Contract Research Organization (CROs) Services Market Share, Size, Trends, Industry Analysis Report, By Service Type; By Therapeutic Area; By End-Use; By Region; Segment Forecast, 2024 - 2032

Contract Research Organization (CROs) Services Market Share, Size, Trends, Industry Analysis Report, By Service Type; By Therapeutic Area; By End-Use; By Region; Segment Forecast, 2024 - 2032

The Contract Research Organization (CROs) Services market size is expected to reach USD 166.80 Billion by 2032, according to a new study by Polaris Market Research. The report “Contract Research Organization (CROs) Services Market Share, Size, Trends, Industry Analysis Report, By Service Type; By Therapeutic Area; By End-Use; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The Contract Research Organization (CRO) services market has witnessed significant growth in technological advancements, transforming the landscape of pharmaceutical and biotechnology research. Advanced data analytics, artificial intelligence, and machine learning algorithms are being integrated into different stages of clinical trials, providing unprecedented insights into patient data, speeding up recruitment processes, and optimizing trial design. The use of electronic data capture (EDC) systems has transformed data management, allowing for real-time access and analysis of clinical trial data while maintaining data integrity and security. Furthermore, the integration of wearable devices and mobile health (mHealth) technologies has enabled remote patient monitoring, allowing for continuous and real-world insights into patient health. Contract Research Organizations (CROs) are outsourcing companies that specialize in performing specific and targeted research and development (R&D) tasks for the pharmaceutical or biotechnology industries.

The surging inclination towards personalized medicine, as well as the evolution of biologics spurring market growth. Furthermore, advances in genomics and molecular biology are facilitating the development of personalized therapies tailored to individual genetic profiles. Contract Research Organizations (CROs) play a crucial role in directing biomarker-driven clinical trials to identify patient subpopulations with the best responses to specific treatments, thereby optimizing the drug development process. Furthermore, the development of biologics such as monoclonal antibodies, cell therapies, and gene therapies is facilitating the treatment of complex diseases. There is a high demand for contract research organizations with biologics expertise to assist in the development, manufacturing, and testing of these ground-breaking therapies. Similarly, CROs that focus on personalized medicine and biologics provide critical regulatory assistance, guiding clients through the unique challenges and prerequisites associated with these advanced treatments.

Many companies in the biopharmaceutical, pharmaceutical, and medical device industries invest significant resources in the development of new medications and technologies. Typically, sponsors delegate therapeutic and other product development responsibilities to external service providers. This approach allows them to adopt a more flexible cost structure while also eliminating the need to maintain redundant development capabilities on a global scale. This trend indicates that pharmaceutical companies are raising their research and development (R&D) efficiencies through collaborative R&D efforts. The pharmaceutical R&D sector is changing as companies embrace remote work in an effort to make trial endpoints more patient-centric and responsive.

Contract Research Organization (CROs) Services Market Report Highlights

The clinical research services segment held the largest market share in 2023 due to a major factor along with a surging number of clinical trials.

The oncology segment dominated the market in 2023, owing to factors like the continuously rising number of clinical trials against indications of oncology.

Asia-Pacific has witnessed the fastest growth in the contract research organization (CROs) services market due to the improvements in healthcare infrastructure, quickly evolving regulatory environment, and access to expertise.

The key market players include AccuLab Life Sciences, Caidya, Charles River Laboratories, CTI Clinical Trial & Consulting, IQVIA Inc., KCR S.A., Labcorp Drug Development, Lexitas, Medpace, Parexel International (MA) Corporation, Pharmaron, Syneos Health, TFS HealthScience, and Thermo Fisher Scientific Inc.

Polaris Market Research has segmented the contract research organization (CROs) services market report based on service type, therapeutic area, end-use, and country:

Contract Research Organization (CROs) Services, Service Type Outlook (Revenue - USD Billion, 2019 - 2032)

Clinical Research Services

Phase I Clinical Research Services

Phase II Clinical Research Services

Phase III Clinical Research Services

Phase IV Clinical Research Services

Early-Phase Development Services

Discovery Studies

Chemistry, Manufacturing, & Control (CMC)

Preclinical Services

Pharmacokinetics/Pharmacodynamics (PK/PD)

Toxicology Testing Services

Other Preclinical Services

Laboratory Services

Bioanalytical Testing Services

Analytical Testing Services

Physical Characterization

Raw Material Testing

Batch-Release Testing

Stability Testing

Other Analytical Testing Services

Consulting Services

Contract Research Organization (CROs) Services, Therapeutic Area Outlook (Revenue - USD Billion, 2019 - 2032)

Oncology

CNS Disorder

Cardiology

Infectious Disease

Metabolic Disorder

Renal/Nephrology

Others

Contract Research Organization (CROs) Services, End-Use Outlook (Revenue - USD Billion, 2019 - 2032)

Pharmaceutical & Biopharmaceutical

Medical Device Companies

Academic and Research Institutes

Others

Contract Research Organization (CROs) Services, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Indonesia

Australia

Malaysia

Rest of Asia Pacific

Latin America

Argentina

Brazil

Mexico

Rest of Latin America

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa

Rest of Middle East & Africa