(MENAFN- GlobeNewsWire - Nasdaq) Vancouver, Sept. 18, 2023 (GLOBE NEWSWIRE) --
The global Contract Research Organization (CRO) market size was USD 61.21 Billion in 2021 and is expected to register a revenue CAGR of 10.8% during the forecast period, according to latest analysis by Emergen Research. Increasing number of drug development projects across the globe is a key factor driving market revenue growth.
Over the last decade, pharmaceutical companies have released an increasing number of new drugs each year. These companies are planning on reducing overall expenses, for which they need to reduce research staff and save costs on in-house R&D infrastructure. Outsourcing research work to CROs can help to increase success rate and accelerate drug discovery, resulting in higher profits. In addition, increasing investments and focus on healthcare R&D by major healthcare companies and development of novel drugs and therapies are driving contract research outsourcing market revenue growth. Various companies are now engaging in merger and acquisition activities to increase their market presence. On July 5, 2022, Eurofins Discovery, a U.S based drug discovery company acquired contract research organization DiscoveryBioMed. This acquisition contributed to Eurofins Discovery's aim of offering the most comprehensive and high-quality array of drug discovery services and products.
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Emerging new technologies have potential to change clinical trials in the long run. CROs are now beginning to consider novel technologies, such as Artificial Intelligence (AI) and Machine Learning, in their research techniques. These technologies have enormous potential to increase clinical research & development productivity. They are incorporating more of these technologies and will become less reliant on labor as technology advances. Contract research organizations are increasingly attempting to develop digital platforms that are plug-and-play with existing systems. Growing adoption of advanced technologies is expected to drive revenue growth of the market during the forecast period.
Scope of Research
| Report Details || Outcome |
| Market Size in 2021 || USD 61.21 Billion |
| CAGR (2022–2030) || 24.7% |
| Revenue Forecast to 2030 || USD 152.29 Billion |
| Base Year for Estimation || 2021 |
| Historical Data || 2019–2020 |
| Forecast Period || 2022–2030 |
| Quantitative Units || Revenue in USD Billion and CAGR in % from 2022 to 2030 |
| Report Coverage || Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered || Service type, application, end-use, and region |
| Regional Scope || North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope || U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled || IQVIA Inc., PPD, Inc., ICON Plc., Syneos Health Inc., Parexel International, Medpace Holdings, Inc., Charles River Laboratories, Inc., PRA Health Sciences, Inc., WuXi AppTec Group, Labcorp Drug Development, Kiecana Clinical Research (KCR), ClinTec International, Advanced Clinical, Pharm-Olam, LLC., and WuXi Biologics |
| Customization Scope || 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global contract research organization market is fairly fragmented, with numerous large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective contract research solutions. Some of the major companies included in the global contract research organization market report are:
IQVIA Inc. PPD, Inc. ICON Plc Syneos Health Inc. Parexel International Medpace Holdings, Inc. Charles River Laboratories, Inc. PRA Health Sciences, Inc. WuXi AppTec Group Labcorp Drug Development Kiecana Clinical Research (KCR) ClinTec International Advanced Clinical Pharm-Olam, LLC. WuXi Biologics.
On 02 July 2021, Parexel, a U.S based global clinical research organization announced a merger agreement, under which the company will be acquired by EQT Private Equity and Goldman Sachs for USD 8.5 Billion. This acquisition will fuel growth and business expansion of the company. On 05 April 2021, IQVIA, a U.S based clinical research service provider acquired remaining 40% stake of Q2 Solutions from diagnostic information services provider Quest Diagnostics. Wide range of services and experience of the acquired company will be beneficial to IQVIA. Before this deal, IQVIA held a 60% majority stake in Q2, with Quest Diagnostics holding a 40% minority stake. Q2 was formed as a joint venture in 2015.
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Some Key Highlights from the Report
The early phase development services segment revenue is expected to increase at a steady rate over the forecast period due to growing demand for CROs in early phase clinical research. Early phase development provides various services such as protocol writing, phase 1 focused data management, scientific consultation, clinical monitoring, medical writing, and many more. The infectious diseases segment is expected to register a steady revenue growth rate over the forecast period due to high incidence of infectious diseases such as tuberculosis, meningitis, and flu. Major organizations are spending a large amount on research into causes and symptoms of infectious diseases, as well as in development of medications to treat viral and bacterial infections. They are mainly outsourcing research activities, which creates high demand for CROs. The Asia Pacific market is expected to register a significantly fast revenue growth rate during the forecast period. This is due to rising development of pharmaceutical infrastructure and growing number of clinical trials in countries across the region, especially in China and India. Rising demand for CROs prompts companies to expand their business in this region. For instance, in May 2022, TCG Lifesciences, an India-based contract research organization announced to expand its operation in Pune to take 100,000 square feet of space for a new discovery services center.
On 08 December 2021, Thermo Fisher, a U.S. based scientific instruments manufacturer completed acquisition of leading contract research outsourcing firm PPD, Inc., for USD 17.4 Billion. PPD Inc. will be integrated into Thermo Fisher's laboratory products and services segment. PPD will bring strong laboratory service, drug development platform, excellent patient recruitment capabilities, and reputation for quality services, to improve Thermo Fisher's offerings.
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Emergen Research has segmented the global contract research organization market based on service type, application, end-use, and region:
Service Type Outlook (Revenue, USD Billion; 2019-2030)
Clinical Research Services Phase I Phase II Phase III Phase IV Early Phase Development Services Chemistry, Manufacturing and Controls Services Preclinical Services Pharmacokinetics/ Pharmacodynamics Services Toxicology Testing Services Other Preclinical Services Discovery Studies Laboratory Services Analytical Testing Services Bioanalytical Testing Services Consulting Services Data Management Services Database Design Data Entry and Validation Database Maintenance and Archival Others
Application Outlook (Revenue, USD Billion; 2019-2030)
Oncology Infectious Diseases Immunological Disorders Metabolic Disorders Respiratory Diseases Cardiovascular Diseases Neurological Disorders Others
End-Use Outlook (Revenue, USD Billion; 2019-2030)
Medical Device Companies Biopharmaceutical Companies Academic and Research Institute Others
Regional Outlook (Revenue, USD Billion; 2019–2030)
North America U.S. Canada Mexico Europe Germany France UK Italy Spain Benelux Rest of Europe Asia Pacific China India Japan South Korea Rest of APAC Latin America Brazil Rest of LATAM Middle East & Africa Saudi Arabia UAE South Africa Turkey Rest of Middle East & Africa
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