PUBLISHER: The Business Research Company | PRODUCT CODE: 1619520
PUBLISHER: The Business Research Company | PRODUCT CODE: 1619520
Clinical research organizations (CROs) are specialized service providers that oversee and execute clinical trials for companies in the pharmaceutical, biotechnology, and medical device sectors. They manage various facets of research, such as designing studies, handling data, and ensuring regulatory compliance, thereby facilitating the drug development process and maintaining adherence to regulatory requirements.
CROs offer several key services, including drug discovery, pre-clinical services, clinical services, and post-approval services. Drug discovery involves a series of processes and technologies aimed at identifying and developing new pharmaceutical compounds, from initial research to preclinical testing. These services can be performed in-house or outsourced and cover a wide range of conditions such as oncology, central nervous system disorders, cardiovascular diseases, metabolic disorders, immunology, respiratory issues, musculoskeletal disorders, and hematological disorders. They are used by various entities, including pharmaceutical and biotechnology companies, medical device manufacturers, governments, private firms, academic institutions, and more.
The clinical research organization market research report is one of a series of new reports from The Business Research Company that provides clinical research organization market statistics, including the clinical research organization industry's global market size, regional shares, competitors with a clinical research organization market share, detailed clinical research organization market segments, market trends and opportunities, and any further data you may need to thrive in the clinical research organization industry. This clinical research organization market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The clinical research organization market size has grown strongly in recent years. It will grow from $54.15 billion in 2023 to $59.41 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The expansion observed in the past is due to several factors, an aging population, a rise in chronic illnesses, the globalization of clinical trials, a heightened emphasis on orphan drug development, and government funding and grants.
The clinical research organization market size is expected to see strong growth in the next few years. It will grow to $86.33 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The anticipated growth is driven by a shift towards personalized medicine, an increase in clinical trials, a broader drug development pipeline, higher spending on pharmaceutical research and development, and the growth of biopharmaceuticals. Key trends for the forecast period include the use of artificial intelligence (AI) in clinical trials, strategic partnerships and collaborations, technological innovations, cloud-based clinical trial platforms, and advancements in product development.
The growing demand for personalized medicine is projected to drive the expansion of the clinical research organization (CRO) market. Personalized medicine, also known as precision or individualized medicine, focuses on tailoring treatments and interventions to the specific characteristics of each patient. This surge in demand is largely due to advancements in genomics and biotechnology, which allow for more targeted and effective treatments based on individual genetic profiles and health conditions. CROs play a crucial role in personalized medicine by conducting specialized trials and analyses to customize treatments according to individual genetic and biological profiles. For instance, in February 2024, the Personalized Medicine Coalition, a US-based non-profit, reported that the FDA approved 16 novel personalized therapies for rare diseases in 2023, up from six in 2022. This rising demand for personalized medicine is driving the growth of the CRO market.
Key players in the CRO market are developing advanced solutions, such as artificial intelligence-driven end-to-end data platforms, to improve data integration, analysis, and trial efficiency. These platforms use AI to manage, analyze, and optimize data throughout its entire lifecycle, from collection to actionable insights. For example, in January 2023, Elligo Health Research Inc., a US-based CRO, launched DataAI Connect, an innovative data and technology platform designed to accelerate data-driven clinical research. The platform integrates data collection, management, analysis, and sharing of real-world patient data, offering a comprehensive solution to address clinical trial challenges rather than merely serving as an adjunct technology. This versatile platform provides an all-in-one approach for retrieving and analyzing medical records.
In March 2024, Veeda Clinical Research Ltd., an India-based CRO, acquired Heads for an undisclosed amount. This acquisition enables Veeda to broaden its contract research services from discovery through clinical development and post-commercial launch, offering a full range of CRO services across early to late-phase trials. Heads, based in Ireland, specializes in clinical research and drug development consulting.
Major companies operating in the clinical research organization market are Laboratory Corporation of America Holdings, IQVIA Holdings Inc., PPD Inc., ICON plc, Syneos Health Inc., Charles River Laboratories International Inc., Parexel International Corporation, Medpace Holdings Inc., Almac Group Ltd, Premier Research Group Limited, Novotech Health Holdings Pty Ltd, Clario, Caidya Inc., Altasciences, Ergomed plc, Emmes Group of Companies Inc., Richmond Pharmacology Ltd, LINK Medical Research, Nuventra Pharma Sciences Inc., Medlab Clinical Ltd.
North America was the largest region in the clinical research organization market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the clinical research organization market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the clinical research organization market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The clinical research organization market includes revenues earned by entities by providing services such as clinical trial management, data management and biostatistics, medical writing, pharmacovigilance, patient recruitment and retention, clinical monitoring, and quality assurance and compliance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Clinical Research Organization Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on clinical research organization market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for clinical research organization ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The clinical research organization market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.