Global CRO Services Market Assessment, By Type [Early Phase Development Services, Clinical Research Services, Laboratory Services, Consulting Services, Data Management Services], By Application [Oncology, Cardiology, Neurology, Infectious Diseases, Metabolic Disorders, Nephrology, Others], By End-user [Pharmaceutical and Biotechnological Companies, Medical Device Companies, Research Laboratories and Academic Institutes, Others], By Region, Opportunities and Forecast, 2017-2031F

The global contract research organization (CRO) services market is projected to witness a CAGR of 8.63% during the forecast period 2024-2031F, growing from USD 70.07 billion in 2023 to USD 135.91 billion in 2031F.

Global CRO Services Market Size, Trends, Report 2031

The&nbsp;global contract research organization (CRO) services market&nbsp;is projected to witness a&nbsp;CAGR of 8.63%&nbsp;during the forecast period 2024-2031F, growing from&nbsp;USD 70.07 billion&nbsp;in 2023 to&nbsp;USD 135.91 billion&nbsp;in 2031F. Various factors shape the global CRO services market, including an increased focus on technological enhancements, companies securing funding for expansion, increased demand for clinical research services, a rise in applications in oncology, a growing European market, and increasing mergers and acquisitions.&nbsp;
The global CRO services market is growing because of the increasing adoption of technology. CROs are leading the way in implementing innovative technologies to transform clinical trials. CROs are better positioned to optimize procedures, improve data analysis, and make better decisions thanks to the convergence of artificial intelligence, machine learning, and cloud computing. Due to this technological revolution, CROs can now offer their clients more advanced, effective, and data-driven services. CROs are diversifying their offerings to meet the changing demands of the biotech and pharmaceutical sectors. They provide specialized services in new fields such as rare diseases, cell and gene therapies, and the creation of real-world evidence. By diversifying, CROs can set themselves apart from rivals and take a bigger chunk of the expanding global CRO services market.&nbsp;
To access a variety of patient populations and regulatory contexts, CROs are creating a global footprint. Simultaneously, they are tailoring their offerings to suit the local market's demands and ensuring that local laws and customs are followed. With the help of this global strategy, CROs can provide their clients with customized solutions while upholding uniform quality standards everywhere, leading to growth in the global CRO services market. CROs are prioritizing regulatory compliance and quality management systems to guarantee research participant safety and the accuracy of clinical trial data. They are putting strong data management procedures into place, employing strict quality control procedures, and working closely with regulatory bodies. To keep their good name and win sponsors' recurring business in the global CRO services market, CROs must remain steadfast in their dedication to quality and compliance.
For example, to introduce a new service that intends to assist sponsors in designing and optimizing adaptive trials, biometric CRO Quanticate International Ltd. announced in April 2024 that it has partnered with PhaseV Trials Ltd., a machine learning firm that develops software for clinical trials. The companies aim to combine PhaseV's machine learning platform and software with Quanticate's statistical programming, biostatistics, and clinical data management solutions to create a new system that will enable Quanticate's statistical consultants to determine whether a sponsor's trial is appropriate for an adaptive design. Clinical trials that adapt their designs in response to interim data are known as adaptive trials.
<h2 style="text-align: justify;">Increased Focus on Technological Enhancements in the Market</h2>
The global CRO services market is undergoing a major technological transition that is accelerating the growth in the industry. To improve several areas of clinical trials, CROs are increasingly using AI and ML in their workflows. AI-driven platforms have the potential to improve patient recruitment, identify safety warnings more quickly, and provide real-world evidence more efficiently. This makes it possible for CROs to offer their clients more advanced, data-driven services. To improve data storage, analytics, and management, CROs are moving to cloud-based solutions. During clinical trials, this enables more effective data processing, enhanced teamwork, and more informed decision-making.
For example, the global oncology research leader, Sarah Cannon Research Institute (SCRI), which conducts community-based clinical trials, announced in February 2024 that it is partnering with AstraZeneca Plc, a science-led biopharmaceutical company, to advance innovative technology and operational synergies to improve oncology clinical trial delivery. Together, AstraZeneca and SCRI will put cutting-edge strategies into practice to improve U.S. recruitment, lessen site burden, and expedite clinical trial delivery schedules.
<h2 style="text-align: justify;">Companies are Securing Funding for Expansion in the Market</h2>
Various companies in the industry are securing funds to grow in the global CRO services market. CROs are using funding to diversify the services and skills they offer. This enables them to address a greater variety of client needs in various therapeutic domains and phases of the medication development process. CROs are making investments in the integration of cutting-edge technology, such as cloud computing, machine learning, and artificial intelligence. As a result, their clinical trial services are more accurate, efficient, and data driven. Funding is being used by CROs to establish specialized teams and infrastructure aimed at therapeutic domains, like oncology, illnesses of the central nervous system, and uncommon diseases. Their subject experience makes them more appealing as partners to clients in the biotech and pharmaceutical industries.
