Contract Research Organization (CRO) market to exceed US$ 88,835.19 million by 2028 says, The Insight Partners

According to The Insight Partners' Research, the global contract research organization market was valued at US$ 50,093.56 million in 2021 and is projected to reach US$ 88,835.19 million by 2028 to rise at a stellar annual growth rate of 8.5% from 2021 to 2028. The increasing R&D expenditure on outsourcing activities and rising number of clinical trials are the critical factors attributed to market expansion.

The pharmaceutical and biotech companies spend significantly on research and development (R&D) to produce drugs, therapies, or devices with absolute medical and commercial potential. According to the statistics of Pharmaceutical Research and Manufacturers of America (PhRMA), entire biopharmaceutical industry invested an estimated US$ 102 billion in R&D in 2019. The drug development process is time-consuming and an expensive affair that requires timely monitoring and regular quality tests. Hence, most pharmaceutical and biotech companies opt to outsource their work to contract research organizations to save time and cost.

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Clinical trials are crucial and significant to assess whether medication, treatment, or devices are safe and effective for patients. Every new drug or device undergoes a series of complex clinical trials before getting approved by the regulatory authorities. The research trials are primarily conducted to collect and analyze the data pertaining to the safety and effectiveness of medicines and systems. According to the US National Library of Medicine, approximately 280,801 clinical trials were reported across the world till 2018. Increasing prevalence of various communicable and non-communicable diseases demands the development of new drugs, therapies, and treatment. All these parameters catalyze the global contract research organization market.

According to end user, the global contract research organization market is bifurcated into pharmaceutical & biotechnology companies and medical device companies. The pharmaceutical & biotechnology companies segment captured 68.80% market share in 2021 amassing the sum of US$ 34,463.00 million. It is speculated to accrue US$ 62,344.00 million by 2028 to expand at 8.8% CAGR throughout the forecast period.

Based on type, the contract research organization market business sphere is segmented into early phase development services, clinical research services, laboratory services, and post-approval services. The clinical research services segment held 64.60% market share in 2021. It garnered US$ 32,360.86 million in 2021 and is anticipated to generate US$ 59,143.65 million by 2028 to grow at a CAGR of 9.0% during 2021-2028.

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As per regional point of view, the contract research organization market in North America held 44.39% of the market share in 2021. The regional market was evaluated at US$ 22,236.53 million in 2021 and is forecasted to account US$ 40,082.44 million by 2028, exhibiting a CAGR of 8.8% during the forecast period. However, Asia Pacific registered the highest CAGR of 9.2% being valued at US$ 8,460.80 million in 2021. Further, it is supposed to hit US$ 15,706.06 million by 2028.

The major companies leading the global contract research organization market are Charles River Laboratories, Inc; IQVIA Inc; Laboratory Corporation Of America Holdings; Parexel International Corporation; Icon Plc; Novotech; Syneos Health; Medpace; Wuxi Apptec; and PPD Inc, among others.

• In February 2021, Charles River Laboratories signed a strategic partnership with Kibur Medical to advance the preclinical oncology studies.
• In June 2018, IQVIA launched IQVIA ePromo, a new cloud-based content management technology platform that provides solutions for clinical, regulatory, and commercial operations.

• In August 2021, Laboratory Corporation collaborated with Community Clinical Oncology Research Network LLC, a leading research organization to conduct clinical research on disparities in precision medicine, exclusively for cancer patients.

• In February 2021, Parexel entered into a strategic partnership with Neogenomics to advance the applications of precision medicine in oncology clinical trials by using real-world genomics data to accelerate clinical development.

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