PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1761114
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1761114
Global Contract Research Outsourcing Market to Reach US$90.4 Billion by 2030
The global market for Contract Research Outsourcing estimated at US$57.4 Billion in the year 2024, is expected to reach US$90.4 Billion by 2030, growing at a CAGR of 7.9% over the analysis period 2024-2030. Clinical, one of the segments analyzed in the report, is expected to record a 8.2% CAGR and reach US$61.2 Billion by the end of the analysis period. Growth in the Discovery segment is estimated at 6.9% CAGR over the analysis period.
The U.S. Market is Estimated at US$23.1 Billion While China is Forecast to Grow at 10.3% CAGR
The Contract Research Outsourcing market in the U.S. is estimated at US$23.1 Billion in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$5.6 Billion by the year 2030 trailing a CAGR of 10.3% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 6.8% and 6.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.8% CAGR.
Global Contract Research Outsourcing Market - Key Trends & Drivers Summarized
Contract research outsourcing (CRO) has become an integral component of the pharmaceutical, biotechnology, and medical device industries. This practice involves delegating various research and development (R&D) tasks to external service providers, which specialize in conducting clinical trials, preclinical research, regulatory affairs, data management, and biostatistics. By leveraging the expertise and resources of CROs, companies can streamline their development processes, reduce costs, and accelerate the time-to-market for new products. This approach also allows companies to focus on their core competencies while ensuring that essential R&D functions are managed by skilled professionals with the necessary infrastructure and regulatory knowledge.
The CRO industry has evolved significantly over the past few decades, driven by advancements in technology and the increasing complexity of drug development. Modern CROs offer a wide range of services that cover every stage of the product lifecycle, from discovery and preclinical testing to clinical trials and post-market surveillance. The use of advanced technologies such as electronic data capture (EDC), remote monitoring, and big data analytics has enhanced the efficiency and accuracy of clinical trials. Additionally, the globalization of clinical research has enabled CROs to conduct trials in multiple countries simultaneously, providing access to diverse patient populations and expediting the regulatory approval process. This global reach also allows CROs to navigate various regulatory environments, ensuring compliance with local and international standards.
The growth in the contract research outsourcing market is driven by several factors that reflect the changing landscape of the pharmaceutical and biotech industries. One of the primary drivers is the increasing R&D expenditure by pharmaceutical companies seeking to develop new therapies and maintain a competitive edge. The rising complexity of clinical trials, particularly in areas such as oncology and personalized medicine, necessitates specialized expertise and capabilities that CROs can provide. Additionally, the growing trend of virtual and decentralized clinical trials, accelerated by the COVID-19 pandemic, has further fueled the demand for CRO services. Regulatory pressures and the need for stringent data management and reporting also drive companies to outsource to ensure compliance and mitigate risks. Moreover, the expansion of biopharmaceuticals and the focus on rare diseases and orphan drugs have created new opportunities for CROs to support innovative research initiatives. These factors, combined with advancements in technology and an increasingly collaborative approach to drug development, ensure robust growth and continued evolution in the contract research outsourcing market.
SCOPE OF STUDY:
The report analyzes the Contract Research Outsourcing market in terms of units by the following Segments, and Geographic Regions/Countries:
Segments:
Service Type (Clinical, Discovery, Pre-Clinical, Laboratory Services); End-Use (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, Academic Institutes)
Geographic Regions/Countries:
World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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