Global Contract Research Organization Services (CROs) Market Expected to Reach $155.9 Billion by 2030 | Business Intelligence Insights (BII)

Publisher Name : Business Intelligence Insights (BII) Publish Date : 2022-01-28  

     

As per Business Intelligence Insights (BII) study, the Global Contract Research Organization Services (CROs) Market attained revenue growth of 63.4 billion in 2021 and it is projected to reach around USD 155.9 billion by 2030, growing at a 11.90% CAGR.

The term "contract research organisation" refers to a company that provides clinical management services to pharmaceutical, biotechnology, and medical device companies. Sponsors, manufacturers, ethical committees, competent authorities, foundations, researchers, centers, and legal departments all contribute to the complexity of clinial trial management. Furthermore, working within the guidelines of good clinical practices and harmonization guides is critical to maintaining the study's quality. The majority of CROs' revenue comes from pharmaceutical, biotechnology, medical device, government, and other medical research firms' R&D budgets. Similarly, CRO revenue growth will be driven by overall R&D spending and the expansion of pharmaceutical R&D outsourcing.

As the demand for time-efficient and cost-effective drug development with high therapeutic knowledge develops, CRO services are in more demand. In many circumstances, outsourcing R&D operations allows companies to reduce internal costs by taking use of CROs' capacity, scale, and expertise. As a result, significant outsourced penetration in the clinical development and post-approval stages is expected. Certain early-stage operations, such as safety evaluation and regulatory-related services, are also fueling outsourcing tendencies, accelerating market expansion. The organizations work together with other businesses to develop novel items that aid in their clinical trials. Obesity and diabetes are on the rise due to their broad prevalence and earlier onset, accounting for more than half of all chronic disease deaths. Chronic sickness affects people all across the world, not only in rich countries. Emerging countries are increasingly plagued with chronic disease-related public health issues, contrary to popular opinion.

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 Global Contract Research Organization Services (CROs) Market : Companies Mentioned

•  IQVIA Inc. (US)
•  Laboratory Corporation of America Holdings (US)
•  Charles River Laboratories International, Inc. (US)
•  WuXi AppTec Co., Ltd. (China)
•  Syneos Health Inc. (US)
•  Parexel International Corporation (US)
•  PPD, Inc. (a part of Thermo Fisher Scientific, Inc.) 
•  Pharmaron Beijing Co., Ltd. (China)
•  Clinipace Inc. (US)
•  ICON plc (Ireland)
•  Medpace Holdings Inc. (US)
•  SGS SA (Switzerland)
•  Frontage Holdings Corporation (US)
•  PSI CRO AG (Switzerland)
•  BioAgile Therapeutics Pvt. Ltd. (India)
•  Firma Clinical Research, LLC (US)
•  AccuLab Life Sciences (US)
•  Novotech Health Holdings (Australia)
•  Geneticist Inc. (US)
•  Linical Americas (US)
•  Celerion (US)
•  Azelix LLC (US)
•  Clinical Trial Service BV (Netherlands)
•  Pepgra Healthcare Pvt. Ltd. (UK)
•  Axcent Advanced Analytics, Inc. (US)
•  Dove Quality Solutions Limited (UK)

Key Highlights of the Report

•  The market is split into Clinical Research Services, Early phase development Services, Laboratory Services, Consulting Services and Data Management Services based on type. The clinical category accounted for a sizable portion of the global market. This is due to the increasing prevalence and number of chronic disease patients. This industry is also being propelled by the increase in outsourcing R&D activities in the biotechnology and pharmaceutical sectors. During the projection period, the early phase development services segment is expected to grow at a faster rate. This is due to a rise in funding for the development of life-saving medications.

•  Oncology, Infectious Diseases, CVS Disorders, Neurology, Vaccines, Metabolic Disorders/Endocrinology, Immunological Disorders, Psychiatry, Respiratory Disorders, Dermatology, Ophthalmology, Gastrointestinal Diseases, Genitourinary & Women’s Health, Hematology and Other Therapeutic Areas are the Therapeutic Area segments of the market. Oncology has the largest market share due to advancements in research and technology, as well as a greater emphasis on addressing broader global disease threats such as oncology. The length, cost, and complexity of clinical trials have also increased as a result of stringent regulatory protocols and onerous penalties for noncompliance. Oncology has been identified as the most active and fastest-growing therapeutic area for CROs, representing the single most significant focus in clinical development at the moment. Because of the increasing prevalence of Alzheimer's disease, dementia, and Parkinson's disease, CNS Disorder has the second-highest CAGR.

