Contract Research Organization Services Market To Generate $142.56 Billion Revenue by 2030

The CRO services market size is expected to advance at a CAGR of 10.4% during 2022–2030, to reach USD 142.56 billion by 2030. This can be ascribed to the growing R&D activities and the increasing number of clinical trials.

Various complicated treatment methods such as gene and cell therapies are expected to fulfill the requirements of patients. Due to this, several companies have invested in the advancement of such therapies. For instance, in August 2022, Zynteglo was approved by the FDA, which is performing the function of the beta-globin gene in patients’ blood stem cells. Also, around 27 products were approved in 2022 by the US FDA. A large number of products that are approved are performing various functions, which has increased the demand for contract research organization services.

Also, with the increasing number of clinical trials, new drugs entered into different phases of their clinical trial cycle. It provides opportunities for various key players to increase their focus and initiate the development of more drugs, which, in turn, will boost the market demand in the coming years.

Growing Prevalence of Chronic Diseases Fuels the Demand

Across the globe, the cases of chronic and non-communicable diseases are increasing simultaneously and accounted for around 73% of all deaths and approximately 53% of deaths in India. Along with this, about 44% of disability-adjusted life years are lost in India. Moreover, according to the International Diabetes Federation, India is expected to register the highest number of people suffering from diabetes all over the world with 134 million by 2045. The country has also been evaluated to record a steep increase in hypertension both in rural and urban populations.

Therefore, the rising awareness among people and the increasing number of chronic diseases have increased the pressure on key players for the development of novel and more efficient medications, which, in turn, will drive the market growth during the forecast period.

APAC Market To Witness the Fastest Growth

The APAC market is expected to witness the highest CAGR, of around 11.2%, over the forecast period. This can be attributed to the increasing government support for clinical research, the surging healthcare expenditure, and the rising number of patients suffering from chronic diseases. Due to the high prevalence of several diseases in the region such as heart attack, cancer, and diabetes, the demand for clinical trials has increased. Coupled with this, the presence of various players and the ease of regulatory affairs has significantly boosted the demand for CRO services in the region.

China is leading the APAC market. This is because companies in the country are currently witnessing a high demand for such services due to the increased innovations and expansions in this field.

The European market is also growing significantly because of the increasing focus on drug development and the surging number of clinical trials conducted in the region. Moreover, rapid technological advancements and the growing geriatric population are increasing the concentration of several pharmaceutical and biotech companies for outsourcing clinical trials and research and development to several contract research organizations. It is also evaluated that the increasing investment in the development of various novel and advanced drugs so as to provide effective and less costly treatment to patients is driving the regional market.

The most-significant CRO services market players are BioAgile Therapeutics Pvt. Ltd., Laboratory Corporation of America Holdings, Thermofisher Scientific Inc., Syneos Health Inc., Charles River Laboratories International Inc., Parexel International Corporation, Icon plc, Medpace Holdings Inc., Altasciences, and Pharmaron Beijing Co. Ltd.