Contract Research Organization Market Size, Growth, Opportunities 2024-2032 | Novotech, Thermo Fisher Scientific Inc., Medpace, ICON plc, IQVIA Inc, Parexel International (MA) Corporation

The Contract Research Organization 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 2024-2032.

Contract research organizations (CROs) are utilized to help life science companies decrease the costs used in the development and launch of medical devices and novel therapies. The increased focus of major market players on adopting advanced technologies to enhance their product offerings is driving the market for contract research organization (CRO) expansion.

The increased delays in many clinical trials caused by the COVID-19 pandemic resulted in the slow growth of the market during the pandemic.

𝗗𝗶𝘀𝗰𝗼𝘃𝗲𝗿 𝗪𝗵𝗮𝘁 𝗬𝗼𝘂'𝗿𝗲 𝗠𝗶𝘀𝘀𝗶𝗻𝗴: 𝗚𝗲𝘁 𝗮 𝗙𝗿𝗲𝗲 𝗥𝗲𝗽𝗼𝗿𝘁 (𝗣𝗗𝗙) 𝗦𝗮𝗺𝗽𝗹𝗲: https://www.fortunebusinessinsights.com/enquiry/sample/contract-research-organization-cro-services-market-100864

𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁:

𝗙𝗲𝗯𝗿𝘂𝗮𝗿𝘆 𝟮𝟬𝟮𝟰 - Ergomed Group announced the expansion of its U.S. presence with a new office at Kendall Square in Cambridge, Massachusetts.
𝗙𝗲𝗯𝗿𝘂𝗮𝗿𝘆 𝟮𝟬𝟮𝟰 - Charles River Laboratories entered into a partnership with Wheeler Bio to expedite the progression from therapeutic discovery to manufacturing for its clients.

𝗧𝗼𝗽 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗜𝗻 𝗧𝗵𝗲 𝗖𝗼𝗻𝘁𝗿𝗮𝗰𝘁 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗢𝗿𝗴𝗮𝗻𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗠𝗮𝗿𝗸𝗲𝘁:

• 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.)
• Other prominent players

𝗖𝗼𝗻𝘁𝗿𝗮𝗰𝘁 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗢𝗿𝗴𝗮𝗻𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗠𝗮𝗿𝗸𝗲𝘁 𝗗𝗿𝗶𝘃𝗲𝗿𝘀 & 𝗥𝗲𝘀𝘁𝗿𝗮𝗶𝗻𝘁𝘀

𝗚𝗿𝗼𝘄𝗶𝗻𝗴 𝗡𝘂𝗺𝗯𝗲𝗿 𝗼𝗳 𝗖𝗹𝗶𝗻𝗶𝗰𝗮𝗹 𝗧𝗿𝗶𝗮𝗹𝘀 𝘁𝗼 𝗕𝗼𝗼𝘀𝘁 𝗠𝗮𝗿𝗸𝗲𝘁 𝗘𝘅𝗽𝗮𝗻𝘀𝗶𝗼𝗻

The increasing number of clinical trials required for medication development processes globally drives the contract research organization (CRO) services market growth. The market is witnessing growth as these clinical trials offer a scientific foundation to treat and guide patients and evaluate novel medications and equipment.
However, the lack of qualified specialists is a challenge in adopting technologies and novel procedures, hampering market expansion.

𝗥𝗲𝗴𝗶𝗼𝗻𝗮𝗹 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀

𝗣𝗿𝗲𝘀𝗲𝗻𝗰𝗲 𝗼𝗳 𝗣𝗵𝗮𝗿𝗺𝗮𝗰𝗲𝘂𝘁𝗶𝗰𝗮𝗹 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗗𝗿𝗶𝘃𝗲𝘀 𝗠𝗮𝗿𝗸𝗲𝘁 𝗚𝗿𝗼𝘄𝘁𝗵 𝗶𝗻 𝗡𝗼𝗿𝘁𝗵 𝗔𝗺𝗲𝗿𝗶𝗰𝗮

North America is anticipated to hold the dominant contract research organization (CRO) services market share and was valued at USD 40.01 billion in 2023. The dominance of the region is attributed to the presence of pharmaceutical companies located in the region, along with better healthcare infrastructure and drug development activity.

Asia Pacific is anticipated to witness the fastest CAGR growth. The growth is attributed to the increase in R&D activities and the increasing shift toward outsourcing, which drives market expansion.

