Global Contract Research Organization (CRO) Services Market Analysis Report 2023-2028 - Focus on Oncology, Infectious Disease, Neurology, Immunology, Hematology, Vaccines, Cell & Gene Therapy

DUBLIN, Feb. 14, 2023 /PRNewswire/ -- The "Global Contract Research Organization (CRO) Services Market by Type (Early Phase, Clinical, Lab, Consulting), Therapeutic Area (Oncology, Infectious Disease, Neurology, Immunology, Hematology, Vaccines, Cell & Gene Therapy), End-user, and Region - Forecast to 2028" report has been added to  ResearchAndMarkets.com's offering.

The global CRO services market is estimated to grow at a CAGR of 10.7% during the forecast period

Growth in the CRO services market can mainly be attributed to factors such as the increasing investment in pharmaceutical R&D, the rising number of clinical trials, high cost of in-house drug development, which in turn is encouraging pharma-biotech companies to opt for outsourcing.

The data management services segment accounted for the highest growth rate in the CRO services market, by type, during the forecast period

In 2022, the data management services segment accounted for the highest growth rate. The data management services segment is projected to grow at the highest CAGR owing to the factors such as the need to generate quality data for analysis and significance of data to meet the regulatory standards.

Data management is gaining importance due to its role in the streamlined and uninterrupted development of drugs and medical devices.

Asia-Pacific: The fastest-growing region in the CRO services market

The Asia-Pacific market is estimated to record the highest CAGR during the forecast period. This is attributed to the rapid growth in the pharmaceutical and biopharmaceutical industries in the region and the relatively low cost of conducting clinical trials.

Competitive landscape

In 2022, IQVIA (US) dominated the CRO services market, followed by Laboratory Corporation of America Holdings (US), PPD (US), ICON (Ireland), Syneos Health (US), Parexel International Corporation (US), and Charles River Laboratories International (US). Other prominent players in the market are WuXi AppTec (China), SGS (Switzerland), and Medpace Holdings (US).

Premium Insights

• Rising Investments in Pharmaceutical R&D to Drive Market Growth
• Clinical Research Services Dominated North American Market in 2022
• Clinical Research Services to Continue to Dominate Market by 2028
• Pharmaceutical & Biopharmaceutical Companies Accounted for Largest Market Share in 2022
• Asia-Pacific to Register Highest Growth Rate in Global Market from 2023 to 2028

Market Dynamics

Drivers

• Increasing Drug R&D Pipeline
• Technological Advancements in Clinical Trials
• High Cost of In-House Drug Development

Opportunities

• Need for Novel Clinical Trial Designs for Complex Cell & Gene Therapies
• Emergence of Hybrid Models with CRO-CDMO Partnerships

Challenges

• Patient Recruitment and Retention for Clinical Trials
• Shortage of Skilled Professionals for Clinical Trials

Market Trends

• Industry Consolidation
• Decentralized Clinical Trials
• Real-World Data (RWD) and Real-World Evidence (RWE)
• Trends/Disruptions Impacting Customers' Businesses

Case Study Analysis

• Using Lab Data Insights to Improve Population Management of Chronic Kidney Disease (CKD)
• IQVIA Focuses on Leveraging AI and ML to Improve Service Offerings

Company Profiles

Key Companies

• IQVIA
• Laboratory Corporation of America Holdings (LabCorp)
• PPD Inc. (A Part of Thermo Fisher Scientific, Inc.)
• Syneos Health Inc.
• WuXi AppTec Co. Ltd.
• Charles River Laboratories International, Inc.
• Parexel International Corporation
• Pharmaron Beijing Co. Ltd.
• Icon PLC
• Medpace Holdings, Inc.
• SGS SA
• Frontage Holdings Corporation
• PSI CRO AG
• BioAgile Therapeutics Pvt. Ltd.
• Firma Clinical Research, LLC
• Acculab Life Sciences
• Novotech Health Holdings
• KCR (Formerly Kiecana Clinical Research)
• Linical Co. Ltd.
• Advanced Clinical

Other Players

• Azelix LLC
• Clinical Trial Service BV
• Pepgra Healthcare Pvt. Ltd.
• Worldwide Clinical Trials Holdings Inc.
• CTI Clinical Trial and Consulting Services, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/beiomk-contract?w=5

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