North America Contract Research Organization (CRO) Services Market: By Service: Laboratory Services, Preclinical Services, Clinical, Others; By Therapeutic Area: Oncology, Cardiovascular, Infectious Disease, Neurology, Gastroenterology and Hepatology, Others; By End User; Regional Analysis; Supplier Landscape; 2024-2032

North America Contract Research Organization (CRO) Services Market Size

The North America contract research organization (CRO) services market size attained a value of USD 26.27 billion in 2023 driven by increasing research and development expenditures in the region. The market is expected to grow further at a CAGR of 7.70% during the forecast period of 2024-2032. It is likely to reach a value of USD 51.21 billion by 2032.

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North America Contract Research Organization (CRO) Services Market Outlook

• The rising adoption of advanced technologies such as artificial intelligence (AI), machine learning, and big data analytics for effective research and development outcomes by the leading CROs is driving growth and innovation in the market.

• The United States represents the largest share of the market due to the high concentration of leading pharmaceutical and biotechnology companies. The Canadian market for contract research organization (CRO) services benefits from robust government support and growth in clinical trials.

• The market share is impacted by the increasing development and production of biopharmaceuticals, the rapid growth of the biotech sector, and rising market consolidation through mergers and acquisitions.

North America Contract Research Organization (CRO) Services Market Overview

Contract research organizations (CROs) offer research-based services to government agencies in the pharmaceutical, biotechnology, and related sectors. They can be either major, full-scale organisations, with an international presence or small, specialised organisations with a narrow focus that provide drug and device research and development (R&D) services, such as drug discovery, preclinical research, and clinical research, among others.

The North America contract research organization (CRO) services market is positively impacted by the rising investment in research and development (R&D) by pharmaceutical and biotechnology companies to discover and develop new therapies. Moreover, CROs are increasingly leveraging advanced technologies such as artificial intelligence (AI), machine learning, and big data analytics, in conducting clinical trials, which is stimulating the growth of the global contract research organization (CRO) services market . Other factors influencing the expansion of contract research organizations (CROs) include increased disease monitoring and screening, the requirement for routine diagnostics in healthcare settings, the spread of chronic diseases like diabetes, and the rise in new strains of infectious diseases. These factors are supported by government public health screening policies, the massive increase in patient specimens tested in labs, and the resulting demand for clinical lab testing services.

North America Contract Research Organization (CRO) Services Market Growth Drivers

Growth in Strategic Partnerships to Meet Rising Demand

In September 2023 , Parexel International (an American clinical research organization and biopharmaceutical services company) and IT services company Partex signed a deal to combine artificial intelligence-powered solutions with clinical research expertise. The partnership aims to expedite drug discovery and development for biopharmaceutical clients globally and de-risk their assets by predicting the investigational candidates that offer the strongest probability of clinical success. Through this collaborative initiative, Partex intends to enhance customer clinical trial execution by leveraging the Partex-validated AI platform. Such strategic partnerships that prioritize the usage of advanced tools to accelerate the development of safe and effective therapies are poised to fuel market growth in the region.

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North America Contract Research Organization (CRO) Services Market Trends

The market is witnessing several trends and developments to improve the current scenario in North America. Some of the notable trends are as follows:

North America Contract Research Organization (CRO) Services Market Segmentation

Market Breakup by Service

• Laboratory Services 
  • Analytical Testing Services 
  • Bioanalytical Testing Services

• Preclinical Services
  • Research and Development

• Clinical 
  • Phase I 
  • Phase II 
  • Phase III 
  • Phase IV

• Others

Market Breakup by Therapeutic Area

• Oncology

• Cardiovascular

• Infectious Disease

• Neurology

• Gastroenterology and Hepatology

• Respiratory

• Others

Market Breakup by End User

• Pharmaceutical and Biopharmaceutical Companies

• Medical Device Companies

• Research and Academic Institutes

• Others

Market Breakup by Country

• United States

• Canada

North America Contract Research Organization (CRO) Services Market Share

Market Segmentation Based on End Users is Anticipated to Witness Substantial Growth

On the basis of end users, the market can be segmented into pharmaceutical and biopharmaceutical companies, medical device companies, and research and academic institutes, among others. Pharmaceutical and biopharmaceutical companies are predicted to lead the market in terms of revenue throughout the forecast period. The demand for the segment is anticipated to increase as a result of the growing trend of pharmaceutical and biotechnology companies outsourcing end-to-end services, particularly among small and mid-size businesses lacking significant expertise in the preclinical stage of drug development. The prevalence of chronic illnesses like cancer, diabetes, heart disease, and neurological and infectious diseases is also increasing, and pharmaceutical and biopharmaceutical companies are investing more money in creating new treatments, which is anticipated to fuel market expansion.

