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The global contract research organisation (CRO) services market reached a value of about USD 51.46 billion in 2023, driven by increased investment in R&D and rising strategic partnerships across the globe. The market is further expected to grow at a CAGR of 7% in the forecast period of 2024-2032 to reach a value of approximately USD 94.55 billion by 2032.
Base Year
Historical Year
Forecast Year
A contract research organisation (CRO), also known as a clinical research organisation, is a term used to refer to a company engaged in providing research-related assistance to pharmaceutical, biotechnology, and medical device companies on a contract basis. Contract research organisation services are key to the pharma, biotech, and MedTech sectors. These services support the efforts of clients to research, test, modify, and market the latest medical devices and pharmaceuticals.
The rising expiration of patents, the introduction of generic drugs, and technological advancements, such as mHealth and big data are leading to greater outsourcing of research to CROs. These factors are primarily driving the growth of the contract research organisation (CRO) services market. The high competition in the market is resulting in increased mergers and acquisitions, which are expected to enhance the full-service capabilities and global reach of larger companies.
The market growth is expected to be higher in the developing regions owing to growing investment in research and development activities and favorable regulatory policies. While large companies serve as premium CRO providers for many pharma and biotech companies globally, the small and mid-sized CROs are focusing on a more personalised approach and seeking to expand in niche sectors. The rapid technological advancements and expansion of key players into lower-cost emerging markets are the major trends in the market. This is anticipated to have a positive effect on the market growth over the forecast period.
Increased Investment in Contract Research Organisations is Propelling the Market Growth
In November 2023, Netherlands-based CRO Julius Clinical Research secured growth investment from Ampersand Capital Partners, a private equity firm located in the United States. This majority recapitalization and partnership are expected to boost the scientific and therapeutic capabilities of Julius along with expanding its geographic footprint in North America and Europe markets. Such major investment initiatives are likely to accelerate the growth of CRO services, which is poised to impact the market landscape.
The market is witnessing several trends and developments to improve the current global scenario. Some of the notable trends are as follows:
Increased Focus on Cost Efficiency Likely to Boost Market Size
One of the major market trends is the rising focus on reducing operational costs during the drug development process. To ensure cost efficiency, many pharmaceutical companies are increasingly outsourcing clinical trials to CROs and shifting their focus to their core competencies. This outsourcing trend is expected to boost the market size in the forecast period.
Growth in Strategic Partnerships to Meet Rising Contract Research Organisation (CRO) Services Market Demand
In November 2023 , global contract research organisation (CRO) Fortrea announced a strategic partnership with Medidata, an American technology company that develops software as a service (SaaS) for clinical trials, with the aim to use Medidata AI Intelligent Trials to enhance participation and access of diverse population groups in clinical trials. Such alliances are a major trend that is set to propel the market growth in the coming years.
Technological Advancements Are Projected to Impact the Market Growth
The market is witnessing an increasing integration of digital health technologies, artificial intelligence (AI), and machine learning in clinical trials. Such advancements make the data management, patient recruitment, and monitoring processes needed in clinical trials more efficient. At the same time, such innovations also drive the demand for CROs that are equipped with these technologies.
Globalization of Clinical Trials is Elevating the Contract Research Organisation (CRO) Services Market Value
A significant market trend is the globalization of clinical trials, with studies being conducted in multiple regions in order to include diverse patient populations and ensure swift regulatory approvals. This is prompting many biotech firms and pharma companies to seek the local expertise and regulatory knowledge of CROs.
Market Breakup by Service Type
Market Breakup by Therapeutic Indication
Market Breakup by End-user
Market Breakup by Region
Market Segmentation Based on Service Types is Likely to Hold Substantial Market Share
Based on the service type, the market share is segmented into drug discovery, preclinical, clinical, data analysis & reporting, clinical data monitoring, project management, and consulting services, among others. The clinical services segment, which includes the management of clinical trials across Phases I to IV, constitutes a significant market share. The rising demand for specialized expertise in trial design, patient recruitment, and regulatory compliance are some of the factors pushing the segment's growth. Further, several pharmaceutical and biotechnology companies are preferring to outsource clinical trials to CROs to manage costs more effectively.
North America dominates the market for contract research organisation (CRO) services owing to the presence of major biotech and pharma companies. Within the region, the ongoing research and development activities and clinical trials are supporting the market growth. Further, with the advancing healthcare sector, there has been significant growth in terms of research, medications, and drug delivery, which is driving the demand for contract research organisation (CRO) services in the region. Thus, CROs are increasingly gaining prominence in the regional market due to the rise in the number of drug development projects across the nation. Moreover, in the Asia Pacific region, the market is expected to witness substantial growth over the forecast period as a result of rapid urbanization, growing investments in research and development, and favorable government initiatives.
The key features of the market report comprise strategic initiatives by the leading key players including mergers and collaborations and new product launches. The major companies in the market are as follows:
Australian Healthcare Solutions
This niche consulting organisation is based in Australia and specializes in the Australian medical device market. Australian Healthcare Solutions, through a combination of its local expertise and robust infrastructure, provides clinical research services to both domestic and international clients.
Avance Clinical
Headquartered in Australia, Avance Clinical is considered the largest full-service Australian contract research organisation, offering clinical trials and related services to support drug development efforts in the Phase I and II studies conducted in New Zealand and Australia. With more than 150 clinical trial experts, the company assists international biotech firms with clinical trial management, quality assurance, and medical writing.
Charles River Laboratories
Charles River Laboratories International, Inc., headquartered in Massachusetts, United States, is a significant player in the market. The company is a leading provider of preclinical and clinical trial services, such as preclinical testing, clinical trial management, laboratory services, and regulatory consulting.
CMIC HOLDINGS Co., LTD
CMIC HOLDINGS Co., LTD, considered Japan's largest contract research organisation, has a strong market presence. CMIC's expertise in the regulatory environment of Japanese and other Asian markets helps it to efficiently conduct clinical trials in these regions.
Other key players in the market include George Clinical, HCL Technologies Limited, ICON plc, Medpace Inc., Novotech, Parexel International, SGS SA, and Syneos Health.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2017-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Service Type |
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Breakup by Therapeutic Indication |
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Breakup by End-user |
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Breakup by Region |
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Market Dynamics |
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Supplier Landscape |
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Companies Covered |
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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