Healthcare Contract Research Organizations (CRO) Services Market Report by 2031
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.
Healthcare Contract Research Organizations (CRO) Services Market Analysis
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.
Healthcare Contract Research Organizations (CRO) Services Market Overview
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.
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Healthcare Contract Research Organizations (CRO) Services Market: Strategic Insights
Market Size Value in US$ 43,208.57 Million in 2019 Market Size Value by US$ 87,859.08 Million by 2027 Growth rate CAGR of 9.5% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Healthcare Contract Research Organizations (CRO) Services Market: Strategic Insights
| Market Size Value in | US$ 43,208.57 Million in 2019 |
| Market Size Value by | US$ 87,859.08 Million by 2027 |
| Growth rate | CAGR of 9.5% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Healthcare Contract Research Organizations (CRO) Services Market Drivers and Opportunities
Increasing Outsourcing Activities to Favor 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.
Rising Biosimilars and Biologics Market – An Opportunity in Healthcare Contract Research Organizations (CRO) Services Market
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.
Healthcare Contract Research Organizations (CRO) Services Market Report Segmentation Analysis
Key segments contributing to the derivation of the Healthcare Contract Research Organizations (CRO) Services market analysis are service type, therapeutic indication, and end user.
- Based on service type, the healthcare contract research organizations (CRO) services market is divided into early phase development, laboratory services, consulting services, and clinical research services. The clinical research services segment held a larger market share in 2023.
- Based on therapeutic indication, the market is segmented into oncology, infectious diseases, respiratory diseases, cardiovascular diseases, neurological disorders, and others. The others segment held a larger market share in 2023.
- In terms of end user, the market is segmented into medical device companies, pharmaceutical and biopharmaceutical companies, and others. The pharmaceutical and biopharmaceutical companies segment dominated the market in 2023.
Healthcare Contract Research Organizations (CRO) Services Market Share Analysis by Geography
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.
Healthcare Contract Research Organizations (CRO) Services Market Report Scope
Healthcare Contract Research Organizations (CRO) Services Market News and Recent Developments
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:
- In June 2021, LINK Medical, a full-service contract research organization (CRO) for the pharmaceutical and medical device industries, signed a contract to join forces with Insife, an expert consulting and technology service provider for safety and pharmacovigilance organizations. (Source: LINK Medical, Press Release)
- In April 2020, Accelerated Enrollment Solutions (AES), a business of PPD, Inc., launched a new program to help biopharmaceutical companies maintain business continuity during the global COVID-19 pandemic by transferring clinical trial patients to AES’ dedicated research sites from other research facilities that the coronavirus crisis has impacted. (Source: PPD, Inc, Newsletter)
Healthcare Contract Research Organizations (CRO) Services Market Report Coverage and Deliverables
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:
- Healthcare Contract Research Organizations (CRO) Services market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Healthcare Contract Research Organizations (CRO) Services market trends
- Detailed PEST and SWOT analysis
- Healthcare Contract Research Organizations (CRO) Services market covering key market trends, Global and regional framework, major players, regulations, and recent market developments
- Healthcare Contract Research Organizations (CRO) Services industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Service Type ; Therapeutic Indication ; End User ; and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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