Contract research organization industry is anticipated to grow 6.5% CAGR between 2023 and 2032 owing to increasing R&D expenditure worldwide and growing number of clinical trials in emerging countries
Selbyville, Delaware, Dec. 20, 2022 (GLOBE NEWSWIRE) -- Contract research organization market value is estimated to exceed USD 105 billion by 2032, according to a new research report by Global Market Insights Inc.
The increasing number of clinical trials across developing regions such as the Asia Pacific will create favorable growth scenarios for contract research organizations. Asia Pacific economies such as China, India, and Japan have access to top clinical research institutes and have been paying increased emphasis on conducting clinical trials to introduce cost-effective treatment options and meet the requirements of a widely expanding patient pool.
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Escalating clinical trials to bolster the adoption of laboratory services
Contract research organization market from laboratory services segment is slated to showcase 6% CAGR from 2023 to 2032, suggests the study. Laboratory services offered by contract research organizations sustain all bio-analytical requirements ranging from pre-clinical and clinical development to discovery, manufacturing, and post-marketing surveillance of the product being designed or tested. Additionally, they offer the most advanced technology, skilled professionals, and other resources needed for clinical trials.
Browse key industry insights spread across 287 pages with 390 market data tables & 16 figures & charts from the report, 'Contract Research Organization Market Size By Service (Early Phase Development Services Discovery Services, Chemistry, Manufacturing & Control (CMC), Pre-clinical Services [Pharmacokinetics/Pharmacodynamics (PK/PD), Toxicology Testing Services], Clinical Research Services Phase I, Phase II, Phase III, Phase IV, Laboratory Services Bioanalytical Testing Services, Analytical Testing Services [Physical Characterization, Raw Material Testing, Batch Release Testing, Stability Testing], Regulatory Consulting Services), Therapeutic Area (Oncology, Clinical Pharmacology, Cardiology, Infectious Disease, Neurology, Gastroenterology & Hepatology, Ophthalmology), End-use (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, Academic Institutes), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032', in detail along with the table of contents:
Increasing prevalences of CVDs to drive the expansion of the cardiology segment
The cardiology segment could expand at over 7% growth rate during the projection timeframe. The remarkable surge in discoveries and research taking place in the field of cardiology, backed by the growing prominence of several cardiovascular disorders, including coronary heart disease, stroke, etc., will propel segmental revenues over the coming years.
Growing technological advancements to foster product demand across medical devices companies
Medical devices companies segment amassed an estimated 28.5% share in the contract research organization market share in 2022. This is attributed to the increasing demand for CRO services across the medical sector to cater to the unmet needs of diagnostic companies and medical device manufacturers globally. An increased emphasis on developing advanced and efficient medical equipment will foster lucrative gains for the CRO business.
Flourishing outsourcing trends to drive business growth across Europe
Contract research organization market from European region is expected to garner more than USD 35 billion in revenues by 2032. The positive outlook of the pharmaceutical and biotechnology sector across Europe has escalated the trends associated with outsourcing research activities. The expanding drug pipeline and a rapid upsurge in R&D activities across the region are expected to bolster the Europe CRO industry outlook during the forecast period.
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Rising collaborative efforts to boost the competitive outlook
The competitive landscape of the global contract research organization market includes players such as Charles River Laboratories, Inc., CMIC HOLDING Co., Ltd, Clinipace Inc., EPS International Co., Ltd (EPS Group), IQVIA, ICON plc, Laboratory Corporation of America Holdings (Covance Inc), Pharmaceutical Product Development (Thermo Fisher Scientific, Inc.), Medpace, Inc, PAREXEL International, Syneos Health, WuXi AppTec, Worldwide Clinical Trials, Ora Inc., Iris Pharma, CTRG (Clinical Trial Resource Group), Trial Runners, Lexitas Pharma Services, Inc., The Emmes Company, LLC, JANIX, TFS HealthScience, ProTrial Research, Inc., and others.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.