The clinical research organization (CRO) market is on a remarkable growth trajectory, with its valuation expected to escalate from USD 58.0 billion in 2022 to an impressive USD 139.6 billion by 2033, according to a recent market survey by Future Market Insights (FMI).
This substantial growth reflects the increasing demand for outsourced research services driven by the rising complexity of clinical trials, the need for cost-effective solutions, and the growing focus on personalized medicine. The CRO market’s expansion is also supported by the ongoing advancements in clinical research methodologies and the increasing number of pharmaceutical and biotechnology companies seeking specialized research support.
The projected market growth underscores the critical role CROs play in accelerating the development of new therapies and improving the efficiency of clinical trials, ultimately enhancing patient outcomes and contributing to the advancement of medical science.
The market for clinical research organizations (CROs) is expanding mostly due to the efforts of the pharmaceutical and biotechnology industries. These businesses invest a lot of money in the discovery of novel treatments and medications, and they frequently contract out some or all of the clinical research work to CROs to increase productivity and access to funding.
A great deal of financing for clinical research studies—particularly those involving new medicinal compounds—comes from pharmaceutical and biotech corporations. These businesses frequently look to collaborate with CROs who can offer specialized knowledge in research design, data administration, and general project management.
Pharmaceutical and biotech companies can shorten the time it takes to develop new drugs by outsourcing clinical trial efforts to CROs and concentrating internal resources on core research and development tasks. The CRO market will be driven by the rise in the tendency to outsource clinical development as the number of novel neurological therapeutics increases.
Investments in various pharma and life science firms are increasing as neurological illnesses become more common. The research and development of novel drugs and technologies for the treatment of various neurological illnesses, such as Alzheimer’s disease, is being heavily invested in by these businesses. Researchers have been urged to invest in early-stage advancements in neuroscience and neurology studies as a result of an increase in late-stage clinical failures in the neuroscience area in recent years.
Key Takeaways from Market Study
- Post-approval services are the leading segment product among lasers, and held about 45.7% market share in 2022, services are crucial for ensuring the continued safety and efficacy of the product or therapy.
- By production, In-house production is the leading segment and held 58.3% market share in 2022. As In-house clinical research offers greater control over study data and technological expertise
- By indication, oncology segment is leading, and held 23.4% market share in 2022, being the fastest growing area in clinical research.
- By end user, the pharmaceutical & biotechnology companies dominated the global clinical research organization market withholding the total market share of about 45.6% by the end of 2022, owing to the convenience and ease of accessibility to a range of products label products to licensed products.
- By region, North America is leading in the global market with U.S. contributing around US$ 19.5 Billion in 2022.
“Increasing prevalence of cancer and growing awareness and diagnosis of the conditions using different oncological studies such as screening trials, interventional trials, etc. to create lucrative potential for the market to grow,” says an analyst of Future Market Insights.
Market Competition
The key market players in the market for clinical research organisations use partnerships, acquisitions, consolidations, and alliances to grow their businesses. The focus these market players is on strategies like boosting revenue and implementing cutting-edge technology for creation of novel items.
- In October 2021, Parexel and Kyoto University Hospital, Japan announced a strategic partnership that will improve clinical research prospects. This offers effective and fruitful approaches to help clinical research in a number of therapeutic fields, including neurology.
- In November 2021, IQVIA announced the opening of brand-new Q2 Solutions Innovation Laboratories with a cutting-edge range of laboratory capabilities in North Carolina. This will increase the company’s capabilities and generate new employment opportunities for qualified people.
What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the clinical research organization market in its latest study, presenting a historical demand assessment of 2018 – 2022 and projections for 2023 – 2033. The global clinical research organization market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
The research study is based on 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) across seven regions of the world.
Key Players:
- 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
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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