DUBLIN–(BUSINESS WIRE)–The “Contract Research Organization Services Market by Type, By Application, By End User, and by Region – Global Forecast to 2022-2033” report has been added to ResearchAndMarkets.com’s offering.
The contract research organization (CRO) services market size is estimated to be USD 72.84 billion in 2022 and is expected to witness a CAGR of 10.66% during the forecast period 2023-2033. Surge in prevalence of chronic diseases, technological advancements in the clinical trials process, and growing demand for new clinical trial designs for cell and gene therapies are the factors contributing to the market growth.
Furthermore, increasing pharmaceutical & medical device R&D pipelines, rising requirements for discovering new diseases and escalating development towards detecting, diagnosing, and preventing diseases are other factors supporting the market growth. However, lack of highly skilled professionals, high cost of labour is expected to hinder the growth.
Expanding pharmaceutical & medical device R&D pipelines is estimated to spur the market growth during the forecast period. This is attributed to the drug development process to assess scientific and process innovations to develop economically efficient new medications and technologies. New drug molecules are entering different phases of the clinical drug development cycle as a result of the ongoing increase in the number of clinical studies being done.
For instance, according to the Pharmacy R&D Annual Review, there are 20,109 medicines in the pipeline for development as of 2022. As per the ClinicalTrials.gov website, the number of registered studies were 441,378 in 2023.
Rise in prevalence of chronic diseases is expected to fuel the CRO service market growth during the forecast period. The rising burden of chronic diseases among the general population has increased the pressure on the market players for the development of efficient medications will boost the CRO industry growth during the forecast period.
Growing cardiovascular diseases is accounted for more than half of all chronic disease deaths. For instance, according to BMC Public Health in June 2020 report, WHO estimated that non-communicable diseases (NCDs) would account for 80% of the global disease burden.
Segmentation
By Type
The market is categorized into clinic research services, early phase development services, laboratory services, pharmacokinetics /pharmacodynamics, consulting services physical characterization, stability testing, raw material testing, batch release testing, and other analytical testing. In 2022, the clinic research services segment accounted for the highest revenue share due to the increasing prevalence of chronic disease cases and the rising demand for accurate diagnosis. The growth in outsourcing R&D activities in the pharmaceutical sector is predicted to propel the segments growth. However, the early phase development services segment is estimated to experience the fastest CAGR during the forecast period owing to increased R&D budgets for novel drug development.
By Application
The market is divided into oncology, infectious diseases, immunological disorders, CNS disorders, vaccines, cardiovascular diseases, cell & gene therapy, respiratory disorders, diabetes, and other therapeutic areas. In the global market, the oncology segment accounted for the largest revenue share in 2022 due to recent developments in research and technology for global disease threats such as oncology.
For instance, chronic disease is a problem that affects people worldwide more than 70% of deaths are caused due to chronic diseases as per the WHOs report. Additionally, the CNS Disorder has the second highest CAGR due to the growing prevalence of chronic diseases such as Alzheimer’s disease, dementia and Parkinson’s disease.
By End User
The market is segmented into medical device companies, pharmaceuticals and biopharmaceutical companies, academic institutes. In 2022, the pharmaceuticals and biopharmaceutical companies segment accounted for the largest revenue share owing to rising R&D expenditures and expanding R&D outsourcing to independent service providers. For instance, companies like Sanofi, Eli Lilly, and Pfizer began turning to CROs to help with the budget pressures.
Additionally, the academic institutes segment is anticipated to have the fastest CAGR over the projected period. In the preclinical stage of discovery development, academic institutes play a crucial role. Furthermore, the growing number of academic institutions outsource pre-clinical research activities to contract research organization (CROs) services companies is predicted to boost the segment.
Regional Markets
In 2022, North America region accounted for the highest revenue in the contract research organization (CRO) services market during the forecast period. This is attributed to the increasing prevalence of drug development activity and good healthcare infrastructure by pharmaceutical companies located in the region. Pharmaceutical organizations focused on outsourcing clinical trials to treat chronic diseases. Also, rise in investment by these organizations in R&D activities is expected to boost the region’s growth. Europe is the second largest region to have highest revenue share in CRO services market during the forecast period. This is owing to the surge in the incidences of diseases.
For instance, according to Strategic Policy Group article, the number of older people aged 65 years or more in the region would increase significantly up to 129.8 million by 2050. The increasing surge in healthcare expenditure and pharma companies depends on contract research organization to offer more efficiency and productivity. Additionally, Asia-Pacific is anticipated to grow at fastest CAGR during the forecast period.
Segmentation: Contract Research Organization (CRO) Services Market Report 2022 – 2033
By Type (Revenue, USD Billion), 2022 – 2033
- Clinic Research Services
- Early Phase Development Services
- Laboratory Services
- Pharmacokinetics /Pharmacodynamics
- Consulting Services Physical Characterization
- Stability Testing
- Raw Material Testing
- Batch Release Testing
- Other Analytical Testing
By Application (Revenue, USD Billion), 2022 – 2033
- Oncology
- Infectious Diseases
- Immunological Disorders
- CNS Disorders
- Vaccines
- Cardiovascular Disease
- Cell & Gene Therapy
- Respiratory Disorders
- Diabetes
- Other Therapeutic Areas
By End User (Revenue, USD Billion), 2022 – 2033
- Medical Device Companies
- Pharmaceuticals and Biopharmaceutical Companies
- Academic Institutes
A selection of companies mentioned in this report includes
- Parexel International Corporation
- WuXi AppTec
- PPD Inc.
- Quintiles
- ICON Plc
- Theorem Clinical research
- American Preclinical Services LLC
- Syneos Health
- Evotec
- Charles River Laboratories
- Labcorp Drug Development
For more information about this report visit https://www.researchandmarkets.com/r/8mygqr-research?w=4
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