The healthcare contract research organizations (CRO) services market size projected to reach US$ 102.86 billion by 2031 from US$ 57.31 billion in 2023. The market is expected to register a CAGR of 7.6% in 2023–2031. The increasing clinical studies globally will likely remain a key healthcare contract research organization's (CRO) services market trend.
Factors such as increasing demand for novel drugs, increasing chronic diseases prevalence, and growth in funding programs to conduct clinical trials are responsible for propelling the number of clinical trials worldwide. The management of clinical trials requires extended research facilities, dedicated resources, and adequate financial requirements. These prerequisites of clinical trials generate a productive environment to prefer a contract research organization to execute clinical studies. The above factors will boost the market growth over the forecast period.
Pharmaceutical and biotech companies focus on R&D activities to innovate new molecules and therapeutic platforms for chronic diseases. Asthma is the most common chronic disease among children across the globe and the WHO estimated that around 263 million people are living with asthma across the globe. Thus, the growing prevalence of chronic disorders is likely to lead to the development of new pharmaceuticals, which will further accelerate the growth of the healthcare contract research organizations (CRO) services market.
Many companies are establishing strategic partnerships with contract research organizations. For instance, in January 2020, Aragen Bioscience, Inc, a subsidiary of GVK BIO, one of the significant players in pre-clinical CRO, entered into a strategic collaboration with Serum Institute of India Pvt. Ltd. to accelerate the R&D of multiple stable cell lines under Serum’s HIV program. Moreover, In 2022, Labcorp spin off its CRO segment, named Fortrea, which stands to “forward trials with ease” will work as an independent publicly traded CRO, and provide drug and medical device services, including clinical trial management and commercialization offerings.
The biotechnology industry expands scientists' toolboxes, and the combination of basic research, translational studies, and clinical trials will continue to develop, investigate, and test additional compounds, techniques, and therapeutic pathways. Biotechnology is a strategic sector for China. The Made in China 2025 initiative aims to produce high-tech products, including innovative medicines. The plan introduced targets for Chinese pharmaceutical companies to spur biotechnology innovation and increase exports. Furthermore, these Asian countries use genomics, proteomics, and biomarker advancements for diagnostic and therapeutic applications. Therefore, the ongoing evolution of the biotechnology industry in developing regions will create opportunities for the biologics and biosimilars market in the coming years.
Key segments contributing to the derivation of the Healthcare Contract Research Organizations (CRO) Services market analysis are service type, therapeutic indication, and end user.
The geographic scope of the Healthcare Contract Research Organizations (CRO) Services market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The healthcare contract research organizations (CRO) services market in North America is significant. In North America, the growth of the healthcare contract research organizations (CRO) services market is primarily driven by high regulatory standards followed by the pharmaceutical industry, an increasing number of clinical trials, and the rapid growth of the biosimilars and biologics market. Marge pharmaceutical companies are expected to grow R&D spending at 4% per annum, I.e., US$234 billion by 2025. Likewise, biotechnology R&D spending is forecast to grow up to 8% per annum. The above factors is expected to affect the healthcare contract research organizations (CRO) positively services market growth.
The regional trends and factors influencing the Healthcare Contract Research Organizations (CRO) Services Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Healthcare Contract Research Organizations (CRO) Services Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 57.31 Billion |
| Market Size by 2031 | US$ 102.86 Billion |
| Global CAGR (2023 - 2031) | 7.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Service Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Healthcare Contract Research Organizations (CRO) Services Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Healthcare Contract Research Organizations (CRO) Services Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Healthcare Contract Research Organizations (CRO) Services market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
The “Healthcare Contract Research Organizations (CRO) Services Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas: