The global CRO services market is projected to reach USD 115.1 billion by 2027 from USD 68.3 billion in 2022, at a CAGR of 11.0% during the forecast period.
Increasing investment in pharmaceutical R&D;
Most pharmaceutical, biopharmaceutical, and medical device companies continue to invest heavily in the development of novel drugs and devices. The pharmaceutical industry, in particular, is R&D-intensive. Pharmaceutical companies invest in R&D to deliver high-quality and innovative products to the market. Trends suggest that the top pharmaceutical companies are increasing their R&D efficiencies through heavy investments in R&D and through collaborative R&D efforts.
According to the EvaluatePharma report, the global pharmaceutical R&D spending was valued at USD 137 billion in 2012; this increased to USD 212 billion in 2021 and is projected to reach USD 254 billion by 2026. As per the report, R&D spending is observed to be growing steadily at a CAGR of 4.2% from 2020 to 2026. This is expected to boost the outsourcing of research services by pharmaceutical companies, biotechnology companies, as well as research and academic organizations.
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The clinical research services subsegment accounted for the largest share of the type segment in the CRO services market in 2021.
Based on type, the CRO services market is segmented into clinical research services, early-phase development services, laboratory services, consulting services, and data management services. The clinical research services segment accounted for the largest share of this market in 2021. The large share of this segment can primarily be attributed to factors such as the increasing R&D of new drugs and the high cost of clinical trials.
The oncology subsegment accounted for the largest share of the therapeutic area segment in the CRO services market in 2021.
Based on therapeutic area, the CRO services market is segmented into oncology, infectious diseases, neurology, vaccines, cardiovascular system (CVS) disorders, metabolic disorders/endocrinology, immunological disorders, respiratory disorders, psychiatry, dermatology, hematology, ophthalmology, gastrointestinal diseases, genitourinary & women’s health, and other therapeutic areas. The oncology segment accounted for the largest share of the global CRO services market in 2021. The large share of this segment is primarily attributed to the increasing number of drug discovery activities for oncology and the rising prevalence of cancer worldwide.
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Based on the region The global CRO services market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The market in the Asia Pacific is estimated to record the highest CAGR during the forecast period. This can be attributed to the fast-growing pharmaceutical industry in the region, favorable government policies, increasing number of pharmaceutical companies establishing their manufacturing facilities in the region, and the lower cost of clinical trials in the region.
Key players in the CRO services market include IQVIA Inc. (US), Laboratory Corporation of America Holdings (US), PPD, Inc. (Now a part of Thermo Fisher Scientific Inc. ) (US), ICON plc (Ireland), Syneos Health, Inc. (US), Parexel International Corporation (US), and Charles River Laboratories International Inc. (US).
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