Global Contract Research Organization (CRO) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Contract Research Organization (CRO) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Contract Research Organization (CRO) market finds that the global Contract Research Organization (CRO) market reached a value of USD 63806.68 million in 2022. It’s expected that the market will achieve USD 174881.52 million by 2028, exhibiting a CAGR of 18.3% during the forecast period.

Limitations

Relevant scientific and technological talents are very important for the new drug research and development process, so the competition within the CRO industry is also a competition among specialized talents in a sense. Highly skilled professionals must keep pace with evolving technologies and methods for pharmaceutical and medical device development. As the competition in the contract research organization (CRO) industry becomes more intense, the emphasis on highly skilled professionals will increase. This requires contract research organization (CRO) companies to raise higher salaries to compete with medical institutions, research centers and other institutions for experienced professionals.
The industry is technology-intensive. Through years of production and R & D, participants in this industry have accumulated a lot of technical data and production experience, and possess core technologies in this field. This technical data and production experience control production costs and increase production efficiency. Product performance and quality, as well as maintaining player competitiveness in the product segment are even more important. Therefore, the loss of core technical staff and the loss of technology have a great impact on players. At the same time, the competition for core technical talents in the industry is fierce. For industry participants, it is important to establish a confidential management system and recruit key talents.

Region Overview:

North America had the highest growth rate of all regions.

Company Overview:

The top three companies are IQVIA (Quintiles IMS), LabCorp (Covance), Syneos Health with the revenue market share of 11.30%, 9.57% and 6.23% in 2019.

IQVIA Inc provides information and technology services to the pharmaceutical and healthcare industries. The Company offers services such as product and portfolio management capabilities, commercial effectiveness solutions, managed care, and consumer health.

Covance Inc. operates as a contract research and drug development company. The Company offers non-clinical and pre-clinical, laboratory testing, toxicology, and laboratory services to pharmaceutical and biotechnology industries. Covance serves customers worldwide. LabCorp completes acquisition of Covance.

Segmentation Overview:

Among different product types, Clinical Research segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Pharmaceutical & Biopharmaceutical Companies segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Contract Research Organization (CRO) market covered in Chapter 3:

Medpace Holdings
Parexel International Corporation
Syneos Health
CMIC Holdings
WuXi AppTec
ICON
PPD
LabCorp (Covance)
PRA Health Sciences
Charles River Laboratories
IQVIA (Quintiles IMS)

In Chapter 4 and Chapter 14.2, on the basis of types, the Contract Research Organization (CRO) market from 2018 to 2029 is primarily split into:

Discovery
CMC
Preclinical
Clinical Research
Laboratory Services

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Contract Research Organization (CRO) market from 2018 to 2029 covers:

Pharmaceutical & Biopharmaceutical Companies
Medical Device Companies
Academic Institutes

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)