Contract Research Organization Services (CROs) Market: Global Size, Share, Trends, Growth and Forecast, 2022-2032
Contract Research Organization Services (CROs) Market Overview and Definition
The Contract Research Organization Services (CROs) market refers to the global market for outsourced research and development (R&D) services offered by third-party organizations to pharmaceutical, biotechnology, and medical device companies, as well as academic and government institutions. CROs provide a wide range of services, including preclinical research, clinical trial management, data management and analysis, medical writing, and regulatory affairs.
The CROs market is driven by factors such as the increasing cost of drug development, the growing complexity of clinical trials, and the need for specialized expertise and resources. Outsourcing R&D services to CROs allows companies to reduce the time and cost of drug development, gain access to specialized expertise, and mitigate the risks associated with clinical trial management. In addition, the increasing focus on personalized medicine and precision medicine is expected to further drive the demand for CROs services.
The CROs market can be segmented based on service type, therapeutic area, end-user, and geography. The service type segment includes preclinical research, clinical trial management, data management and analysis, medical writing, and regulatory affairs. The therapeutic area segment includes oncology, cardiovascular, central nervous system, infectious diseases, and others. The end-user segment includes pharmaceutical and biotechnology companies, medical device companies, academic and government institutions, and others. Geographically, the market can be segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
The key players in the CROs market include IQVIA Holdings Inc., LabCorp, Syneos Health Inc., PRA Health Sciences Inc., and Charles River Laboratories International Inc. These companies offer a range of CROs services for various industries and sectors.
The CROs market is highly competitive, with several large and small players offering a range of services. The market is characterized by the presence of several established players as well as new entrants. In recent years, there has been a growing trend towards the use of advanced technologies such as artificial intelligence and machine learning in clinical trials, which is expected to drive the growth of the CROs market.
The global Contract Research Organization Services Market is anticipated to flourish at a CAGR of 9.4% during the forecast period i.e., 2022-2032. Continuous rise in the number of clinical trials and increasing research and development expenditure are key growth drivers of contract research organization services (CROs) market. Emerging markets such as biosimilar and biologics and growing demand for specialized testing services will benefit the growth of the market.
The research offers a comprehensive analysis of contract research organization services (CROs) market with respect to following sub-markets:
- Post-Approval Services
- Clinical Services
- Preclinical Services
- Central Lab Services
- Other Services
By Therapeutic Area
- Central Nervous System (CNS) Disorders
- Cardiovascular Diseases
- Respiratory Disorders
By End User
- Pharmaceutical Companies
- Academic Institutes
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
- Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
The report profiles various major market players such as
- Charles River Laboratories, Inc.,
- Quintiles (IQVIA)
- The Pharmaceutical Product Development, LLC
- PRA Health Sciences
- Syneos Health
- Other Major & Niche Players
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, risk analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development expansion, and other market activities.
The study also provides company’s positioning and market share in contract research organization services (CROs) market.
Timeline Considered for Analysis:
- 2019: Base Year
- 2020: Estimated Year
- 2020 to 2025: Forecasted Year
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global contract research organization services (CROs) market by the following segments:
- Therapeutic Area
- End User.
Geographic Market Analysis:
The report offers separate analysis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In addition, further breakdown of market data and analysis of region into countries is covered in the report.
Customization: We also offers customization is in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Contract Research Organization Services (CROs) Industry Report:
- What is the overall market size in 2019?
- What will be the market growth during the forecast period i.e., 2020-2025?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?