Contract Research Outsourcing (CRO) Market Size 2021-2028 – Increasing Number of Clinical Trials Worldwide

Market Size – $48.09 billion in 2020, Market Growth – at a CAGR of 10.2%, Market Trends – Continuous advances in technology

NEW YORK, NY, UNITED STATES, April 22, 2022 /EINPresswire.com/ — The global Contract Research Outsourcing (CRO) market size is expected to reach US$104.69 billion in 2028 with a revenue CAGR of 10 during the forecast period. Recorded 2%, according to the latest report from Reports and Data. Increasing number of clinical trials around the world, high research and development budgets in healthcare, especially in developed countries, and increasing outsourcing activities are driving the revenue growth of contract research outsourcing market.

CRO provides a wide range of support services such as project management, clinical trial data management, database design and construction, pre-clinical research, biopharmaceutical development, data entry and validation, biological assay development, drug and disease coding, safety and efficacy summaries and others. CROs are tasked with conducting clinical trials and providing research support for the development of safe and efficient drugs and vaccines.

Pharmaceutical companies plan to reduce overall spending, which requires them to reduce research staff and save on internal R&D infrastructure costs. Outsourcing research to CROs can help increase the success rate and speed up drug discovery, leading to increased profits. Increasing investment and focus on healthcare R&D by major healthcare companies, as well as the development of novel drugs and therapies, are fueling revenue growth in the contract research outsourcing market.

The development of precision medicine is a new concept in healthcare and is gaining popularity as companies’ focus shifts from response to prevention in drug development. The enormous costs of trial and error medicine make the development of precision medicine for targeted therapies important. Most CROs are working on precision medicine to reduce the overall cost of drug failure and develop an effective therapy in less time. CROs provide support and guidance at all stages of the precision medicine study. Installing an entire laboratory with the latest amenities is expensive, so small companies turn to CROs to complete the process, from drug conception to FDA approval.

However, the highly competitive market environment and shortage of skilled professionals in certain developing and underdeveloped countries are factors that may hamper the revenue growth of the market to some extent.

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Some key highlights from the report

In December 2021, Thermo Fisher completed the acquisition of leading contract research outsourcing company PPD, Inc. for $17.4 billion. PPD Inc. will be integrated into Thermo Fisher’s Laboratory Products and Services segment. PPD will provide a drug development platform, strong laboratory services, superior patient recruitment capabilities and reputation for quality service to enhance Thermo Fisher’s offering.
The Clinic Research Services (CRS) segment is expected to register a significantly high revenue growth rate during the forecast period owing to the rapidly expanding global geriatric population, increasing prevalence of various chronic diseases and growing demand for new medicines. Clinical trials are necessary to evaluate the effectiveness of new medicines that aim to improve patient health.
Oncology segment had the largest revenue share in 2020 due to the high prevalence of cancer worldwide and ongoing drug pipeline projects to develop effective drugs for the disease. Cancer is one of the leading causes of death and was responsible for about 10 million deaths worldwide in 2020. This creates a need for the development of novel drugs and therapies, resulting in high demand for CROs in the healthcare industry.
Pharmaceutical companies are focused on developing more efficient and safer technologies and this along with increasing R&D budgets are factors expected to support the revenue growth of pharmaceutical and biopharmaceutical companies segment during the forecast period. Pharmaceutical companies are outsourcing R&D to CROs at a rapid pace to save on internal research infrastructure costs.
The Asia-Pacific Contract Research Outsourcing (CRO) market is expected to register the fastest revenue CAGR during the forecast period as untapped markets in the region offer revenue growth and opportunities for business expansion and increased clinical trial demand in developing countries like China and China India. Due to the regulatory flexibility of the Chinese government and the China Food and Drug Administration, the number of clinical trials in China is increasing.
Companies featured in the global market report include 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 purposes 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, $Bn; 2018-2028)

Early Stage Development Services
Clinical Research Services (CRS)
laboratory services
consulting services
Other

Therapeutic Territory Outlook (Revenues, $Bn; 2018-2028)

oncology
Central nervous system (CNS) disorder.
Immunological diseases
cardiovascular diseases
infectious diseases
respiratory diseases
diabetes
Other

End Use Outlook (Revenue, $Bn; 2018-2028)

Pharmaceutical and biopharmaceutical companies
Medical Device Company
Academic institutes
Other

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Regional Outlook:

North America
US
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
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
Rest of MEA

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