•  North America has the largest market share, which is expected to continue throughout the forecast period. Major pharmaceutical companies are outsourcing R&D and clinical trials as a result of shifting reimbursement scenarios and generic competition, which is boosting the expansion of CRO services in North America. Pharmaceutical companies' rising R&D investment in creating novel therapies is boosting the market's rise in the area. High R&D expenditure and initiatives by important firms to expand their product range are projected to drive the development of new pharmaceuticals, increasing demand for clinical trial and drug development outsourcing services. As a result, these factors are likely to propel the contract research organisation market in North America forward.

•  The report contains qualitative and quantitative research on the global Contract Research Organisation Services (CROs) Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.


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Revenue-generating Segment Highlights

By Type
•  Clinical Research Services
•  Early phase development Services
•  Laboratory Services
•  Consulting Services
•  Data Management Services

By Clinical Research Services
•  Phase III
•  Phase II
•  Phase I
•  Phase IV

By Early phase development services
•  Chemistry, Manufacturing and Controls Services
•  Preclinical Services
•  Pharmacokinetics/ Pharmacodynamics Services
•  Toxicology Testing Services
•  Other Preclinical Services
•  Discovery Studies

By Laboratory services
•  Analytical Testing Services
•  Bioanalytical Testing Services

By Therapeutic Area
•  Oncology
•  Infectious Diseases
•  CVS Disorders
•  Neurology
•  Vaccines
•  Metabolic Disorders/Endocrinology
•  Immunological Disorders
•  Psychiatry
•  Respiratory Disorders
•  Ophthalmology
•  Gastrointestinal Diseases
•  Genitourinary & Women’s Health
•  Hematology
•  Other Therapeutic Areas

By End user
•  Pharmaceutical & Biopharmaceutical Companies
•  Medical Device Companies
•  Academic Institutes

By Region
•  North America
o  U.S.
o  Canada
•  Europe 
o  Germany
o  U.K.
o  France
o  Italy
o  Spain
o  Rest of Europe
•  The Asia Pacific 
o  China
o  India
o  Japan
o  Rest of Asia Pacific
•  Latin America 
o  Brazil
o  Mexico
o  Rest of Latin America
•  The Middle East and Africa 
o  UAE
o  South Africa
o  Rest of the Middle East and Africa (MEA)

Ready to generate outstanding revenue opportunities with Business Intelligence Insights (BII) exclusive Global Contract Research Organization Services (CROs) Market study. Highlights of the overall market will be included in the research, as well as frequently asked questions such as –

•  What are the historical and projected revenue figures, as well as the CAGR, for the forecast period?
•  What is the current trend taking place in the market space?
•  What are the business techniques that will influence competitive scenarios as well as the market's growth potential?
•  What market drivers, restraints, and challenges are influencing market demand and growth?
•  In the approaching years, which regions and segments will generate significant revenue and emerge as industry leaders?

 

The Global Contract Research Organization Services (CROs) Market report's competitive scenario examines, assesses, and positions firms based on a variety of performance characteristics. The financial performance of organizations over the last few years, growth plans, product innovations, new product launches, investments, market share growth, and so on are some of the elements analysed in this research. Don't wait any longer; take a comprehensive approach and achieve your business objectives with our Global Contract Research Organization Services (CROs) Market Forecast Report 2022- 2030 - Order Now!

About Us

The Business Intelligence Insights is the global provider of market intelligence, consultancy services, and syndicated & customized reports. We are focused on assisting business leaders and suppliers in making decisions by providing timely and insightful market research and consulting services. We offer global, and regional expertise in technology, industry, opportunities, trends, industry analysis, market data, and strategic guidance. Our analysis and insight help business professionals, executives, and investors make fact-based technology decisions and achieve their key business objectives. Our reports are featured distinct research approaches, rigorous methodologies, and comprehensive sector coverage

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