For example, Manifold Inc., a clinical research platform driven by artificial intelligence, obtained USD 15 million in series A funding in April 2024 to form alliances with healthcare institutions. TQ Ventures led the investment round. With the Series A funding, Manifold intends to expand its collaborations with cancer centers and other healthcare institutions and make investments in research and development to add new features and capabilities.
<h2 style="text-align: justify;">Increased Demand for Clinical Research Services in the Market</h2>
There are several factors responsible for the high demand for clinical research services in the global CRO services market. The increased prevalence of chronic diseases like cardiovascular diseases, cancer, etc., has increased the importance of clinical research studies. Clinical research studies aid in the growth of evidence-based medicine, which helps medical professionals make more educated treatment decisions. The development of precision or personalized medicine, in which patient traits are considered while designing therapies, is aided by clinical research. Due to the treatments' improved fit for the patient's genetic profile, lifestyle, and other pertinent variables, this strategy may result in more potent therapies with fewer adverse effects.
For instance, Medidata Solutions Inc., a provider of clinical trial data solutions, extended its long-term agreement with Pharmaceutical Product Development (PPD), Thermo Fisher Scientific Inc.'s clinical research organization, in February 2024. The agreement reaffirms their continuous co-development of PPD TrueCast, an artificial intelligence solution for clinical trials, and permits the CRO to continue using Medidata's core platform. Medidata has established a valuable relationship with the PPD clinical research industry to improve visibility and decision-making during clinical trials.
<h2 style="text-align: justify;">Rising Application in Oncology is Driving Market Growth</h2>
Many CROs have acquired specific knowledge and experience in managing clinical trials related to cancer. They have assembled specialized groups of clinicians, scientists, and support personnel who are committed to addressing the difficulties associated with cancer research. CROs frequently have a deep network of established connections with community-based and academic clinical trial sites spread throughout numerous areas. This enables them to conduct cancer research on a variety of patient populations. To increase the effectiveness and caliber of oncology clinical trials, CROs are making investments in cutting-edge technology, including artificial intelligence, digital data management platforms, and remote monitoring tools. All these factors make oncology an important subject of the industry, driving the growth of the global CRO services market.
For instance, Harvest Integrated Research Organization (HiRO), a cutting-edge international contract research organization (CRO) with headquarters in China, announced in September 2023 that it has successfully acquired Courante Oncology, a full-service clinical research provider with headquarters in the US that specializes in oncology product development. HiRO's acquisition of Courante Oncology is a big step in the right direction as it works to establish itself as a major worldwide CRO. With increased capabilities and a stronger presence in the US, HiRO is well positioned to provide its clients with cutting-edge, quick clinical trial solutions anywhere in the world.
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<h2 style="text-align: justify;">European Region to Grow Exponentially in the Forecast Period</h2>
It is anticipated that the CRO services market will grow exponentially in the European region in the future, driving the overall growth of the global CRO services market. The growing incidence of chronic diseases, rising healthcare costs, and the trend towards outsourcing clinical research operations are all contributing to the growth of the European clinical trials market. To take advantage of the growing demand for their services, CROs are being drawn to strengthen their presence in Europe as a result of this growing market opportunity. It is becoming simpler for CROs to conduct business in several European nations due to the harmonization of clinical trial laws throughout the continent, which is made possible by programs like the Clinical Trials Regulation (CTR) in the European Union.
For example, the acquisition of Heads Research, a privately held European contract research organization (CRO) that specializes in cancer clinical trials, was announced in March 2024 by Veeda Clinical Research Limited, a full-service CRO with a track record of success in drug development. With this acquisition, Veeda joins the elite group of international contract research organizations (CROs) that offer comprehensive capabilities to provide contract research services ranging from post-commercial launch to clinical development and discovery.
Future Market Scenario (2024-2031F)
1.&nbsp;The global CRO services market is growing because CROs are expanding their specialized knowledge and skills into therapeutic domains other than cancer, such as cell and gene therapies, uncommon illnesses, and central nervous system disorders.
2.&nbsp;It is anticipated that the global CRO services market will continue to grow because many CROs plan to implement decentralized and hybrid clinical trial models.
3.&nbsp;It is expected that the global CRO services market will grow because Environmental, social, and governance (ESG) concepts and sustainability are being integrated by CROs more and more into their commercial operations.
4.&nbsp;CROs are fortifying their position in these areas like Asia, Latin America and Africa to grow in the global CRO services market and take advantage of the rising demand for clinical research services in the emerging markets.
Report Scope
&ldquo;CRO Services Market Assessment, Opportunities, and Forecast, 2017-2031F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, that provides an in-depth analysis and qualitative and quantitative assessment of the current state of the global CRO services market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecasts between 2024 and 2031F. Additionally, the report profiles the industry's leading players, mentioning their respective market share, business model, competitive intelligence, etc.
