Contract Research Organization (CRO) Services Market worth $127.3 billion by 2028
The report "Contract Research Organization (CRO) Services Market by Type (Early phase, Clinical, Lab, Consulting), Therapeutic Area (Oncology, Infectious Disease, Neurology, Immunology, Hematology, Vaccines, Cell & Gene Therapy), End User - Global Forecast to 2028", is projected to reach USD 127.3 billion by 2028 from USD 76.6 billion in 2023, at a CAGR of 10.7 % between 2023 and 2028.
Browse 529 market data Tables and 56 Figures spread through 475 Pages and in-depth TOC on "Contract Research Organization (CRO) Services Market by Type (Early phase, Clinical, Lab, Consulting), Therapeutic Area (Oncology, Infectious Disease, Neurology, Immunology, Hematology, Vaccines, Cell & Gene Therapy), End User - Global Forecast to 2028 "
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Growth in the CRO services market can mainly be attributed to factors such as: The need for novel clinical trial designs for complex cell and gene therapies and the advent of hybrid models with CRO-CDMO partnerships. These factors are expected to offer growth opportunities to players operating in this market.
The clinical research services subsegment accounted for the largest share of the type segment in the CRO services market in 2022.
Based on type, the CRO services market is segmented into clinical research services, early-phase development services, laboratory services, consulting services, and data management services. The clinical research services segment accounted for the largest share of this market in 2022. The increasing R&D of new drugs and high costs incurred in conducting clinical trials are factors that attribute to large share of clinical research services segment.
The oncology subsegment accounted for the largest share of the therapeutic area segment in the CRO services market in 2021.
Based on therapeutic area, the CRO services market is segmented into oncology, infectious diseases, neurology, vaccines, cardiovascular system (CVS) disorders, metabolic disorders/endocrinology, immunological disorders, respiratory disorders, psychiatry, dermatology, hematology, ophthalmology, gastrointestinal diseases, genitourinary & women’s health, and other therapeutic areas. The oncology segment accounted for the largest share of the global CRO services market in 2022. The large share of this segment is primarily attributed to the increasing number of drug discovery activities for oncology and the rising prevalence of cancer globally.
The Asia Pacific region is the fastest-growing region of the CRO services market in 2022.
Based on region, The global CRO services market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The market in the Asia Pacific is estimated to record the highest CAGR during the forecast period. This can be attributed to the region's fast-growing pharmaceutical and biopharmaceutical industries, favorable government policies, and the lower cost of conducting clinical trials.
Key players in the CRO services market include IQVIA (US), Laboratory Corporation of America Holdings (US), PPD (US), ICON (US), WuXi AppTec (China), Syneos Health (US), Charles River Laboratories International (US), and Medpace Holdings (US).
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