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Contract Research Organization Market to expand at a CAGR of 12.01% by 2032

Oct 16, 2023 10:00 PM ET

Contract Research Organization Market to expand at a CAGR of 12.01% by 2032


Market Overview

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Contract Research Organization Market Size was valued at USD 39.69 Billion in 2021 and is projected to grow from USD 45.53 Billion in 2022 to USD 133.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.01% during the forecast period (2022 – 2032).

A company that manages complex clinical research and trial responsibilities, the clinical development and commercialization of novel items for sponsor companies, and drug discovery is known as a contract research organization (CRO). These companies primarily serve the biotechnology, medical device, and drug sectors. Among other research services, these businesses provide clinical trial leadership, preclinical studies, clinical research, marketing, and pharmacovigilance. These are contracted out, also referred to as on a fee-for-service basis. The market is significantly changing and expanding due to the huge switch from keeping manual/paper-based data to digital data collection methods. Additionally, the introduction of COVID-19 has mainly sparked the widespread utilization of digital tools across clinical trials, improving data quality while enabling more flexibility. The market’s high labor cost is an essential concern that could limit expansion during the anticipated forecast period. Patent and business contract creation is difficult and labor-intensive. The high cost of the service in question is limiting market expansion.

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Market Segmentation

The global CRO market is segmented into drug discovery and clinical development, depending on the type. Preclinical Trials, Phase III, Stage IV, Phase I, Phase II, and Others are among the market segmentation based on clinical trials. Academic institutions, pharmaceutical firms, and medical service providers are all included in the world’s market segmentation based on end-users.

Market Competitive Landscape:

  • Icon
  • Med Pace
  • Envigo
  • Charles River Laboratories
  • Laboratory Corporation Of America Holdings
  • PRA Health Science
  • PPD Inc
  • Paracel International Company

Regional Insights

Due to its rapidly expanding biosimilar and biologics markets, North America commands the contract research organization services industry. A rise will aid the growth of the contract research organizations solutions industry in clinical trial activity. Due to the improved economic performance of many of the nations in this area, the expanding elderly population, higher rates of chronic diseases, and the rising investments in pharmaceutical development research activities, Asia-Pacific is predicted to experience substantial growth. This is brought on by the region’s rising concentration of biotechnology and pharmaceutical firms, as well as the growing number of research studies that are carried out there. There is a surge in outsource activities in nations like China and India due to lower costs and the wide availability of qualified healthcare professionals.

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