Market Research Report
Global Contract Research Organization (CRO) Services Market - Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecast to 2027
|Global Contract Research Organization (CRO) Services Market - Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecast to 2027|
Published: August 6, 2021
SPER Market Research Pvt. Ltd.
Content info: 215 Pages
Delivery time: 1-2 business days
The global contract research organization (CRO) services market is expected to grow at a CAGR of 11.4% from 2020 to reach USD 88.5 billion by 2027. The growth is primarily attributed to increasing investment in pharmaceutical R&D, increasing number of clinical trials and rising incidence of orphan and rare diseases. However, retaining highly skilled professionals pose a significant challenge.
Clinical research services segment accounted for the largest share of CRO services market. The largest share of this segment is mainly due to rapidly increasing geriatric population, prevalence of chronic diseases and growing demand for newer drugs.
On the basis of therapeutic area, CRO services market is segmented into oncology, infectious diseases, neurology, cardiovascular system (CVS) disorders, metabolic disorders/endocrinology, immunological disorders, respiratory disorders, psychiatry, dermatology, haematology, ophthalmology, gastrointestinal diseases, genitourinary & women's health and other therapeutic areas. Oncology segment held largest share in the forecast period. The largest share of this segment is mainly attributed to high incidence of cancer and pipeline of drugs in late-stage development.
CRO services market is segmented into vaccines, cell & gene therapy and other molecules on the basis of molecule type. Cell & gene therapy is projected to reflect fastest growth during the forecast period mainly due to rising R&D expenditure in regenerative medicine and promising therapies in pipeline.
Based on the end user segregation, pharmaceutical & biopharmaceutical companies accounted for largest market share in 2020. The growth of this market can be mainly attributed to increasing outsourcing of early-phase development services and clinical & laboratory testing services by pharmaceutical companies.
In 2020, North America accounted for the largest share of CRO services market and is expected to follow the same trend in the forecast period. The largest share of this regional segment is mainly due to presence of leading pharmaceutical & biopharmaceutical companies and high investments in the biologics segment. The second dominant regional market for CRO services is expected to be Europe.