CONTRACT CLINICAL RESEARCH ORGANIZATION MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
The Global Contract Clinical Research Organization Market is estimated to be valued at USD 80.10 Bn in 2024 and is expected to reach USD 149.21 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.3% from 2024 to 2031. The global contract clinical research organization market has been witnessing steady growth over the past few years. CROs are companies that support the pharmaceutical, biotechnology, and medical device industries in the form of research services outsourced on a contract basis. They provide clinical trial design, data management, biostatistical analysis, regulatory affairs services, and other services. The evolution of drug discovery and development processes has increased research complexities and costs for pharmaceutical companies, compelling them to outsource their research activities. Moreover, abbreviated drug development cycles have increased the demand for external service providers having expertise and infrastructure across varied therapeutic areas. These factors have boosted the contract clinical research organization market growth significantly.
Market Dynamics:
Rising research and development (R&D) expenditure of pharmaceutical companies along with higher adoption of outsourcing as a strategy is significantly driving the global contract clinical research organization market. Moreover, increasing demand for specialized clinical trial services and rapid evolution of advanced technologies are creating new opportunities in this market. However, stringent regulations and slower approval timelines pose major challenges. Additionally, the intellectual property (IP) rights and data security related risks restrain market growth to some extent. Pharmaceutical companies are now adopting innovative delivery models from CROs driven by quality, expertise, and advanced technologies to gain competitive advantage. This is expected to open up new avenues over the coming years.
Key Features of the Study:
- This report provides in-depth analysis of the global contract clinical research organization market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global contract clinical research organization (CRO) market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include IQVIA, Covance, Syneos Health, PPD (Pharmaceutical Product Development), ICON plc, Charles River Laboratories, Medpace, Parexel International, WuXi AppTec, PRA Health Sciences, KCR, Celerion, Catalent, BioClinica, and Clinipace
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global contract clinical research organization market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global contract clinical research organization market
Market Segmentation
Table of Contents
*Browse 32 market data tables and 28 figures on 'Contract Clinical Research Organization Market' - Global forecast to 2031
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