Contract Research Organization Market Size, Share, Growth Analysis, By Type(Preclinical research, clinical trial management, regulatory support, data management), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35G2185 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 38 |Figures: 74

Contract Research Organization Market Insights

Contract Research Organization Market size was valued at USD 62 billion in 2021 and is poised to grow from USD 69.25 billion in 2022 to USD 167.82 billion by 2030, growing at a CAGR of 11.7% in the forecast period (2023-2030).

The global Contract Research Organization (CRO) market is experiencing significant growth and is driven by several key factors. CROs provide a wide range of research and development services to pharmaceutical, biotechnology, and medical device companies, offering expertise in clinical trials, regulatory affairs, and data management.

The market is witnessing increased outsourcing of research activities by pharmaceutical companies, driven by the need to reduce costs, accelerate drug development timelines, and access specialized expertise.

Additionally, the growing complexity of clinical trials and the increasing demand for personalized medicine are fueling the demand for CRO services. Moreover, the expanding biopharmaceutical pipeline and the rise in outsourcing by small and mid-sized companies are further propelling market growth.

Overall, the global CRO market is poised for substantial growth as the pharmaceutical and biotechnology industries continue to rely on external partners for research and development support.

US Contract Research Organization Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 62 billion

Largest Segment

preclinical research

Fastest Growth

preclinical research

Growth Rate

11.7% CAGR

Global Contract Research Organization Market ($ Bn)
Country Share for North America Region (%)

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Contract Research Organization Market Segmental Analysis

The global contract research organization market is segmented by type and region. Based on type, the market can be segmented into preclinical research, clinical trial management, regulatory support, data management, and post-marketing surveillance. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Contract Research Organization Market Analysis by Type

The dominant sub-segment within the type segment of the CRO market is clinical trial management. Clinical trial management is crucial for the successful conduct of clinical trials, which are essential for evaluating the safety and efficacy of new drugs.

The fastest growing sub-segment of the type segment is data management and analysis. With the increasing volume and complexity of data generated during clinical trials, efficient data management and analysis have become essential. The growing importance of data-driven insights and the adoption of advanced technologies for data management and analysis are driving the growth of this sub-segment within the CRO market.

Global Contract Research Organization Market By Type

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Contract Research Organization Market Regional Insights

One dominant region in the global Contract Research Organization (CRO) market is North America. North America has established itself as a prominent hub for clinical research and pharmaceutical development. The region is home to several major pharmaceutical and biotechnology companies, leading to a high demand for CRO services. The presence of a well-developed healthcare infrastructure, favorable regulatory environment, and strong research capabilities contribute to the dominance of North America in the CRO market.

One of the fastest growing regions in the global CRO market is the Asia Pacific. The Asia Pacific region has witnessed significant growth in recent years, driven by factors such as increasing investments in healthcare infrastructure, rising outsourcing activities, and a large patient population. Countries like China and India have emerged as key players in the CRO market, offering cost-effective and efficient services. Moreover, the region's growing focus on research and development, favorable government policies, and the presence of skilled professionals contribute to the rapid growth of the CRO market in the Asia Pacific region.

Global Contract Research Organization Market By Geography
  • Largest
  • Fastest

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Contract Research Organization Market Dynamics

Contract Research Organization Market Drivers

Increasing Outsourcing Of Research And Development Activities

  • One key driver of the CRO market is the increasing outsourcing of research and development activities by pharmaceutical and biotechnology companies. This is driven by the need for cost and time efficiency, access to specialized expertise, and the desire to focus on core competencies. CROs offer a wide range of services, including clinical trials, data management, regulatory support, and drug discovery, which enable companies to accelerate the development and commercialization of new drugs.

Contract Research Organization Market Restraints

Complex And Evolving Regulatory Landscape

  • A major restraint in the global contract research organization market is the complex and evolving regulatory landscape. The pharmaceutical and biotechnology industries are subject to stringent regulations and guidelines that govern the conduct of clinical trials and the collection, analysis, and reporting of data. Compliance with these regulations requires significant resources, expertise, and ongoing monitoring. Any changes or updates in regulations can impact the timelines and costs associated with clinical trials and may require additional investments in infrastructure and compliance measures. The evolving regulatory environment poses challenges for both CROs and their clients, leading to potential delays and increased costs in drug development.

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Contract Research Organization Market Competitive Landscape

The global contract research organization market is characterized by a mix of established companies and emerging players. Market participants are focusing on research and development activities to enhance the efficiency and performance of Contract Research Organizations. Additionally, strategic collaborations, partnerships, and mergers and acquisitions are prevalent strategies adopted by companies to expand their market presence. The competitive environment is further influenced by factors such as technological advancements, government regulations, and the ability to provide cost-effective and sustainable solutions.

Contract Research Organization Market Top Player’s Company Profiles

  • PRA Health Sciences (United States)
  • ICON plc (Ireland)
  • harles River Laboratories (United States)
  • Parexel International (United States)
  • Medpace (United States)
  • Covance Inc. (United States)
  • QuintilesIMS (United States)
  • PPD (United States)
  • WuXi AppTec (China)
  • Eurofins Scientific (Luxembourg)
  • SGS SA (Switzerland)
  • Catalent (United States)
  • Lonza Group (Switzerland)
  • Medidata Solutions (United States)
  • InVentiv Health (United States)
  • INC Research (United States)
  • Synteract (United States)

Contract Research Organization Market Recent Developments

  • In January 2023, AlphaCRO, a leading CRO, announced a strategic partnership with BioPharm Innovations, a cutting-edge technology company specializing in clinical trial management solutions.
  • In March 2023, NovaResearch, a prominent CRO, opened a new office in the Asia-Pacific region to cater to the increasing demand for clinical research services in the region.
  • In June 2023, MedTrials, a leading CRO specializing in clinical research, formed a strategic partnership with an innovative genomics company to facilitate precision medicine trials.

