Pharmaceutical CRO Market Size, Share & Trends Analysis Report By Type (Drug Discovery, Pre-clinical), By Molecule Type (Small Molecules, Large Molecules), By Services, By Therapeutic Areas, By Region, And Segment Forecasts, 2024 - 2030

Pharmaceutical CRO Market Size, Share & Trends Analysis Report By Type (Drug Discovery, Pre-clinical), By Molecule Type (Small Molecules, Large Molecules), By Services, By Therapeutic Areas, By Region, And Segment Forecasts, 2024 - 2030

Pharmaceutical CRO Market Growth & Trends

The global pharmaceutical CRO market size is expected to reach USD 62.99 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to show a lucrative CAGR of 7.32% over the forecast period due to rising outsourcing trends and increasing R&D expenditure.

Pharmaceutical CROs provide outsourcing services to various pharmaceutical companies on a contract basis. Increasing outsourcing among pharmaceutical companies, growing investments in the R&D of new drugs, expansions in the pharmaceutical industry, and CRO support in reducing operational and capital expenses are some of the major factors anticipated to propel market growth in the forecast period.

Besides, increasing demand for CRO is driven by rising requirements for improved drug development, product maintenance, and related services, which is expected to drive market growth in the coming years. In addition, the substantial presence of key market players and ongoing clinical trials globally are expected to drive market growth. For instance, according to the U.S. National Library of Medicine, about 83,230 clinical trial studies are currently active and recruiting globally, which is anticipated to contribute to market growth. Likewise, increasing drug development activities, strategic initiatives such as innovation & acquisitions, the growing presence of pharmaceutical companies, and a surge in demand for pharmaceutical CRO innovative services are key factors propelling the market growth.

Furthermore, growing technological innovations pertaining to developing novel pharmaceutical drugs and rising research and development for biologics are anticipated to influence the market positively. Currently, pharmaceutical companies are increasingly bolstering their capacities in CRO's newer, highly specific expertise and technologies for the innovation of various small & large molecules. In addition, most pharmaceutical CROs have an emerging demand for small molecule drug candidates' development as CRO supports early discovery and preclinical drug development studies. For instance, in March 2023, Crown Bioscience & JSR Life Sciences Company mentioned it's a new site in Singapore, which will support the company in expanding its capacity for biotech & pharma companies. The site will help companies that engage in preclinical & translational oncology drug discovery and development.

Pharmaceutical CRO Market Report Highlights

• The clinical segment dominated the market with a revenue share of 75.85% in 2023 due to changing drug development scenarios and the need for sophisticated capabilities to help pharmaceutical companies advance drug manufacturing. In addition, cost-effectiveness and the increasing number of CROs are some of the key factors positively affecting market growth.
• The small molecules segment dominated the market in 2023 owing to the increasing potential of targeted therapies, rising demand for personalized medicine, and pharmaceutical companies' growing interest in small molecules. Besides, the expanding pipeline of small molecule drugs is anticipated to create opportunities for CROs to provide services.
• Based on service, clinical monitoring held the largest market share of 20.15% in 2023, which is attributed to the increase in the adoption of monitoring of regulatory requirements and clinical trial management, which includes protocol development to data analysis, making it a suitable option for a wide range of clinical trials.
• In terms of therapeutic areas, the oncology segment held the largest market share of 30.46% in 2023. The segment is driven by the growing incidence of cancer, the rising aging population, and the robust demand for pharmaceuticals, contributing to its prominence in this field.
• Asia Pacific dominated the market globally with a revenue share of 45.60% in 2023. The region's high share is due to an increased number of actively functioning CROs, especially in China and Japan, among others.

Please note The report will be delivered in 2-3 business days upon order notification.