Contract Research Organization (CRO) Services Market Size, Share and Industry Analysis By Service Type (Discovery, Pre-Clinical, Clinical, Laboratory Services), By Application (Oncology, Cardiology, Infectious Disease, Metabolic Disorders, Others), By End User (Pharmaceutical & Biotechnological Companies, Medical Device Companies, Academic & Research Institutes, Others), and Regional Forecast 2019-2026

The global contract research organization (CRO) services market size was valued at USD 38,396.4 Million in 2018 and is projected to reach USD 90,926.3 Million by the end of 2026, exhibiting a CAGR of 11.4% in the forecast period (2019-2026). 

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Contract research organizations (CRO) are the companies that offer research-based services on a contract to many pharmaceuticals & biotechnology, medical device industries, and various government research organizations. These services include drug & devices research and development, i.e., pre-discovery, CMS, preclinical research, clinical trials, post-marketing surveillance, and laboratory services.

Rapid technological advancements and growing globalization are encouraging many biotech and pharmaceutical companies to outsource their research development to many contract research organizations.

Along with this, growing investments by many key players in various clinical & non-clinal research activities outsourced by many contract research organizations services that aid in cost-effective options for development products will propel the global CRO services market growth during the forecast period.

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For instance, in 2019, Laboratory Corporation of America Holdings, invested $485 Mn to purchase the Envigo nonclinical contract research organization services business to expand the global research capabilities of Covance’s nonclinical drug development business segment.

The growing demand of effective drugs and healthcare devices; high cost of product development, and growing patient population are some of the factors that are likely to boost the global CRO services market growth during the forecast period. Additionally, stringent drug approval process and growing strategic collaboration among many key players are also likely to propel the CRO services market revenue during the forecast period.

For instance, in May 2019, Altasciences formed a collaboration with WuXi AppTec to support the full scope of drug development programs, from IND-enabling studies to regulatory support for both pre-IND and post-IND stages, as well as document preparation and submission provided by WuXi AppTec’s Investigational New Drug (WIND) platform.

Market Segmentation

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"Clinical Services to Dominate the Contract Research Organization Services Market"

Multiple products under development for various therapeutic categories, growing demand of effective therapies, and an increase in the investments on research & development by many pharmaceutical & biotechnological companies are likely to surge the demand of clinical trials.

Additionally, clinical trial services are likely to dominate the global contract research organization market share during the forecast duration owing to early accessible of effective, low-cost treatment to patients during the clinical trial process and growing collaboration among key players outsourcing clinical trial.

For instance, in June 2018, Cereno Scientific AB (publ) collaborated with OCT, a full-service clinical contract research organization (CRO) services operational in Central and Eastern Europe and the U.S. to conduct a phase II study to investigate the antithrombotic effects of Cerenos candidate drug CS1.

In terms of applications, the oncology segment accounted for the maximum market share in 2018, owing to the increase in the prevalence of cancer globally and the growing demand for effective treatment therapies for it. Additionally, pharmaceutical & biotechnological companies in the end-user segment are expected to register comparatively higher global contract research organization market share owing to a rise in the research and development expenditure and increased outsourcing of early phase development services and laboratory and clinical testing services by pharmaceutical & biotech companies.

Regional Analysis 

"North America held a dominating market share in the contract research organization services in the year 2018"

Growing investments by many government organizations in research & development activities and growing demand of effective therapies for the management of chronic diseases are likely to boost the CRO services market sales in North America during the forecast period. The region is likely to continue its dominance due to high healthcare awareness, growing demand for technologically advanced and therapeutically effective products, and huge spending on healthcare services in the region.

Europe was found to be the second dominating region in the global contract research organization (CRO) services market in the year 2018 owing to a huge focus on research and development activities by leading pharmaceutical, biotechnology, and medtech companies in the region.

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"Huge base of healthcare companies participating in drug discovery & development activities, increasing patient pool for chronic disorders, and growing harmonization of regulations are likely to expand contract research organization (CRO) services market in Asia Pacific region at a significant rate in the Region"

The global contract research organization market in Asia Pacific region is expected to expand at a significant rate during the forecast period. This is attributable to the presence of a diverse population suitable for clinical trials, availability of skilled labor, and growing patient pool of chronic as well as infectious diseases.

