How CROs Are Transforming Global Research and Development

"The global market for contract research organization (CRO) services is about companies that help pharmaceutical, biotechnology, and medical device firms with research and development. CROs handle tasks like clinical trials, drug testing, and regulatory approvals, allowing these companies to bring new treatments to market faster and more efficiently. This market is growing as more companies choose to outsource their research to CROs to save time."

BOSTON, Nov. 26, 2024 /PRNewswire/ -- "According to the latest study from BCC Research, the demand for Contract Research Organization (CRO) Services is expected to grow from $111.8 billion in 2024 to $166.0 billion by the end of 2029, at a compound annual growth rate (CAGR) of 8.2% during the forecast period of 2024 to 2029."

This report looks at the global market for CRO services, covering the major companies in the sector. It explains the clinical trial process, including the different phases and services CROs provide, and highlights the therapeutic areas they work in, such as cancer, heart disease and neurology.

The market is segmented by type of service such as clinical trials, drug discovery, and preclinical research, as well as by region—North America, Europe, Asia-Pacific, and Rest of the World. It also looks at End users studied include pharmaceutical companies and academic research institutions.

The report uses 2023 data to provide market estimates for 2024 and forecasts growth through 2029. It analyzes market trends, leading companies, challenges, and opportunities, offering insights into the future of the CRO industry. It also covers the competitive landscape and the emerging trends shaping the industry.

The main goals of the report are to assess technologies, market size, growth drivers, and competition, and provide long-term forecasts for the CRO services market.

Interesting and surprising facts:

Pharmaceutical companies are turning to CROs more often for drug development because the process is becoming more complex and more dependent on advanced technology. The COVID-19 pandemic has made the role of CROs even more important in global health efforts.

Factors contributing to this growth include:

1.  Increasing adoption of AI. CROs are increasingly using AI to improve their services. AI helps them analyze data faster, make better predictions, and run more efficient clinical trials, which speeds up drug development and reduces costs.

2.  Rising prevalence of chronic and immunological diseases. More people worldwide are developing chronic diseases, such as diabetes, heart disease and immune system disorders, which increases the need for treatments and medical care.

3.  CROs add efficiency.: Companies and researchers are joining forces to develop new antibody drugs, sharing their expertise and resources to speed up the discovery of new treatments and bring them to patients faster, leading to more effective medicines.

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Report Synopsis

This report addresses the following questions:

1.  What are the projections for the market?

The global market for CRO services was valued at $103.4 billion in 2023 and is projected to reach $166.0 billion by the end of 2029.

2.  What factors are driving the growth of the market?

Increasing adoption by CROs of AI, the rising prevalence of chronic and immunological diseases globally, and the efficiency added by CROs to the R&D process are driving market growth.

3.  Which market segments are covered in the report?

The market is segmented into functional services and applications. Functional services cover drug discovery services, preclinical services and clinical trials services. Applications include oncological, immunological, neurological, metabolic and cardiovascular diseases, and as well as CNS, respiratory, and genetic diseases.

4.  Which functional services segment will dominate the market by the end of 2029?

Clinical trials will dominate the CRO services market.

5.  Which region has the largest share of the global market?

The North American market was valued at $56.6 billion in 2023 and is projected to reach $91.4 billion in 2029, at a CAGR of 8.4% during the forecast period.

Leading companies in the market include:

•  Charles River Laboratories

•  Frontage Labs.

•  Icon Plc

•  Iqvia Inc.

•  Laboratory Corp. Of America Holdings         

•  Medpace

•  Parexel International Corp.

•  Syneos Health

•  Thermo Fisher Scientific Inc.

•  Wuxi Apptec

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