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Details
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Base Year of the Analysis
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2023
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Historical Period
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2017-2022
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Forecast Period
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2024-2031F
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Projected Growth Rate
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CAGR of 8.63% between 2024 and 2031F
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Revenue Forecast in 2031
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USD 135.91 billion
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Segments Covered
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Type, Application, End-user
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Regions Covered
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North America, Europe, South America, Asia-Pacific, Middle East and Africa
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Key Companies Profile
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Charles River Laboratories Inc., Iqvia Holdings Inc., Parexel International Corporation, PRA Health Sciences, WuXi AppTec Group, Syneos Health, Inc., Laboratory Corporation of America Holdings, PPD, Inc., ICON plc, Medpace Holdings, Inc.
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Customization Scope
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15% free report customization with purchase
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Pricing and Purchase Options
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Avail the customized purchase options to fulfill your precise research needs
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Delivery Format
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PDF and Excel through email (subject to the license purchased)
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In this report, the&nbsp;global CRO services market&nbsp;has been segmented into the following categories:&nbsp;
<ul style="text-align: justify;">
<li>By Type</li>
</ul>
<ul style="text-align: justify;">
<li>Early Phase Development Services</li>
<li>Preclinical Services</li>
<li>Pharmacokinetics/Pharmacodynamics Services</li>
<li>Toxicology Testing Services</li>
<li>Other Preclinical Services</li>
<li>Chemistry, Manufacturing and Control Services</li>
<li>Discovery Studies</li>
<li>Clinical Research Services</li>
<li>By Study Design</li>
<li>Real World Evidence (RWE)</li>
<li>Interventional</li>
<li>By Phase</li>
<li>Phase I</li>
<li>Phase II</li>
<li>Phase III</li>
<li>Phase IV</li>
<li>Laboratory Services</li>
<li>Consulting Services</li>
<li>Data Management Services</li>
<li>By Application</li>
<li>Oncology</li>
<li>Cardiology</li>
<li>Neurology</li>
<li>Infectious Diseases</li>
<li>Metabolic Disorders</li>
<li>Nephrology</li>
<li>Others</li>
<li>By End-user</li>
<li>Pharmaceutical and Biotechnological Companies</li>
<li>Medical Device Companies</li>
<li>Research Laboratories and Academic Institutes</li>
<li>Others</li>
<li>By Region</li>
<li>North America</li>
<li>Europe</li>
<li>Asia-Pacific</li>
<li>South America</li>
<li>Middle East and Africa</li>
</ul>
Key Players Landscape and Outlook
The global CRO services market has observed many mergers and acquisitions in recent times. Smaller, more niche CROs are being bought out by larger CROs to diversify their offerings. This enables them to provide their clientele with a more complete range of solutions. The larger CROs can obtain new technology and methods or acquire experience in particular therapeutic areas, like cancer, by acquiring niche players. Through acquisitions, larger CROs can enter new markets and extend their geographic reach. This is especially crucial as the global market for clinical trials expands. In addition to giving larger CROs a footing in new markets, smaller CROs with a strong local or regional presence can help them service customers more efficiently across many locations.
For example, American Clinical Research Services (ACRS), a renowned multi-specialty clinical research network with operations spanning Florida, Massachusetts, Michigan, and Missouri, successfully acquired Elixia Tech Solutions Ltd. in May 2024. ACRS is a leader in complex clinical research and was founded by Latticework Capital Management (LCM). Elixia's collaboration with ACRS strengthens their shared dedication to furthering research in difficult therapeutic areas. Through this combination, it will be able to launch and maintain studies that have the potential to significantly improve patient outcomes, as well as increase site capabilities and resources.&nbsp;
Key Players Operating in the Global CRO Services Market are:
<ul style="text-align: justify;">
<li>Charles River Laboratories Inc.</li>
<li>Iqvia Holdings Inc.</li>
<li>Parexel International Corporation</li>
<li>PRA Health Sciences</li>
<li>WuXi AppTec Group</li>
<li>Syneos Health, Inc.</li>
<li>Laboratory Corporation of America Holdings</li>
<li>PPD, Inc.</li>
<li>ICON plc</li>
<li>Medpace Holdings, Inc.</li>
</ul>
Markets and Data&rsquo;s reports answer the following questions:
<ul style="text-align: justify;">
<li>What is the current and future market size of the product/service in question globally or specific to different countries?</li>
<li>How are the markets divided into different product/service segments and the market size and growth of each segment?</li>
<li>What is the market potential of different product segments and their investment case?</li>
<li>How are the markets predicted to develop in the future and what factors will drive or inhibit growth?</li>
<li>What is the business environment and regulatory landscape specific to the product/service?</li>
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Global CRO Services Market Assessment, Opportunities and Forecast, 2017-2031F

The CRO services market is expected to grow because of increasing pharmaceutical and biotech companies outsourcing.

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