The global cro research 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.

Market Dynamics:

The pharma and healthcare sector has significantly advanced in the recent years and is expected to register steady revenue growth over the forecast period owing to rapid innovations in medical technology, increasing investments, rising healthcare expenditure and high adoption of advanced products and systems. Factors such as rising prevalence of chronic diseases such as diabetes, cancer, cardiovascular diseases, and neurological disorders across the globe, rising cases of coronavirus, improving healthcare infrastructure and research facilities, and increasing adoption of remote patient monitoring services and home care settings are expected to fuel global market revenue growth over the forecast period. In addition, increasing number of hospitals and ambulatory care centers worldwide, high demand for personalized medicine, increasing investments in drug discovery and growing investments by public and private sectors are expected to drive global market growth in the coming years.

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Some Key Highlights from 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 cro research 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.

Leading companies operating in the market 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.

Competitive Landscape:

The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, product & service portfolio. The cro research market is extremely competitive and consists of several key players at regional and global level. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures and collaborations to strengthen their market position and enhance product portfolio.

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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:

cro research Market Segmentation:

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

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