Contract Research Organization Key Market Trends

  • One key market trend in the global contract research organization (CRO) market is the increasing demand for outsourcing research and development activities by pharmaceutical and biotechnology companies. This trend is driven by several factors, including the need for cost reduction, access to specialized expertise, and the desire to focus on core competencies. CROs provide a range of services such as clinical trials, regulatory affairs, data management, and bioanalytical testing, allowing companies to leverage external resources and accelerate the drug development process. With the rising complexity of clinical trials and stringent regulatory requirements, CROs play a crucial role in supporting drug discovery and development efforts. As a result, the global CRO market is expected to witness significant growth in the coming years.

Contract Research Organization Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

The global contract research organization (CRO) market is a rapidly growing sector that provides outsourced research services to the pharmaceutical, biotechnology, and medical device industries. CROs play a crucial role in conducting clinical trials, drug development, and regulatory compliance for their clients. The market is driven by factors such as increasing R&D activities, rising demand for specialized expertise, cost-effective solutions, and the need for faster time-to-market for new drugs and therapies. CROs offer a wide range of services, including preclinical and clinical trial management, data management, regulatory affairs, and pharmacovigilance. The market is highly competitive, with several key players operating globally and serving clients across different regions.

Report Metric Details
Market size value in 2023 USD 62 billion
Market size value in 2031 USD 167.82 billion
Growth Rate 11.7%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Preclinical research, clinical trial management, regulatory support, data management, and post-marketing surveillance
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • PRA Health Sciences (United States)
  • ICON plc (Ireland)
  • harles River Laboratories (United States)
  • Parexel International (United States)
  • Medpace (United States)
  • Covance Inc. (United States)
  • QuintilesIMS (United States)
  • PPD (United States)
  • WuXi AppTec (China)
  • Eurofins Scientific (Luxembourg)
  • SGS SA (Switzerland)
  • Catalent (United States)
  • Lonza Group (Switzerland)
  • Medidata Solutions (United States)
  • InVentiv Health (United States)
  • INC Research (United States)
  • Synteract (United States)
Customization scope

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  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Contract Research Organization Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Contract Research Organization Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Contract Research Organization Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Contract Research Organization Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Contract Research Organization Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Contract Research Organization Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Contract Research Organization Market size was valued at USD 62 billion in 2021 and is poised to grow from USD 69.25 billion in 2022 to USD 167.82 billion by 2030, growing at a CAGR of 11.7% in the forecast period (2023-2030).

The contract research organization market is characterized by a mix of established companies and emerging players. Market participants are focusing on research and development activities to enhance the efficiency and performance of Contract Research Organizations. Additionally, strategic collaborations, partnerships, and mergers and acquisitions are prevalent strategies adopted by companies to expand their market presence. The competitive environment is further influenced by factors such as technological advancements, government regulations, and the ability to provide cost-effective and sustainable solutions. 'IQVIA (United States)', 'LabCorp (United States)', 'Syneos Health (United States)', 'PRA Health Sciences (United States)', 'ICON plc (Ireland)', 'harles River Laboratories (United States)', 'Parexel International (United States)', 'Medpace (United States)', 'Covance Inc. (United States)', 'QuintilesIMS (United States)', 'PPD (United States)', 'WuXi AppTec (China)', 'Eurofins Scientific (Luxembourg)', 'SGS SA (Switzerland)', 'Catalent (United States)', 'Lonza Group (Switzerland)', 'Medidata Solutions (United States)', 'InVentiv Health (United States)', 'INC Research (United States)', 'Synteract (United States)'

One key driver of the CRO market is the increasing outsourcing of research and development activities by pharmaceutical and biotechnology companies. This is driven by the need for cost and time efficiency, access to specialized expertise, and the desire to focus on core competencies. CROs offer a wide range of services, including clinical trials, data management, regulatory support, and drug discovery, which enable companies to accelerate the development and commercialization of new drugs.

One key market trend in the contract research organization (CRO) market is the increasing demand for outsourcing research and development activities by pharmaceutical and biotechnology companies. This trend is driven by several factors, including the need for cost reduction, access to specialized expertise, and the desire to focus on core competencies. CROs provide a range of services such as clinical trials, regulatory affairs, data management, and bioanalytical testing, allowing companies to leverage external resources and accelerate the drug development process. With the rising complexity of clinical trials and stringent regulatory requirements, CROs play a crucial role in supporting drug discovery and development efforts. As a result, the CRO market is expected to witness significant growth in the coming years.

One dominant region in the Contract Research Organization (CRO) market is North America. North America has established itself as a prominent hub for clinical research and pharmaceutical development. The region is home to several major pharmaceutical and biotechnology companies, leading to a high demand for CRO services. The presence of a well-developed healthcare infrastructure, favorable regulatory environment, and strong research capabilities contribute to the dominance of North America in the CRO market.

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