation |
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Contract research organization (CRO) services Market Key Players |
Medpace (U.S.), Laboratory Corporation of America Holdings (U.S.), ICON plc (Ireland), IQVIA Inc (U.S.), and others. |
Contract research organization (CRO) services Market Growth Driver and Challenges
Growth Driver
Rising cancer cases:
Every year, millions of people succumb to death due to cancer and sadly, the number of cancer cases is on the rise. The burden of this disease imposes extreme stress on the patients, families and the communities as a whole. On the other hand, this increased cancer incidence globally is opening doors of opportunities like cancer clinical trials, genomic tests conduction, and other innovative oncology drugs, propelling the overall contract research organization (CRO) market expansion. According to the Global Cancer Statistics 2024 findings, about 20 million cancer cases were newly identified in 2022 and close to 9.7 million people died from the disease globally. Moreover, the number of cancer cases is supposed to reach 35 million, by 2050.
Restraint
Lack of skilled professionals:
Due to the shortage of skilled and qualified professionals, contract research organization (CRO) service providers experience challenges in engaging and retaining highly competent experts, restricting the overall CRO market growth. Unemployment is also rising because of the shortage of skilled professionals or trained experts in various sectors, eventually limiting economic growth by increasing competition for jobs. In accordance with a new report, the youth unemployment rate is about 13% as of now which is equivalent to near about 65 million people out of work. The probable reason for the struggle of young people to find work is the misalignment between the job skills required and the educational degree achieved.
Contract research organization (CRO) services Market Segmentation
Our experts at KD Market Insights have segmented the global Contract research organization (CRO) services market research report as:
By Type |
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By Therapeutic area |
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By End-user |
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By Region |
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Contract research organization (CRO) services Market Regional Synopsis
The North America Contract Research Organization (CRO) services market is majorly driven by the presence of a robust pharmaceutical and biotechnology industry, advanced therapeutics, overall drug development activity, increased R&D activities, and good healthcare infrastructure. Notably, the United States is the central contributor to CRO services due to the large number of clinical trials carried out in the country. Besides that, regulatory systems in the U.S. guarantee a supportive environment for CRO operations. Further, the region also enjoys benefits from the skilled workforce and by adopting the advanced technology. A total of 238 bills were passed in 46 states in 2024, a 163 percent increase from last year, leading to the development of technology policy in the United States.
The Asia Pacific market is supposed to surge at the fastest rate. The heightened growth is mainly credited to the increase in R&D activities and the accelerating move toward outsourcing. Moreover, low-priced resources in the region are one of the key factors driving the number of clinical trials being conducted in the region, thereby pushing the CRO market forward. China and India are paving the way for market expansion presenting affordable and easily available services to diverse patient populations. Additionally, countries like Japan, South Korea, and Australia have well-framed research capabilities that contribute to the overall growth of the regional market.
As per our analysts at KD Market Insights, the following five players lead the North America Contract research organization (CRO) services market growth:
- Medpace (U.S.)
- Laboratory Corporation of America Holdings (U.S.)
- IQVIA Inc (U.S.)
- Syneos Health (U.S.)
- Thermo Fisher Scientific Inc. (U.S.)
Contract research organization (CRO) services Market Competitive Landscape
Some of the key players who top the global Contract research organization (CRO) services market share:
- Medpace (U.S.)
- Laboratory Corporation of America Holdings (U.S.)
- ICON plc (Ireland)
- IQVIA Inc (U.S.)
- Syneos Health (U.S.)
- Novotech (Australia)
- KCR S.A. (U.S.)
- PSI (Switzerland)
- Ergomed Group (U.K.)
- Thermo Fisher Scientific Inc. (U.S.)
- WuXi Biologics (China)
- Tigermed (China)
- Worldwide Clinical Trials (U.S.)
- Charles River Laboratories (U.S.)
- Microbiologics (U.S.)
- Parexel International (MA) Corporation (U.S.)
- Executive Summary
- Market Overview
- Key Findings
- Market Trends
- Market Outlook
- Introduction
- Scope of the Report
- Research Methodology
- Definitions and Assumptions
- Acronyms and Abbreviations
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Challenges
- Global Contract Research Organization (CRO) Services Market
- Market Overview
- Market Size and Forecast
- Market Segmentation
- By Type
- By Therapeutic area
- By End-user
- By Region
- Market Segmentation by Type
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- Early Phase Development Services
- Preclinical
- Toxicology Testing
- Discovery Studies
- Chemistry, Manufacturing and Controls
- Pharmacokinetics /Pharmacodynamics
- Clinic Research Services
- Phase I
- Phase II
- Phase III
- Phase IV
- Laboratory Services
- Analytical Testing
- Bioanalytical Testing
- Physical Characterization
- Stability Testing, Batch Release Testing
- Raw Material Testing
- Other Analytical Testing
- Consulting Services
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- Market Segmentation by Therapeutic area
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- Oncology
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Prostate Cancer
- Others
- CNS Disorders
- Infectious Diseases
- Cardiovascular Diseases
- Immunological Disorders
- Respiratory Disorders
- Diabetes
- Other Therapeutic Areas
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- Market Segmentation by End-user
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- Pharmaceuticals and Biopharmaceutical Companies
- Medical Device Companies
- Academic Institutes
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- Regional Analysis
- North America
- United States
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Therapeutic area, and End-user
- Canada
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Therapeutic area, and End-user
- Mexico
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Therapeutic area, and End-user
- United States
- Europe
- United Kingdom
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Therapeutic area, and End-user
- Germany
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Therapeutic area, and End-user
- France
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Therapeutic area, and End-user
- Italy
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Therapeutic area, and End-user
- Spain
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Therapeutic area, and End-user
- Rest of Europe
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Therapeutic area, and End-user
- United Kingdom
- Asia Pacific
- China
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Therapeutic area, and End-user
- Japan
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Therapeutic area, and End-user
- India
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Therapeutic area, and End-user
- Australia
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Therapeutic area, and End-user
- South Korea
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Therapeutic area, and End-user
- Rest of Asia Pacific
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Therapeutic area, and End-user
- China
- Latin America
- Brazil
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Therapeutic area, and End-user
- Argentina
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Therapeutic area, and End-user
- Colombia
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Therapeutic area, and End-user
- Rest of Latin America
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Therapeutic area, and End-user
- Brazil
- Middle East & Africa
- South Africa
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Therapeutic area, and End-user
- Saudi Arabia
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Therapeutic area, and End-user
- UAE
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Therapeutic area, and End-user
- Rest of Middle East & Africa
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Type, Therapeutic area, and End-user
- South Africa
- North America
- Competitive Landscape
- Market Share Analysis
- Company Profiles
- Medtronic (Ireland)
- IBM
- Apple Inc.
- Siemens Medical Solutions
- Pepperl+Fuchs
- Cisco
- GE Healthcare
- Strategic Recommendations
- Appendix
- List of Tables
- List of Figures
- References
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Request for Customized Report- Publication date: 3rd February 2025
- Base year: 2023
- Forecast year: 2024-2033
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