Contract Research Organization (CROs) Services Market - Industry-Specific Opportunities and Trends Affecting the Growth

2022-06-08 11:01:11 UTC | Healthcare & Pharmaceuticals
Contract Research Organization (CROs) Services Market - Industry-Specific Opportunities and Trends Affecting the Growth
MarketsandMarkets™ Research Report's View on Revenue Impact?

The global CRO services market is estimated to grow from USD 115.1 billion by 2027 from USD 68.3 billion in 2022, at a CAGR of 11.0% during the forecast period

Factors Responsible for Growth and In-Depth Analysis?

Increasing investment in pharmaceutical R&D;

Most pharmaceutical, biopharmaceutical, and medical device companies continue to invest heavily in the development of novel drugs and devices. The pharmaceutical industry, in particular, is R&D-intensive. Pharmaceutical companies invest in R&D to deliver high-quality and innovative products to the market. Trends suggest that the top pharmaceutical companies are increasing their R&D efficiencies through heavy investments in R&D and through collaborative R&D efforts. According to the EvaluatePharma report, the global pharmaceutical R&D spending was valued at USD 137 billion in 2012; this increased to USD 212 billion in 2021 and is projected to reach USD 254 billion by 2026. As per the report, R&D spending is observed to be growing steadily at a CAGR of 4.2% from 2020 to 2026. This is expected to boost the outsourcing of research services by pharmaceutical companies, biotechnology companies, as well as research and academic organizations.

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Leading Key Players and Analysis:

The Key players in the global CRO services Market include IQVIA Inc. (US), Laboratory Corporation of America Holdings (US), PPD, Inc. (a part of Thermo Fisher Scientific, Inc.), ICON plc (Ireland), Charles River Laboratories International, Inc. (US), WuXiAppTec Co., Ltd. (China), Syneos Health Inc. (US), Parexel International Corporation (US).

Geographical Analysis in Detailed?

North America accounted for the largest share of the global CRO services market in 2021. North America’s dominance in this market is mainly attributed to the rapid growth in the biosimilars and biologics markets, increasing focus on outsourcing among pharmaceutical and biopharmaceutical companies, and the increasing number of clinical trial activities in the region.

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Industry Segmentation:

The clinical research services subsegment of the typesegment dominated the Contract Research Organization (CROs) Services Market;

Based on type, the CROservices 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 2021. The large share of this segment can primarily be attributed to factors such as the increasing R&D of new drugs and the high cost of clinical trials.