Contract Research Organization (CROs) Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2021 - 2031

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Contract Research Organization (CROs) Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2021 - 2031

Status : June, 2022 | Pharmaceutical

Report Digest


Contract Research Organization (CROs) Services Market – Snapshot

The contract research organization (CROs) services market has been estimated to reach $115.1 billion during the forecast period from 2020 to 2030. Further, the contract research organization (CROs) services market is likely to grow at a CAGR of 11.0% in the foreseeable years.

The contract research organization (CROs) services market has been projected to grow with the increasing investment in the R & D activities in the pharmaceutical industry. Along with this, the growing number of the clinical trials and the high cost of the in-house drug development is also stimulating pharma-biotech organization to opt for outsourcing solutions are also fueling novel growth impetuses in the contract research organization (CROs) services market.

Despite the COVID-19 pandemic, the demand avenues in the contract research organization (CROs) services market are continuously growing. Furthermore, the rising demand for the specialized testing services for the end-users is also driving novel sales opportunities in the contract research organization (CROs) services market.

In recent years, there has been an increasing requirement for the novel clinical trial designs for the complex cell as well as gene therapies that further provide a wide range of expansion avenues in the contract research organization (CROs) services market.

Numerous medical, biopharmaceutical, and pharmaceutical device companies are investing a handsome amount in R & D activities for drug development which is also driving growth avenues in the contract research organization (CROs) services market.

Contract Research Organization (CROs) Services Market – Overview

The growth in the contract research organization (CROs) services market has been owing to numerous factors. The market growth is generally attributed to the rising investment in the R & D activities that are conducted in the pharmaceutical industry. Further, the high cost of the development of in-house drugs is also encouraging the companies from the pharma-biotech in order to opt for outsourcing solutions. These factors are further likely to contribute to the growth avenues in the global market during the forecast period.

At the present time, there has been a rapid increase in the number of clinical trials. Furthermore, despite the sudden emergence of COVID-19 cases, the drugs and biologics market has been growing at a rapid pace. The rising requirement for the novel clinical trial designs for the complex cell as well as gene therapies and the growing demand for the specialized testing services in the end-users are also contributing to the expansion avenues in the global market in the following years.

contract research organization (cros) services market

Contract Research Organization (CROs) Services Market – Key Drivers

Various medical devices, biopharmaceutical, and pharmaceutical companies are investing a handsome amount in order to develop novel drugs and devices. Specifically, the pharmaceutical industry is investing heavily in numerous R & D activities for the delivery of innovative and high-quality products to the industry players. In addition to this, these companies are also taking initiatives through collaborative efforts for R & D activities. So, on the basis of these novel initiatives, there will be increased adoption of outsourcing services by pharmaceutical companies, academic and research organizations, and biotechnology companies. These factors are further estimated to fuel demand avenues in the contract research organization (CROs) services market in the foreseeable years.

In order to effectively complete R & D activities, CROs require skilled professionals and they need to offer compensation to them. This factor is predicted to affect the finances and results of the market players, especially the analytical testing providers that are working at a small-scale. This factor is expected to restrict contract research organization (CROs) services market growth. 

Contract Research Organization (CROs) Services Market – Recent Developments and Key Players

The contract research organization (CROs) services market is marked by the presence of major players that are operating in the region as well as on global platforms. So, based on their presence, the market nature is becoming fragmented. Further, these industry players have also been focusing in order to incorporating novel growth strategies for the achievement of their desired objectives. In addition to these factors, increasing penetration of the global players along with growing awareness among consumers about industry brands is creating growth avenues in the global market. Launching of novel industry players, product portfolio expansion, mergers or tie-up, and growing R & D activities for the enhancement of the company portfolio are applied by prominent market players around the world.

For instance, Toxikon Corporation has been acquired by Laboratory Corporation of America Holdings in December 2021 in order to collaborate with biotechnology and pharmaceutical clients in Boston, Massachusetts.

Some of the key players in the contract research organization (CROs) services market are:

  • IQVIA Inc.
  • Parexel International Corporation
  • Laboratory Corporation of America Holdings
  • ICON plc
  • WuXiAppTec Co., Ltd.
  • PPD, Inc.
  • Syneos Health Inc.

Contract Research Organization (CROs) Services Market – Regional Assessment

The contract research organization (CROs) services market has been operating in numerous regions around the world, and the prominent regions are North America, the Middle East & Africa, Asia Pacific, Europe, and Latin America. Out of these major global areas, North America is likely to hold a noticeable share in the global market. The growing number of the clinical trials, rising outsourcing in biopharmaceutical and pharmaceutical companies, and rapid growth of the biosimilar and biologics market are contributing to the regional growth.

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5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

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Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?