How big is Contract Research Organization Market ?
Contract Research Organization Market Size was valued at USD 39.69 Billion in 2021 and is projected to grow from USD 45.53 Billion in 2022 to USD 115.19 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.01% during the forecast period (2022 – 2030).
Overall, the CRO market is a dynamic and growing industry that plays a critical role in the development of new drugs and therapies, and it is expected to continue to grow in the coming years as the demand for innovative and effective healthcare solutions continues to rise.
The Contract Research Organization market is a growing industry that provides research and development services to the pharmaceutical, biotechnology, and medical device industries. CROs offer a range of services, including clinical trials management, data management, biostatistics, medical writing, regulatory consulting, and pharmacovigilance.
The growth of the CRO market can be attributed to several factors, including the increasing number of clinical trials being conducted globally, the rising demand for outsourcing R&D activities, and the increasing focus on precision medicine and personalized healthcare. Moreover, the increasing prevalence of chronic diseases, such as cancer and diabetes, is also driving the demand for CRO services.
Keyplayers
Contract Research Organization Market Players are QuintilesIMS (US), Laboratory Corporation of America Holdings. (US), Pharmaceutical Product Development, LLC. (US), PAREXEL International Corporation. (US), INC Research LLC (US), ICON plc. (Europe), and PRA Health Sciences, Inc. (US)
Contract Research Organization Market Segmentation
The global contract research organization has been segmented on the basis of the segment, clinical trial phase, end users, and region. By segment, the market has been segmented into drug discovery, clinical development, post-marketing services, and others. By clinical trial, the market has been segmented into preclinical trials, phase I, phase II, phase III, phase IV, and others. By end-users, the market has been segmented into pharmaceutical/biotechnology companies, medical devices companies, academic institutes, and others. By region, the global market has been divided into the Americas, Europe, the Asia-Pacific (APAC) and the Middle East & Africa.
Contract Research Organization Market Regional Analysis
The Americas account for the most significant market share due to the presence of a well-developed healthcare sector which is currently facing demands for further advancements. Most of the growth witnessed in this region comes from developed nations in North America such as U.S and Canada. Changing lifestyles in these countries have led to growing incidences of chronic diseases which require more comprehensive treatment options thus facilitating growth for the regional market.
Europe follows the Americas in terms of market size as well as growth pattern. The second largest regional market segment also has a well-developed healthcare sector which is evolving. Additionally, the region has developed countries such as Germany, U.K, and France, where favorable government policies encourage research and have appropriate funds for the same. The existence of a large patient population and growing incidences of various lifestyle chronic diseases are some other drivers that are expected to motivate market growth.
The Asia-Pacific is the fastest growing region in the global CRO market primarily due to the existence of a vast patient population and the presence of developing economies such as India and China where the economic growth is exponential. These countries have increasing healthcare expenditure, and the Indian healthcare sector is expected to grow at an astounding CAGR of 22.87% during the review period. The region also has favorable government policies, and there has been evidence of CROs moving to developing countries due to the availability of comparatively cheap labor.
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