Contract Research Organization Services Market 2030 |
Posted: January 31, 2023 |
The global contract research organization (CRO`s) services market is expected to grow at a CAGR of 8.2% during the forecast period of 2018 to 2023. The market is estimated to reach USD 43.2 billion by 2023. The growth of the market is attributed to the increasing demand for outsourcing of clinical trials, rising number of clinical trials, and increasing government initiatives to support clinical research. However, the high cost of clinical trials and stringent regulatory requirements are expected to restrain the growth of the market. The contract research organization services market is segmented based on type, therapeutic area, end user, and region. Based on type, the market is segmented into clinical trial services, preclinical services, and post-marketing services. The clinical trial services segment is expected to dominate the market during the forecast period. This is attributed to the increasing number of clinical trials and rising demand for outsourcing of clinical trials. Based on therapeutic area, the market is segmented into oncology, cardiovascular diseases, central nervous system disorders, respiratory diseases, and others. The oncology segment is expected to dominate the market during the forecast period. This is attributed to the increasing prevalence of cancer and rising investments in cancer research. Based on end user, the market is segmented into pharmaceutical and biotechnology companies, medical device companies, and academic and government institutes. The pharmaceutical and biotechnology companies segment is expected to dominate the market during the forecast period. This is attributed to the increasing number of clinical trials and rising demand for outsourcing of clinical trials. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America is expected to dominate the market during the forecast period. This is attributed to the presence of major players in the region and increasing investments in clinical research. Some of the key players in the Contract Research Organization market are Parexel International Corporation (US), IQVIA (US), Covance Inc. (US), Charles River Laboratories International Inc. (US), ICON plc (Ireland), PRA Health Sciences Inc. (US), Syneos Health (US), Pharmaceutical Product Development LLC (US), Medpace Holdings Inc. (US), Vial CRO and inVentiv Health Inc. (US).
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