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Global Contract Research Organisation (CRO) Services Market to Reach USD 63 Billion by 2026, Aided by Rising R&D Activities

According to a new report by EMR titled, ‘Global Contract Research Organisation (CRO) Services Market Report and Forecast 2021-2026’, the global CRO services market attained USD 42 billion in 2020. The market is further expected to grow at a CAGR of 7% between 2021 and 2026 to reach USD 63 billion by 2026.

The global CRO services market is being aided by the rising research and development activities being undertaken by major pharmaceutical companies. The market growth has also been supported by the growing outsourcing of the complex processes involved in the drug development activities. The rising outsourcing rates has been the result of the rising research and drug development activities, combined with the increasing need to make the development process more cost-efficient.

North America represented the leading market for contract research organisation (CRO) services due to the prominent presence of leading pharmaceutical companies in the region. The robust growth of biosimilar and biologics industries within the region has also supported the market growth in the region. In the coming years, the Asia Pacific is expected to emerge as a significant market for contract research organisation (CRO) services due to the rising volume of clinical trials, along with the increasing number of drug development activities being undertaken by the companies within the region.

The contract research organisation (CRO) services industry is further expected to be supported by the growing M&A activities being undertaken by the major players in the industry, thus, expanding their portfolios and regional footprints. In April 2018, Charles River Laboratories International, Inc. (NYSE: CRL), a leading player in the industry, completed its acquisition of MPI Research for about USD 800 million in cash. The acquisition of MPI, a significant non-clinical contract research organization (CRO) offering testing services to medical device and biopharmaceutical companies globally, is expected to strengthen Charles River’s position as one of the leading global early-stage CROs.

Market Analysis by Service Type, Therapeutic Area, End Use, and Region:

  • The market, on the basis of service type, can be divided into early phase development, clinical research services, laboratory services, consulting services, and data management services, among others.
  • Based on therapeutic area, the industry can be divided into oncology, clinical pharmacology, cardiovascular, infectious disease, neurology, gastroenterology and hepatology, and respiratory, among others.
  • By end-uses, the market can be segmented into pharmaceutical and biopharmaceutical companies, medical device companies, and academic institutes, among others.
  • The regional markets for contract research organisation (CRO) services include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global CRO market is expected to be driven by the rising investments by the major players in the industry into emerging regions like the Asia Pacific.
  • The growing R&D activities, combined with favourable government regulations, are expected to aid the market growth.
  • The market is expected to witness a further growth in the coming years due to the upcoming patent expirations and the rising introduction of generic drugs.
  • The growing technological advancements like big data and mHealth are expected to encourage further outsourcing of research and drug development processes, which is estimated to further catalyse the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global CRO services market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the service types, therapeutic areas, end uses, and major regions of contract research organisation (CRO) services.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global contract research organisation (CRO) services market are Charles River Laboratories International, Inc., Clinipace, Clintec International Ltd., CMIC Holdings Co., Ltd, EPS International, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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