Contract Research Organization (CRO) Market size to grow by USD 63.35 billion from 2023-2028, North America to account for 40% of market growth - Technavio

NEW YORK, Jan. 8, 2024 /PRNewswire/ -- The contract research organization (CRO) market size is expected to grow by USD 63.35 billion from 2023 to 2028. In addition, the momentum of the market will progress at a CAGR of 12.61% during the forecast period, according to Technavio Research. The market is segmented by Application (Clinical research, Early phase development, Laboratory, and Regulatory consulting), End-user (Pharmaceutical and biopharmaceutical companies, Medical device companies, and Academic institutes), and Geography (North America, Europe, Asia, and Rest of World (ROW)). North America is estimated to contribute 40% to the growth of the global market during the forecast period. With its modern healthcare infrastructure, the region is a favored destination for pharmaceutical companies to outsource late-stage research and development of medicinal products as it has an increasing number of patients. Moreover, the region's Biopharmaceutical Industry continues to thrive and is targeted at innovative medicines, generics, biologics, and emerging areas such as precision medicine and regenerative therapy. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read a FREE PDF Sample Report

Market dynamics

Key Driver - The rise in M&A activities among companies drives the Contract Research Organization (CRO) Market. This trend profoundly influences domains such as Clinical Trials, Drug Development, and Data Management. It extends to Preclinical Research, Pharmacovigilance, and Biopharmaceuticals, fostering Globalization and Intellectual Property exchange. Moreover, it emphasizes Technology Transfer, Quality Assurance, Risk Management, and strategic partnerships, fueling market growth through collaborative mergers, acquisitions, and partnerships within the pharmaceutical and research sectors.

Leading Trend - The primary trend in the Contract Research Organization (CRO) Market revolves around managing capacity utilization and constraints. This trend impacts various segments such as Innovative Therapies and Ethical Considerations, steering efforts toward Regulatory Compliance and refining Outsourcing Strategies. It prioritizes Pharmacovigilance, Medical Writing, and strategies for Market Expansion. Additionally, it influences sectors like Biosimilars, Health Economics, and the conduct of Toxicology Studies, highlighting the need to optimize capacity for sustained market development.

Challenge - The Contract Research Organization (CRO) Market faces a challenge due to a scarcity of skilled professionals, impacting various domains like Therapeutic Expertise and hindering efficient Patient Recruitment. This shortage affects Regulatory Affairs and impedes services such as Custom Synthesis and Clinical Data Analysis. Additionally, it strains Bioanalytical Services, hampers expansion into Emerging Markets, and affects Operational Excellence and proficient Project Management, impeding the market's growth trajectory.

Company Profile:

BioAgile Therapeutics Pvt. Ltd, Charles River Laboratories International Inc., Clinical Trial Service B.V., CTI Clinical Trial and Consulting Inc., Ergomed Plc, Eurofins Scientific SE, Geneticist Inc., Hangzhou Tigermed Consulting Co. Ltd., ICON plc, IQVIA Holdings Inc., Konecranes, Laboratory Corp. of America Holdings, Linical Co. Ltd., Medpace Holdings Inc., Novotech Health Holdings, Parexel International Corp., Pharmaron Beijing Co. Ltd., Syneos Health Inc., Thermo Fisher Scientific Inc., WuXi AppTec Co. Ltd.

Charles River Laboratories International Inc.: The company offers preclinical CRO services to provide a full range of in vivo and in vitro testing evaluations and regulatory support for the safety assessment of pharmaceuticals, medical devices, and animal health products as well as chemicals, agrochemicals, and biocides.

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Contract Research Organization (CRO) Market: Segmentation Analysis

The clinical research segment will be significant during the forecast period. Research institutions are central to performing tests on clinical samples to monitor patient health in connection with the diagnosis, treatment, and prevention of various neurological disorders. Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a PDF Sample Report

"Besides analyzing the current market scenario, our report examines historic data from 2018 to 2022"- Technavio

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What are the key data covered in this contract research organization (CRO) market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the contract research organization (CRO) market between 2023 and 2028.
• Precise estimation of the contract research organization (CRO) market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the contract research organization (CRO) market across North America, Europe, Asia, and ROW
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of contract research organization (CRO) market vendors.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

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SOURCE Technavio