Moreover, rise in the economy and favorable government policies for participation in clinical trials are some of the major factors anticipated to contribute to the CRO market growth in the Asia Pacific region.

An increasing number of multi-regional clinical trials (MRCTs) in the Asia Pacific region has initiated favorable harmonized regulation between the ICH (International Conference on Harmonization) and non-ICH member countries which have further aided in streamlining the clinical trial process augmenting the CRO services market share.

Additionally, growing number of large scale specialized disease centers and advanced clinical trials centers in the region are likely to boost the growth of contract research organization (CRO) services market in the region by double-digit CAGR during the forecast period.

In the Middle East & Africa owing to the growing burden of various chronic disease and rising awareness about the treatment benefits associated with the low-cost clinical tutorial, the design has enhanced the participation of many patients in clinical trial research activities which will fuel the global contract research organization services market growth during the forecast period. 

Key Market Drivers

"IQVIA, Laboratory Corporation of America Holdings, and Pharmaceutical Product Development, LLC., Held Dominating Market Share in Terms of Revenue in the year 2018"

The CRO services market is currently a highly fragmented market with the presence of a large number of players. However, mergers, acquisitions, & collaborations witnessed in recent years are likely to result in market consolidation to some extent during the analysis period. IQVIA was found to be a leading player in the contract research organization market. IQVIA is expected to retain its position during the forecast period owing to its strong portfolio of clinical research and post-clinical research services.

The company faces strong competition from players like Pharmaceutical Product Development (PPD) and the Laboratory Corporation of America Holdings. Other players operating in the global contract research organization market include Medpace, Clintec, KCR S.A., Parexel International Corporation, Covance Inc., etc. 

Key Market Players

• Pharmaceutical Product Development, LLC.


• Medpace


• Clintec


• IQVIA


• PRA Health Sciences, Inc.


• ICON plc


• KCR S.A.


• PSI


• Parexel International Corporation.


• Covance Inc. 


• Other prominent players

Report Coverage 

Pharmaceutical and biotechnology companies outsource various research services to numerous clinical research organizations for hassle-free research management, cost reduction, and ensuring regulatory compliance. Growing investments in the research and development domain by many pharmaceutical companies and the rapidly increasing prevalence of chronic disease are likely to boost the growth of Clinical research organization services market.

Additionally, the rise in several availabilities of clinical trial centers and an increase in the patient pool in the emerging nations are anticipated to drive the growth of global CRO services market during the forecast period. 

The report provides qualitative and quantitative insights on the contract research organization services industry trends and detailed analysis of market size and growth rate for all possible segments. It is segmented by type of service, by application, by the end-user, and by region. Based on the service type, the global contract research organizations industry is segmented into discovery, preclinical, clinical, and laboratory services.

Further based on application, the CRO services market segments include oncology, cardiology, infectious disease, metabolic disorders, and others. Various end-users for contract research organizations (CRO) services covered in the report are pharmaceutical & biotechnological companies, medical device companies, academic & research Institutes, and others. Geographically, the market is segmented into four major regions, which are North America, Europe, Asia Pacific, and the rest of the world. The regions are further categorized into countries. 

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Along with this, the report will focus on the elaborative analysis of the contract research organizations market dynamics and competitive landscape. Various key insights provided in the report are mergers & acquisitions among key players operating in the global CRO market, the regulatory scenario in key countries, and the competition matrix for the services provided by many key players.

SEGMENTATION

Key Industry Developments

• In February 2019, Pharmaceutical Product Development, LLC. (PPD), signed an agreement with, Happy Lie Tech, a China-based AI Company which focuses on patient recruitment, site selection, and real-world evidence generation


• In May 2019, Altasciences went in collaboration with WuXi AppTec to support full scope of drug development programs, from IND-enabling studies to regulatory support for both pre-IND and post-IND stages, as well as document preparation and submission provided by WuXi AppTec’s Investigational New Drug (WIND) platform.


• In June 2018, Cereno Scientific AB (publ) collaborated with OCT, a full-service clinical CRO operational in Central and Eastern Europe and the U.S. to conduct a phase II study to investigate the antithrombotic effects of Cerenos candidate drug CS1.