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North America Contract Research Organization (CRO) Services Market Analysis by Region

The market segmentation by region includes the United States and Canada. The United States represents the largest share of the market due to the strong presence of leading pharmaceutical and biotechnology companies which drive the demand for CRO services. Further, substantial investments in research and development (R&D) and growth in clinical trials in the region stimulate market growth. Canada is another major market in North America which benefits from robust government support and a favorable environment for clinical research.

Leading Players in the North America Contract Research Organization (CRO) Services Market

The key features of the market report comprise funding and investment analysis and strategic initiatives. The major companies in the market are as follows:

IQVIA Holdings Inc.

IQVIA Holdings Inc., established in 1982, is a prominent global provider of clinical research services, advanced analytics, and technological solutions to the life sciences industry. Through its analytics, disruptive technologies, in-depth topic understanding, and big data resources, IQVIA forges intelligent linkages across all facets of healthcare. IQVIA is headquartered in North Carolina in the United States.

Thermo Fisher Scientific Inc.

Thermo Fisher Scientific Inc., headquartered in the United States, is a provider of scientific equipment, reagents and consumables, and software services. The 1956-founded business provides goods and services that benefit clients all over the world in hospitals and laboratories, on assembly lines, and in the field. It is a driving force in the research, healthcare, industrial, and application markets.

Medpace Holdings Inc.

Medpace Holdings Inc., one of the leading key players contributing to the North America contract research organization (CRO) services market growth was established in 1992. It is a full-service, globally active clinical contract research organization (CRO) with a scientifically-driven approach and offers these services to the biotechnology, pharmaceutical, and medical device industries. Through its high-science and disciplined operating approach, which draws on local regulatory and in-depth therapeutic expertise in all important areas, including endocrinology, oncology, cardiology, central nervous system, metabolic disease, and anti-viral and anti-infective therapies, Medpace seeks to accelerate the global development of safe and effective medical therapeutics.

Parexel International Corporation

This American provider of biopharmaceutical services has a prominent market presence and is engaged in conducting clinical trials for its pharmaceutical clients in order to accelerate the drug approval process. Parexel International Corporation employs advanced technologies such as artificial intelligence (AI) and big data analytics to improve the efficiency of clinical trials. It often collaborates with pharmaceutical and biotechnology companies to offer end-to-end clinical trial management services.

Other key players in the market include Laboratory Corporation of America Holdings, Clinipace, ICON plc, Medpace, Inc., AcceGen Biotechnology, Admescope Ltd., Stelis Biopharma Pvt. Ltd, Almac Group Limited, and Andelyn Biosciences Inc.

Key Highlights of the Report

Key Questions Answered in the North America Contract Research Organization (CRO) Services Market Report

• What was the North America contract research organization (CRO) services market value in 2023?
• What is the North America contract research organization (CRO) services market forecast outlook for 2024-2032?
• What are the regional markets covered in the EMR report?
• What is market segmentation based on services?
• What is the market breakup based on the therapeutic area?
• Who are the major end users in the market?
• What are the major factors aiding the North America contract research organization (CRO) services market demand? 
• How has the market performed so far and how is it anticipated to perform in the coming years?
• What are the market's major drivers, opportunities, and restraints? 
• Which country is expected to experience expedited growth during the forecast period? 
• How do the prevalence and incidence of chronic diseases affect the market landscape?
• What are the major North America contract research organization (CRO) services market trends?
• How does the rising investment in R&D activities impact the market size?
• Which service will dominate the market share? 
• Which therapeutic area is expected to have a high market value in the coming years?
• Which end user is projected to contribute to the highest market growth?
• Who are the key players involved in the North America contract research organization (CRO) services market?
• What are the current unmet needs and challenges in the market?
• How are partnerships, collaborations, mergers and acquisitions among the key market players shaping the market dynamics?

*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.