According to the most recent report by Emergen Research, the worldwide Contract Research Organization (CRO) market size was USD 61.21 billion in 2021 and is anticipated to experience a revenue CAGR of 10.8 percent over the projected period.
According to the most recent report by Emergen Research, the worldwide Contract Research Organization (CRO) market size was USD 61.21 billion in 2021 and is anticipated to experience a revenue CAGR of 10.8 percent over the projected period. One of the main factors fueling the global market revenue growth is the rising number of drug development initiatives.
A company that manages complex clinical research and trial responsibilities, drug discovery, clinical development, and commercialization of new products for sponsor companies, primarily in the biotechnology, pharmaceutical, and medical device industries, is referred to as a contract research organisation (CRO). Among other research services, these businesses provide clinical trial management, preclinical research, clinical research, commercialization, and pharmacovigilance. These are contracted out, also referred to as on a fee-for-service basis.
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Pharmaceutical companies have been releasing more new medications every year during the past ten years. These businesses intend to cut costs overall, therefore they must lay off researchers and spend less on internal R&D infrastructure. It can speed up drug discovery and enhance success rates to outsource research to CROs, which boosts revenues. The expansion of the contract research outsourcing market’s revenue is also being fueled by large healthcare businesses’ growing investments in and attention to healthcare R&D as well as the creation of innovative pharmaceuticals and therapies. Several businesses are currently taking part in merger and acquisition activities to strengthen their position in the market. On July 5, 2022, the contract research firm DiscoveryBioMed was acquired by the American drug development company Eurofins Discovery. This acquisition helped Eurofins Discovery achieve its goal of providing the most extensive and superior range of drug discovery services and solutions.
Clinical trials may eventually evolve as a result of emerging new technology. CROs are now starting to take into account cutting-edge technology in their research methodologies, like artificial intelligence (AI) and machine learning. These technologies have a huge potential to boost productivity in clinical research and development. They are utilising more of these technologies and as technology develops, they will depend less on manpower. The goal of contract research firms is to create digital platforms that can be easily integrated into current systems. Increasing use of cutting-edge technology is anticipated to fuel market revenue growth over the forecast period.
Over the projected period, rising chronic disease burden is anticipated to drive market trends for contract research organisations. A sedentary lifestyle, poor dietary habits, cigarette use, and smoking are a few of the major causes of the rising burden of chronic diseases. Additionally, the global R&D budget has grown as a result of COVID-19 and the Ebola pandemic. For instance, the Eurostat reports that R&D spending in the European Union increased from 2.2 percent of GDP in 2019 to 2.3 percent in 2020.
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Some Key Highlights from the Report
- The growing need for CROs in early phase clinical research is anticipated to cause the revenue of the early phase development services segment to grow steadily throughout the projected period. Various services are offered during the early phases of research, including protocol drafting, phase 1 focused data management, scientific consultation, clinical monitoring, medical writing, and many more.
- By 2030, the oncology segment is expected to register a significantly fast revenue growth rate during the forecast period. Sponsors have been forced to concentrate on creating new medicines and medical equipment due to the rising incidence of cancer. As a result, more clinical trials are being conducted, and new cancer treatments are being discovered. For instance, the European Journal of Cancer research estimates that there would be 1.9 million cancer-related deaths and over 4 million new cancer cases in Europe by the year 2020. Therefore, as a result of the aforementioned variables, the segmental growth is anticipated to be driven by the rising cancer burden.
- Due to the high occurrence of infectious diseases including tuberculosis, meningitis, and flu, the infectious diseases segment is anticipated to have consistent revenue growth over the course of the projected period. The discovery of drugs to treat viral and bacterial infections as well as research into the causes and symptoms of infectious diseases are two areas where major organisations are investing heavily. They mostly outsource research-related tasks, which is why CROs are in high demand.
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- During the projected period, the Asia Pacific market is anticipated to post a considerably rapid rate of revenue growth. This is a result of the region’s developing pharmaceutical infrastructure and increased number of clinical studies, particularly in China and India. Companies are expanding their operations in this region as a result of the rising demand for CROs. For instance, the contract research company TCG Lifesciences, based in India, said in May 2022 that it will expand its operations in Pune by acquiring 100,000 square feet of space for a new discovery services centre.
- IQVIA Inc., PPD Inc., ICON Plc., Syneos Health Inc., Parexel International, Medpace Holdings Inc., Charles River Laboratories Inc., PRA Health Sciences Inc., WuXi AppTec Group, Labcorp Drug Development, Kiecana Clinical Research (KCR), ClinTec International, Advanced Clinical, Pharm-Olam, LLC, and WuXi Biologics are a few notable companies in the global market report.
- Thermo Fisher Scientific Inc. bought PPD, Inc. in December 2021; it was a major provider of clinical research services to the biotech and biopharma industries worldwide. Thermo Fisher Scientific Inc. will now provide services ranging from managing clinical trial logistics to manufacturing and developing pharmaceutical products as a result of this transaction. This plan is anticipated to increase their consumer base and boost revenue.
- StudyKIK, a top retention and technology-enabled clinical trial recruitment company, was purchased by Syneos Health in September 2021. With this acquisition, Syneos Health will be better able to provide insight-driven solutions and expand its clinical trial diversity, recruitment, and employee retention efforts.
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Emergen Research has segmented the global contract research organization market based on service type, application, end-use, and region:
- Service Type Outlook (Revenue, USD Billion; 2019-2030)
- Clinical Research Services
- Phase I
- Phase II
- Phase III
- Phase IV
- Early Phase Development Services
- Chemistry, Manufacturing and Controls Services
- Preclinical Services
- Pharmacokinetics/ Pharmacodynamics Services
- Toxicology Testing Services
- Other Preclinical Services
- Discovery Studies
- Laboratory Services
- Analytical Testing Services
- Bioanalytical Testing Services
- Consulting Services
- Data Management Services
- Database Design
- Data Entry and Validation
- Database Maintenance and Archival
- Others
- Clinical Research Services
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Oncology
- Infectious Diseases
- Immunological Disorders
- Metabolic Disorders
- Respiratory Diseases
- Cardiovascular Diseases
- Neurological Disorders
- Others
- End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Medical Device Companies
- Biopharmaceutical Companies
- Academic and Research Institute
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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