In an exciting revelation from Future Market Insights (FMI), the clinical research organization market is poised for substantial growth. Valued at USD 58.0 billion in 2022, this dynamic market is expected to more than double, reaching an impressive USD 139.6 billion by 2033.
This exponential growth highlights the increasing reliance on CROs for their expertise in managing complex clinical trials and navigating regulatory landscapes. As the demand for innovative medical treatments and therapies continues to rise, CROs are playing a crucial role in accelerating the development and approval of new drugs and medical devices.
The remarkable expansion of the CRO market reflects the industry’s vital contributions to advancing global healthcare, fostering innovation, and ensuring rigorous standards in clinical research. With a CAGR that underscores robust market confidence, the future looks exceptionally promising for CROs worldwide.
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The market is driven by the increasing demand for low-cost, effective drug development techniques. Pharmaceutical and biotech businesses often outsource their clinical research activities to CROs in order to benefit from their specialized knowledge, resources, and infrastructure. This allows the companies to focus on their core competencies, such as pharmaceutical discovery and marketing, and rely on CROs to conduct clinical studies.
Key Takeaways:
- Market Valuation: The global clinical research organization market was valued at US$ 58.0 billion in 2022.
- Future Growth: The market is projected to grow to US$ 139.6 billion by 2033.
- Growth Drivers: The expansion is fueled by factors such as the increasing complexity of clinical trials, the rise in biologics, and the growing demand for specialized testing and R&D services.
- Industry Dynamics: Pharmaceutical and biotechnology companies are increasingly outsourcing R&D to CROs to optimize efficiency and manage costs effectively.
Competitive Landscape:
The market’s key vendors are concentrating on diversifying their product offerings to strengthen their market share in clinical research organizations and to broaden their presence in developing nations. Pricing strategies, market strategies, technology improvements, regulatory compliance, and acquisition and distribution agreements with other companies to extend their business are the main tactics used by manufacturers to acquire a competitive edge in the market.
For instance:
- In January 2020, Charles River announced a scientific collaboration with Takeda Pharmaceutical Company Limited in order to focus on drug discovery in the four core therapeutic areas that Takeda works on. These four therapeutic areas include oncology, gastroenterology, neuroscience, and rare disease. This collaboration focuses on delivering preclinical candidates.
- In July 2022, Labcorp launched a new test called the neurofilament light chain (NfL) blood test, which will help in the identification and confirmation of neurodegenerative diseases like multiple sclerosis, Alzheimer’s disease, Parkinson’s disease, and others.
Key Companies Profiled:
- Charles River Laboratories
- Laboratory Corporation of America Holdings
- IQVIA Inc
- Parexel International Corporation
- ICON plc.
- Medpace, Syneos Health
- CTI Clinical Trial and Consulting Services
- Neuroservices Alliance
- QPS Neuropharmacology
- MD Biosciences
- EphyX Neuroscience
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Key Segments Covered in Clinical Research Organization Industry Research
By Service:
- Drug discovery Services
- Pre-clinical Services
- Clinical Services
- Post Approval Services
By Production:
- In-house
- Outsourced
By Indication:
- Oncology
- CNS
- Cardiovascular Diseases
- Metabolic Disorders
- Immunology
- Respiratory
- Musculoskeletal Disorders
- Hematological Disorders
- Other
By End User:
- Pharmaceutical & Biotechnology Companies
- Medical Device Companies
- Governments & Private Firms
- Academic Institutions
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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