Contract Research Organization (CROs) Services Market by Type (Early Phase, Clinical, Lab, Consulting, Data Management), Therapeutic Area (Cancer, Infectious Disease, Neurology, Dermatology, Immunology, Hematology, Vaccines, CGT) - Global Forecast to 2029

Contract Research Organization (CROs) Services Market by Type (Early Phase, Clinical, Lab, Consulting, Data Management), Therapeutic Area (Cancer, Infectious Disease, Neurology, Dermatology, Immunology, Hematology, Vaccines, CGT) - Global Forecast to 2029

The contract research organization (CRO) services market is projected to reach USD 129.8 billion by 2029 from an estimated USD 82.0 billion in 2024, at a CAGR of 9.6% during the forecast period. The key factors driving the growth of the CRO services market include increasing initiatives for novel drug development. Moreover, growing demand for precision personalized medicines is an opportunity area for this market.

The CRO services market has been segmented based on type, therapeutic area, end user and region.

“By type, early development services segment accounted for the second largest share in the CRO services market”

Based on type, the CRO services market is categorized into Clinical Research Services, Early Phase Development Services, Laboratory Services, Consulting Services and Data Management Services. In 2023, the early development services accounted for the second-largest share of the market owing to major factors such as the growing incurred costs and associated stringent regulatory requirements of processes in the different stages (discovery, preclinical) of early phase development.

“By end user, the pharmaceutical and biopharmaceutical companies accounted for the largest share in the CRO services market”

Based on end user, the CRO Services market is segmented into Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies and Academic Institutes. In 2023, the Pharmaceutical & Biopharmaceutical Companies segment accounted for a largest share of the CRO services market. Large share of this market segment can be attributed large number of drug pipeline products of pharma and biotech companies and presence of large number of pharma and biotech companies venturing in the drug development arena.

“North America: the largest share of the CRO Services market”

North America accounted for the largest share of the CRO Services market in 2023. The large share of the North America region can be attributed to a major factor which is the presence of key pharma and biotech players involved in drug research and development. This has consequently led to an increase in the outsourcing of clinical research activities in the region. Besides, the region has a well established healthcare system which further supports the growth of this market through funding and investments.

“Asia Pacific: The fastest-growing region in the CRO Services market.”

The Asia Pacific CRO Services market is projected to grow at the highest CAGR during the forecast period. This is attributed to one of the major factors that is the large patient population that is available along with desired diversity for conduction of clinical trials. Additionally, the overall costs of operations are relatively low in the region which attracts organizations for conduction of trials in the region.

The primary interviews conducted for this report can be categorized as follows:

By Respondent: Supply Side- 70% and Demand Side 30%

By Designation: Managers - 45%, Directors- 30%, and Executives - 25%

By Country: North America- 35%, Europe- 30%, Asia Pacific- 25%, Latin America- 5%, and Middle East and Africa- 5%

ProminentPlayers

IQVIA Inc. (US)

Laboratory Corporation of America Holdings (LabCorp) (US)

Thermo Fisher Scientific Inc. (US)

Syneos Health (US)

WuXi AppTec (China)

Charles River Laboratories (US)

Parexel International Corporation (US)

Pharmaron (China)

ICON Plc (Ireland)

Medpace (US)

SGS SA (Switzerland)

Frontage Labs (US)

Eurofins Scientific (Luxembourg)

PSI CRO AG (Switzerland)

BioAgile (India)

Firma Clinical Research (US)

Acculab Life Sciences (US)

Novotech (Australia)

KCR S.A. (US)

Linical (Japan)

Advanced Clinical (US)

Allucent (US)

Clinical Trial Service (Netherlands)

Guires Inc. (Pepgra Healthcare Pvt. Ltd.) (UK)

Worldwide Clinical Trials (US)

CTI Clinical Trial And Consulting (US)

Research Coverage:

This report provides a detailed picture of the CRO Services market. It aims at estimating the size and future growth potential of the market across different segments, such as the type, therapeutic area, end user and region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa). The report also includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.

Key Benefits of Buying the Report:

The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the CRO Services market and its segments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market's pulse and provide them with information on the key market drivers, opportunities, challenges and trends.

The report provide insights on the following pointers”

Analysis of key drivers (growth in number of products in pipeline), opportunities (personalized medicine focus), challenges (patient recruitment) and trends (real world data and real world evidence) influencing the growth of the CRO Services market.

Market Development:Comprehensive information about lucrative markets- the report analyses the CRO Services market across varied regions.

Market Diversification: Exhaustive information about new service, untapped geographies, recent developments, and investments in the CRO Services market.

Competitive Assessment: In-depth assessment of market shares, growth strategies and product offerings of leading players like IQVIA Inc. (US), Laboratory Corporation of America Holdings (US), Thermo Fisher Scientific Inc. (US), ICON Plc (Ireland), WuXi AppTec (China), Syneos Health (US), Charles River Laboratories (US), Fortrea, Inc. (US), Pharmaron (China), Eurofins Scientific (Luxembourg) and Medpace (US) among others in the CRO Services market.