Contract Research Organization Services Market / CRO Services Market Worth $129.8 Billion

Contract Research Organization Services Market / CRO Services Market in terms of revenue is estimated to be worth $82.0 billion in 2024 and is poised to reach $129.8 billion by 2029, growing at a CAGR of 9.6% from 2024 to 2029 according to a new report by MarketsandMarket. The rising number of products in the drug development pipeline and growing technological advancements in the clinical trials, are the factors supporting market growth.

Data management subsegment is the fastest-growing of the CRO Services market by type

Among the type subsegments, the market is segmented as Clinical Research Services, Early Phase Development Services, Laboratory Services, Consulting Services and Data Management Services. In 2023, the data management services segment accounted for the highest growth rate of the CRO Services market by type. Growth in this market segment can be attributed to factors such as availability of technically advanced systems for effective data management as well as requirement of efficient data collection, management and analysis for successful conduction of clinical trials.

Medical Device Companies is the fastest-growing segment of the CRO Services market by end user

Among the end user subsegments, the CRO services market is segmented into pharmaceutical & biopharmaceutical companies, medical device companies, and academic institutes. In 2023, medical device companies segment accounted for the fastest growing subsegment of the end user segment of CRO Services market. Growth in this market segment can be attributed to one of the major factors which is growth in the number of clinical trials conducted for medical devices.

Europe: The second-largest region in the CRO Services market.

The European market is the second-largest CRO Services market globally, mainly due to factors such as growing investment in the pharmaceutical and biotechnology R&D along with presence of players involved in pharmaceutical drug development. Moreover, growing number of clinical trials in the region is another factor supporting the growth of European CRO Services market.

Drivers:

1. Rising pharmaceutical R&D expenditure and increasing drug pipeline
2. Technological advancements in clinical trials and innovative trial designs
3. High cost of in-house drug development

Opportunities:

1. Favorable growth prospects for biologics and biosimilars market
2. Need for novel clinical trial designs for complex cell & gene therapies
3. Emergence of hybrid models with CRO-CDMO partnerships
4. Growing focus on personalized/precision medicine
5. Development of next-generation biotherapeutic products

Challenge:

1. Lack of adequate patient recruitment and retention for clinical trials
2. Changing clinical trial complexities

Key Market Players of Contract Research Organization Services Market / CRO Services Industry:

The market for CRO Services is competitive, with key players strategizing to capture the market. Prominent players in the CRO Services market are IQVIA Inc. (US), Laboratory Corporation of America Holdings (US), Thermo Fisher Scientific Inc. (US), ICON Plc (Ireland), WuXi AppTec (China), Syneos Health (US), Charles River Laboratories (US), Pharmaron (China), Fortrea, Inc. (US), Eurofins Scientific (Luxembourg) and Medpace, Inc. (US) among others.

Contract Research Organization Services Market / CRO Services Market Scope: