Contract Research Organization (CRO) Services Market to Reach USD 175.53 Billion by 2032; Entire Drug Development by Research & Development Outsourcing Bolsters Market Growth

The global Contract Research Organization (CRO) services market size was valued at USD 85.54 billion in 2024. The market is anticipated to grow from USD 92.27 billion in 2025 to USD 175.53 billion by 2032, exhibiting a CAGR of 9.6% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Contract Research Organization (CRO) Services Market Size, Share & Industry Analysis, By Type (Early Phase Development Services [Chemistry, Manufacturing and Controls (CMC), Preclinical Service, and Discovery], Clinical [Phase 1, Phase 2, Phase 3, and Phase 4], Laboratory Services, and Others), By Application (Oncology, Neurology, Cardiology, Infectious Disease, Metabolic Disorder, Renal/Nephrology, and Others), By End-user (Pharmaceutical & Biotechnological Companies, Medical Device Companies, Academic & Research Institutes, and Others), and Regional Forecast, 2025-2032”.

The Contract Research Organization (CRO) services market refers to the global industry comprising organizations that provide outsourced research services to pharmaceuticals, biotechnology, and medical device companies. These services span the entire drug development lifecycle, from early-stage research, preclinical testing, and clinical trials to regulatory support, data management, and post-marketing surveillance, making them integral to the drug development process.

The COVID-19 pandemic initially disrupted the clinical trials due to lockdowns and resource reallocation. However, the subsequent surge in demand for vaccine and therapeutic research led to a rebound in CRO activities. The pandemic underscored the importance of agile and efficient research processes, prompting increased reliance on CROs for rapid development and testing.

Charles River Laboratories Partnered Up with Wheeler Bio to Increase Product Demand

In February 2024, there was a partnership deal made between Charles River Laboratories and Wheeler Bio. This partnership consisted of accelerating the progression of therapeutic discovery to manufacturing for its client, which further boosted the Contract Research Organization (CRO) services market growth.

Increasing Number of Clinical Trials for Therapeutics to Accelerate Market Growth

For effective diagnosis and treatment, several healthcare companies are aiming to increase clinical trials to develop innovative medical devices and effective therapeutics for the consumers and clients. Moreover, smaller firms, often lacking extensive in-house R&D capabilities, rely on CROs for comprehensive research services, contributing to market growth.

However, navigating complex regulatory environments across different regions can pose challenges for CROs and clients.

Extensive Focus on R&D by the Prominent Market Players Fuels the Market Development

The prominent players such as IQVIA Inc., ICON plc, Syneos Health, and Charles River Laboratories are aiming to advance their service offerings by adopting advanced technologies which further expands revenue growth. Other industry players including Parexel International (MA) Corporation, Thermo Fisher Scientific Inc., and Medpace are launching new services to strengthen their market presence and position.

Key Players Profiled in the Report

• Medpace (U.S.)
• Fortrea (U.S.)
• ICON plc (Ireland)
• IQVIA Inc. (U.S.)
• Syneos Health (U.S.)
• Novotech (Australia)
• KCR S.A. (U.S.)
• Ergomed Group (U.K.)
• Thermo Fisher Scientific Inc. (U.S.)
• Charles River Laboratories (U.S.)
• Parexel International (MA) Corporation (U.S.)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/contract-research-organization-cro-services-market-100864

Key Industry Developments:

• January 2024 – Fortrea announced partnership with Veeva Systems Inc. and Advarra to enhance clinical trial experience for the customers, using patient and site-centric solutions.

Further Report Findings:

• By application analysis, the oncology segment dominated the Contract Research Organization (CRO) services market share. Increasing burden of cancer has raised the demand for effective treatment options. To fulfill this demand, several life science companies have begun to progress helpful treatments. The development of such small and mid-sized companies surges the outsourcing of preclinical and clinical services.
• The North American market was valued at USD 42.94 billion in 2024, and anticipated to hold a dominant share during the forecast period. The growth in this region is contributed by the presence of prominent industry players, along with the U.S which is anticipated to be the fastest growing country due to the rising number of clinical trials.
• Europe was the second dominating region in 2024 and is expected to stay in this position during the forecast period. Heavy investments by the pharmaceuticals and biotechnology companies in R&D to develop new therapeutics.

Table of Segmentation