Contract Research Organization (CRO) Market size is set to grow by USD 63.35 billion from 2024-2028, Growth of biopharmaceutical industry boost the market, Technavio

NEW YORK, May 30, 2024 /PRNewswire/ -- The global contract research organization (CRO) market  size is estimated to grow by USD 63.35 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  12.61%  during the forecast period. 

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Segment Overview 

1. Application 
• 1.1 Clinical research
• 1.2 Early phase development
• 1.3 Laboratory
• 1.4 Regulatory consulting
2. End-user 
• 2.1 Pharmaceutical and biopharmaceutical companies
• 2.2 Medical device companies
• 2.3 Academic institutes
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Clinical research-  Contract Research Organizations (CROs) provide clinical research services, which include strategic planning, execution, and oversight of clinical trials. They design trial protocols, identify investigative sites, manage patient recruitment, and ensure regulatory compliance. CROs collaborate with research centers for tissue-based clinical research, sponsored by key players or governments. In December 2022, Parexel announced a referral agreement with MyEyeDr. for ophthalmology clinical trials, expanding into endocrinology. Such collaborations accelerate drug development and contribute to market growth during the forecast period.

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Market Driver

The global Contract Research Organization (CRO) market is experiencing growth due to increasing government initiatives to support clinical trials for new drugs, biologics, and medical devices. These initiatives include funding and training for Good Clinical Practices (GCP), leading to an increase in clinical trials in regional markets.

The demand for clinical trial supplies, particularly cold chain storage, is rising due to the temperature-sensitive nature of biologics and pharmaceutical ingredients. Medical device clinical trials also require optimized supply chain management. Thus, government-backed GCP development is driving the expansion of the CRO market. 

The Contract Research Organization (CRO) market is experiencing significant growth, driven by the increasing demand for outsourcing clinical trials. Pharmaceutical and biotech companies are turning to CROs for their expertise and resources in trial management. The trend towards decentralized trials and real-world evidence studies is also impacting the market.

Regions like Asia-Pacific and Europe are witnessing high growth due to cost advantages and favorable regulatory environments. The use of technology, such as electronic data capture and telemedicine, is transforming the way trials are conducted. The market is competitive, with companies focusing on providing innovative solutions and expanding their service offerings. The regulatory environment and data security remain key challenges for CROs. Overall, the CRO market is poised for continued growth in the coming years. 

Market Challenges

• Contract Research Organizations (CROs) in the pharmaceutical, biotechnology, and medical device industries face significant challenges related to intellectual property (IP) in outsourced clinical trials. Regulatory bodies patent many medical devices and medications, increasing the risk of data leakage.
• Pharmaceutical companies must submit safety and efficacy data for drug approval, creating burdensome patent concerns and pre- and post-grant disagreements. CROs must prioritize clinical trial agreements to address these issues and maintain industry growth, despite potential reputational damage.
• The Contract Research Organization (CRO) market faces several challenges in delivering effective and efficient clinical trials. These include sourcing and outsourcing processes, regulatory compliance, data management and analysis, and ensuring high-quality trial conduct. Additionally, budget and timeline constraints, geographical considerations, and the increasing complexity of clinical trials pose significant challenges.
• To address these issues, CROs must employ advanced technologies, streamlined processes, and a global network to provide comprehensive clinical trial solutions. Collaboration and communication between all stakeholders are also crucial to ensure successful trial outcomes.

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Research Analysis

The Contract Research Organization (CRO) market in the realm of Pharmaceutical R&D is experiencing significant trends, with R&D outsourcing becoming increasingly popular. Collaborative partnerships between organizations are on the rise, enabling the sharing of resources and expertise in areas such as remote work, patient-centric trials for chronic disease treatment, and research into CNS disorders, cardiology, metabolic disorders, infectious diseases, and oncology.

Industrialization impact is driving the need for skill development programs to address workforce shortages, particularly in areas of basic literacy rates and laboratory services. CROs play a crucial role in drug development, optimizing R&D efficiency through the implementation of clinical trial protocols and drug development processes. The focus on improving R&D efficiency and addressing the challenges of industrialization is leading to innovative solutions and advancements in the CRO market.

Market Research Overview

The Contract Research Organization (CRO) market refers to the industry that provides outsourced research services to pharmaceutical, biotechnology, and medical device companies. These organizations specialize in conducting clinical trials and research studies to help bring new drugs and treatments to market. The CRO market is driven by the increasing complexity of clinical trials and the need for cost savings and efficiency.

The trends in the CRO market include the use of technology to streamline processes, the growth of emerging markets, and the focus on specialized services such as rare disease research. The CRO market also faces challenges such as regulatory compliance, data security, and the need for high-quality data. Overall, the CRO market plays a critical role in the development of new therapies and treatments, and is expected to continue growing in the coming years.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Clinical Research
• Early Phase Development
• Laboratory
• Regulatory Consulting
• End-user
• Pharmaceutical And Biopharmaceutical Companies
• Medical Device Companies
• Academic Institutes
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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SOURCE Technavio