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.
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Market Overview:
The pharma and healthcare industry is at a crossroads. Patients are benefiting from the promise of cell and gene therapies; uncommon diseases that were previously thought to be incurable are on the verge of finding true treatments. Artificial intelligence (AI) and machine-learning technologies are creating hopes that therapy discovery and development would be more innovative, as well as faster and cheaper. Manufacturing, the supply chain, and the entire healthcare ecosystem all have the potential to benefit from data-driven initiatives. Consumer attitudes and behaviours are shifting in a variety of ways, from growing use of technology and willingness to share data to an interest in using tools to make prescription and treatment decisions. Such factors will drive pharma and healthcare market growth in the coming years.
Some key highlights of 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.
Key Players covered in this report are
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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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
Key Regional Markets Studied in the Report:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- The Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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