Rising number of clinical trials across the globe, high healthcare research & development investments, and increasing research outsourcing activities are driving contract research outsourcing market revenue growth.
Rising number of clinical trials across the globe, high healthcare research & development investments, and increasing research outsourcing activities are driving contract research outsourcing market revenue growth
The global Contract Research Outsourcing (CRO) market size is expected to reach USD 104.69 Billion in 2028 and register a revenue CAGR of 10.2% over the forecast period, according to the latest report by Reports and Data. Rising number of clinical trials across the globe, high healthcare research & development budget, especially in developed countries, and increasing outsourcing activities are driving contract research outsourcing market revenue growth.
CRO offers a wide range of support services such as project management, clinical trial data management, database design and build, preclinical research, biopharmaceutical development, data entry and validation, biologic assay development, medicine and disease coding, safety and efficacy summaries, and others. CROs are hired to conduct clinical trials and provide research support for development of safe and efficient drugs and vaccines.
Pharmaceutical 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. Increasing investments and focus on healthcare R&D by major healthcare companies, and development of novel drugs and therapies are boosting contract research outsourcing market revenue growth.
Development of precision medicine is a new concept in healthcare and is gaining popularity due to shifting focus of companies on development of medicines from reaction to prevention. Massive costs involved in trial-and-error medicine are making development of precision medicine important for targeted therapies. Most CROs are working on precision medicine to reduce overall cost of failure of a drug and develop effective therapy in reduced time. CROs provide support and guidance through all stages of precision medicine trial. Installing a whole laboratory with latest amenities is expensive, so small companies are reaching out to CROs to complete the procedure, from drugs conception to FDAs marketing approvals.
However, highly competitive market environment and lack of skilled professionals in certain developing and underdeveloped countries are factors that can hamper market revenue growth to some extent.
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Some Key Highlights From the Report
- In December 2021, Thermo Fisher 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 drug development platform, strong laboratory service, excellent patient recruitment capabilities and reputation of quality services, to improve Thermo Fisher’s offerings.
- Clinic Research Services (CRS) segment is expected to register significantly high revenue growth rate during the forecast period, owing to rapidly increasing global geriatric population, rising prevalence of various chronic diseases and growing demand for new drugs. Clinical trials are necessary to evaluate efficacy of new medicines which work towards improvement of patient’s health.
- Oncology segment accounted for largest revenue share in 2020 due to high prevalence of cancer globally and on-going drug pipeline projects to develop effective medicines for the condition. Cancer is among the leading cause of deaths and accounted for approximately 10 Million deaths in 2020 globally. This is creating need for development of novel drugs and therapies which is leading to high demand for CROs in the healthcare industry.
- Pharma companies are focusing on developing more efficient and safer technology, and this coupled with increasing budget for research & development are factors expected to support revenue growth of the pharmaceutical and biopharmaceutical companies segment during forecast period. Pharma companies are outsourcing R&D at a rapid rate to CROs to save costs on in-house research infrastructure.
- Asia Pacific Contract Research Outsourcing (CRO) market is expected to register fastest revenue CAGR during the forecast period owing to, revenue growth and business expansion opportunities offered by untapped markets in the region, and rising demand for clinical trials in developing countries such as China and India. There is an increase in number of clinical trials in China due to regulatory flexibility from Chinese government and China Food and Drug Administration.
- Companies profiled in the global market report includes Charles River Laboratories, Parexel International, IQVIA, Labcorp Drug Development, PRA Health Sciences, Syneos Health, Thermo Fisher Scientific, Inc., ICON plc, Medidata Solutions, and Medpace Holdings, Inc.
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For the purpose of this report, Reports and Data has segmented the global Contract Research Outsourcing (CRO) market based on product type, therapeutic area, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2018–2028)
- Early Phase Development Services
- Clinic Research Services (CRS)
- Laboratory Services
- Consulting Services
- Others
Therapeutic Area Outlook (Revenue, USD Billion; 2018–2028)
- Oncology
- Central nervous system (CNS) Disorder
- Immunological Disorders
- Cardiovascular Diseases
- Infectious Diseases
- Respiratory Disorders
- Diabetes
- Others
End-Use Outlook (Revenue, USD Billion; 2018–2028)
- Pharmaceutical and Biopharmaceutical Companies
- Medical Device Companies
- Academic Institutes
- Others
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- 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
- Israel
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
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- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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