
Global Contract Research Organization (CRO) Market Size To Reach USD 152.29 Billion In 2030 | Emergen 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.
Strategic Development
- 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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