𝗖𝘂𝘀𝘁𝗼𝗺𝗶𝘇𝗲 𝗧𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁 𝗔𝗰𝗰𝗼𝗿𝗱𝗶𝗻𝗴 𝗧𝗼 𝗬𝗼𝘂𝗿 𝗖𝗼𝗻𝘃𝗲𝗻𝗶𝗲𝗻𝗰𝗲: https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/contract-research-organization-cro-services-market-100864

𝗖𝗼𝗻𝘁𝗿𝗮𝗰𝘁 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗢𝗿𝗴𝗮𝗻𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗠𝗮𝗿𝗸𝗲𝘁 𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲

𝗠𝗮𝗷𝗼𝗿 𝗠𝗮𝗿𝗸𝗲𝘁 𝗣𝗹𝗮𝘆𝗲𝗿𝘀 𝗮𝗿𝗲 𝗜𝗻𝘁𝗲𝗴𝗿𝗮𝘁𝗶𝗻𝗴 𝗡𝗲𝘄 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝗶𝗲𝘀 𝘁𝗼 𝗕𝗼𝗼𝘀𝘁 𝗧𝗵𝗲𝗶𝗿 𝗦𝗲𝗿𝘃𝗶𝗰𝗲 𝗢𝗳𝗳𝗲𝗿𝗶𝗻𝗴𝘀

The key players in the contract research organization (CRO) services market are integrating new technologies, including artificial intelligence, to boost their service offerings, further augmenting market expansion.

𝗖𝗼𝗻𝘁𝗿𝗮𝗰𝘁 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗢𝗿𝗴𝗮𝗻𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝗲𝗴𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻

𝗚𝗿𝗼𝘄𝗶𝗻𝗴 𝗞𝗲𝘆 𝗣𝗹𝗮𝘆𝗲𝗿𝘀 𝗙𝗼𝗰𝘂𝘀 𝗼𝗻 𝗘𝗮𝗿𝗹𝘆 𝗣𝗵𝗮𝘀𝗲 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁 𝗦𝗲𝗿𝘃𝗶𝗰𝗲𝘀 𝘁𝗼 𝗗𝗿𝗶𝘃𝗲 𝗦𝗲𝗴𝗺𝗲𝗻𝘁 𝗚𝗿𝗼𝘄𝘁𝗵

Based on type, the market for contract research organization (CRO) services is classified into early-phase development services, clinical, laboratory services, and others. The early phase development services segment led the market in 2023 due to the increased key players' focus on augmenting the early phase development services for chronic diseases. The early phase development services are further segmented into chemistry, manufacturing and controls (CMC), preclinical service, and discovery.

𝗦𝘂𝗿𝗴𝗶𝗻𝗴 𝗟𝗶𝗳𝗲 𝗦𝗰𝗶𝗲𝗻𝗰𝗲 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀' 𝗙𝗼𝗰𝘂𝘀 𝗼𝗻 𝗡𝗼𝘃𝗲𝗹 𝗧𝗵𝗲𝗿𝗮𝗽𝗲𝘂𝘁𝗶𝗰𝘀 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁 𝘁𝗼 𝗕𝗼𝗼𝘀𝘁 𝗢𝗻𝗰𝗼𝗹𝗼𝗴𝘆 𝗦𝗲𝗴𝗺𝗲𝗻𝘁 𝗚𝗿𝗼𝘄𝘁𝗵

By application, the market is divided into oncology, neurology, cardiology, infectious disease, metabolic disorders, renal/nephrology, and others. In 2023, the oncology segment dominated the market. The growth is attributed to the surging focus of life science companies on developing novel therapeutics.

𝗦𝘂𝗿𝗴𝗲 𝗶𝗻 𝗡𝘂𝗺𝗯𝗲𝗿 𝗼𝗳 𝗥𝗲𝗴𝗶𝘀𝘁𝗲𝗿𝗲𝗱 𝗖𝗹𝗶𝗻𝗶𝗰𝗮𝗹 𝗧𝗿𝗶𝗮𝗹𝘀 𝘁𝗼 𝗗𝗿𝗶𝘃𝗲 𝗠𝗲𝗱𝗶𝗰𝗮𝗹 𝗗𝗲𝘃𝗶𝗰𝗲𝘀 𝗦𝗲𝗴𝗺𝗲𝗻𝘁 𝗚𝗿𝗼𝘄𝘁𝗵

Based on end-users, the market is categorized into pharmaceutical & biotechnological companies, medical device companies, academic & research institutes, and others. The medical devices segment is projected to grow at the fastest CAGR during the forecast period owing to the surge in the number of registered clinical trials for several medical devices.

Geographically, the market is studied across North America, Europe, Asia Pacific, and Rest of the World.

𝗥𝗲𝗽𝗼𝗿𝘁 𝗖𝗼𝘃𝗲𝗿𝗮𝗴𝗲

The report offers:

• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• The latest industry developments include product launches, partnerships, mergers, and acquisitions.

𝗙𝗼𝗿 𝗙𝘂𝗹𝗹 𝗥𝗲𝗽𝗼𝗿𝘁 𝗖𝗼𝘃𝗲𝗿𝗮𝗴𝗲 𝗩𝗶𝘀𝗶𝘁: https://www.fortunebusinessinsights.com/industry-reports/contract-research-organization-cro-services-market-100864

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This release was published on openPR.