Contract Research Organization (CRO) Services Market to Register a CAGR Growth of 12.5% During 2023-2030; Rising Prevalence of Chronic Disease and Increased Investment In R&D to Augur Market Growth

The global contract research organization (CRO) services market size was valued at USD 73.38 billion in 2022. The market is projected to grow from USD 82.60 billion in 2023 to USD 188.52 billion by 2030, exhibiting a CAGR of 12.5% during the forecast period. Fortune Business Insights™ presents this information in its report titled, “Contract Research Organization (CRO) Services Market Size, Share & COVID-19 Impact Analysis, By Service Type (Early Phase Development Services, Clinical, Laboratory Service and Others), By Application (Oncology, CNS Disorder, Cardiology, Infectious Disease, Metabolic Disorder, and Others), By End-User (Pharmaceutical and Biotech Companies, Medical Device Companies, Academic and Research Institutes and Others), and Regional Forecast, 2023-2030”.          

Sponsors, competent authorities, legal departments, research centers, and ethical committees are factors that make clinical trial management complicated. Several medical device companies, biopharmaceutical, and pharmaceutical companies invest heavily in enhancing new technologies and medications. Owing to these factors, the contract research organization services market is anticipated to grow during the projected period.

Accelerated Drug Development Efforts to Boost Market Growth

The rise in CRO services market growth was attributable to the increase in the number of clinical trials, and demand for novel and effective drugs and vaccines. After the COVID-19 outbreak, many new services, partnerships, and collaborations worldwide were recorded with pharmaceutical companies and academic institutes for COVID-19 vaccine research and development. Amid the COVID-19 pandemic, the global CRO services market observed a significant increase in its market value.    

IQVIA’s Data Aggregation Plans to Increase Efficiency

To optimize market insights, IQVIA introduced a data aggregation strategy in November 2021. This strategy helps to harness the right services and data for patient optimization and increases the efficiency of the company’s services.

Increasing Chronic Diseases, Rising Clinical Trials, & Rising Investment to Augment Market Growth

Factors such as rising investment from pharmaceutical, biopharmaceutical, and medical device business companies, along with rising investment opportunities in various clinical and non-clinical activities, will boost the CRO services market growth during the forecast period. Additionally, a shifting trend of outsourcing clinical trials and rising collaborative efforts will fuel the contract research organization services market share. Also, the increasing number of chronic diseases and rising global life expectancy will increase the footprint of the market.

However, a lack of qualified specialists may hamper the contract research organization services market growth. 

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Market Players Concentrate on Mergers and Acquisitions to Aid Growth

To enhance their contract research organization services services, Labcorp Drug Development concentrated on strong acquisitions and mergers. The company also held a significant share of the market in 2022. Pharmaceutical Product Development, LLC, IQVIA, and ICON pIc are other prominent players in the market. To expand its offerings, companies are focused on research and development. Moreover, leaders are also focused on implementing new technologies, such as artificial intelligence, for CRO services.

Key Industry Development:

• July 2021: Labcorp announced the expansion of its oncology portfolio by acquiring Omniseq. Omniseq is a pioneer in solid tumor profiling that harnesses next-generation sequencing technology and assists drug development through a wide range of pharmaceutical services.

List of Players Profiled in the Market Report:

• Pharmaceutical Product Development, LLC (U.S.)


• Medpace Holdings, Inc. (U.S.)


• Iqvia (U.S.)


• Icon Plc (Ireland)


• KCR SA (U.S.)


• PSI (Switzerland)


• Parexel International Corporation (U.S.)


• Labcorp Drug Development (U.S.)

Further Report Findings:

• The clinical trials segment is expected to lead over the forecast period owing to the rising prevalence and rocketing of chronic diseases. Additionally, factors such as rising R&D activities from the biotechnology & pharmaceutical sectors will further fuel the contract research organization services sector during the forecast period.


• North America will witness the largest CRO services market share and was valued at USD 36.97 billion in 2022 owing to the presence of prominent players in the region. Also, widespread drug development activities and the rising focus on outsourcing trials will increase the footprint of the market.   

Table of Segmentation: