Global Contract Research Organization (CRO) Services Market Insights, Size and Growth Forecast To 2027

The global contract research organization (CRO) services market is expected to grow at a CAGR of 11.4% from 2020 to reach USD 88.5 billion by 2027. The growth is primarily attributed to increasing investment in pharmaceutical R&D, increasing number of clinical trials and rising incidence of orphan and rare diseases. However, retaining highly skilled professionals pose a significant challenge. 

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By Type: Clinical research services segment dominated the CRO services market in 2020 
Clinical research services segment accounted for the largest share of CRO services market. The largest share of this segment is mainly due to rapidly increasing geriatric population, prevalence of chronic diseases and growing demand for newer drugs. 

By Therapeutic area:  Oncology segment held largest share in the CRO services market in 2020 
On the basis of therapeutic area, CRO services market is segmented into oncology, infectious diseases, neurology, cardiovascular system (CVS) disorders, metabolic disorders/endocrinology, immunological disorders, respiratory disorders, psychiatry, dermatology, haematology, ophthalmology, gastrointestinal diseases, genitourinary & women’s health and other therapeutic areas. Oncology segment held largest share in the forecast period.  The largest share of this segment is mainly attributed to high incidence of cancer and pipeline of drugs in late-stage development. 

By Molecule type, Cell and gene therapy segment to register highest CAGR
CRO services market is segmented into vaccines, cell & gene therapy and other molecules on the basis of molecule type. Cell & gene therapy is projected to reflect fastest growth during the forecast period mainly due to rising R&D expenditure in regenerative medicine and promising therapies in pipeline. 

By End User: CRO services market held largest market share in pharmaceutical & biopharmaceutical companies in end user segment
Based on the end user segregation, pharmaceutical & biopharmaceutical companies accounted for largest market share in 2020. The growth of this market can be mainly attributed to increasing outsourcing of early-phase development services and clinical & laboratory testing services by pharmaceutical companies. 

By Region: North America to lead the regional market
In 2020, North America accounted for the largest share of CRO services market and is expected to follow the same trend in the forecast period. The largest share of this regional segment is mainly due to presence of leading pharmaceutical & biopharmaceutical companies and high investments in the biologics segment. The second dominant regional market for CRO services is expected to be Europe.

Competitive Scenario
  • IQVIA (US)
  • LabCorp (US)
  • Charles River Laboratories (US)
  • WuXi AppTec (China)
  • Syneos Health (US)
  • Parexel International (US)
  • PPD (US)
  • ICON Plc (US)
  • Medpace Holdings (US)
  • SGS (Switzerland)
  • PSI CRO AG (US)
  • Axcent Advanced Analytics (US)
  • BIO Agile Therapeutics (US)
  • Firma Clinical Research (US)
  • Acculab Life Sciences (US)
  • Azelix (US)
  • CTserv (US)
  • Pepgra (UK)
  • and Dove Quality Solutions (US)
  • Novotech Health Holding (Australia)
  • Geneticist Inc. (US)
  • Linical Americas (US)
  • Frontage Holding Corporation (US)
  • and Celerion (US).

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