Contract Research Organization (CRO) Services Market to Grow at a CAGR of 9.3% During 2024-2032; Increasing Emergence for Small and Mid-Sized Biotechnology and Pharmaceutical Companies to Augment Market Growth

The global contract research organization (CRO) services market size was valued at USD 79.54 billion in 2023. The market is projected to grow from USD 86.33 billion in 2024 to USD 175.46 billion by 2032, exhibiting a CAGR of 9.3% during the forecast period.

Fortune Business Insights™ presents this information in its report titled, “Contract Research Organization (CRO) Services Market Size, Share & Industry Analysis, By Type (Early Phase Development Services [Chemistry, Manufacturing and Controls (CMC), Preclinical Service, and Discovery], Clinical [Phase 1, Phase 2, Phase 3, and Phase 4], Laboratory Service, and Others), By Application (Oncology, Neurology, Cardiology, Infectious Disease, Metabolic, Disorder, Renal/Nephrology, and Others), By End-user (Pharmaceutical & Biotechnological Companies, Medical Device Companies, Academic & Research Institutes, and Others), and Regional Forecast, 2024-2032 ”.

Contract research organization (CRO) services are used to provide preclinical services, clinical services, data collection services, and others to different medical devices, pharmaceutical, and biotechnology companies. The growing emergence of medium and small-sized pharmaceutical and biotechnology companies with limited resources to conduct R&D drives market growth.

The market experienced slow growth during the COVID-19 pandemic due to the delays in several clinical trials globally.

Ergomed Group Acquired Permira I.P Limited to Expand its Capital

In November 2023, Ergomed Group announced the acquisition of Permira I.P Limited. This acquisition will bring operational expertise, expand the capital of the company, and create a global network for Ergomed Group.

Growing Burden of Chronic Diseases to Augment Market Growth

The increasing burden of chronic diseases, including diabetes, cardiovascular diseases, cancer, neurological disorders, and others globally augment the CRO services market growth. The surging burden of these diseases is increasing the annual spending on their diagnosis and treatment, further augmenting the market expansion.

However, the issues faced by the contract research organization (CRO) service providers in attracting and maintaining highly competent experts may hamper market expansion.

Key Players are Focusing on R&D to Dominate the Market

In terms of the competitive landscape, the contract research organization (CRO) services market includes key players, such as IQVIA, ICON plc, and others. The increasing focus of these key players on R&D to expand their product offerings drives the market expansion.

Notable Industry Development

• February 2024 – Charles River Laboratories and Wheeler Bio entered into a strategic partnership to expand the progression from therapeutic discovery to manufacturing for the clients of Charles River Laboratories.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/contract-research-organization-cro-services-market-100864

List of the Companies Profiled in the Report:

• Medpace (U.S.) 


• Laboratory Corporation of America Holdings (U.S.)


• ICON plc (Ireland)


• IQVIA Inc (U.S.)


• Syneos Health (U.S.)


• Novotech (Australia)


• KCR S.A. (U.S.)


• PSI (Switzerland)


• Ergomed Group (U.K.)


• Thermo Fisher Scientific Inc. (U.S.)


• WuXi Biologics (China)


• Tigermed (China)


• Worldwide Clinical Trials (U.S.)


• Charles River Laboratories (U.S.)


• Microbiologics (U.S.)


• Parexel International (MA) Corporation (U.S.)

Further Report Findings-

• North America is anticipated to hold the largest contract research organization (CRO) services market share and was valued at USD 40.01 billion in 2023. The growth is attributed to the increased focus of pharmaceutical companies on outsourcing clinical trials to treat various disease conditions across the region.


• Europe was the second-dominating region in the market in 2023 and is expected to maintain its dominance during the forecast period. The growth is attributed to the increase in the incidence of diseases across the region.


• Asia Pacific is expected to grow with the fastest CAGR during the projected period. The availability of low-cost resources augmenting the number of clinical trials being conducted in the region propels the regional expansion.  


• The Rest of the World is anticipated to grow during the projected period owing to the surging healthcare expenditure across the Rest of the World nations.


• In 2023, the early phase development services led the contract research organization (CRO) services market. The growth is attributed to the surging focus of the major market players on augmenting the early phase development services for chronic diseases.

Table of Segmentation: