Global Contract Research Organization (CROs) Services Market, 2022 to 2027: Opportunities with Growth in the Drugs and Biologics Market Despite the COVID-19 Pandemic - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Contract Research Organization (CROs) Services Market by Type (Early phase, Clinical, Lab, Consulting), Therapeutic Area (Oncology, Infectious Disease, Neurology, Immunology, Hematology, Vaccines), End User - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global CRO services market is estimated to grow at a CAGR of 11.0% during the forecast period. Growth in the CRO services market can mainly be attributed to factors such as the increasing investment in pharmaceutical R&D, rising number of clinical trials, high cost of in-house drug development (encouraging pharma-biotech companies to opt for outsourcing), and the rising prevalence of orphan and rare diseases (creating new revenue pockets for CROs).

The data management services segment accounted for the highest growth rate in the CRO services market, by type, during the forecast period

In 2021, the data management services segment accounted for the highest growth rate. The data management services segment is projected to grow at the highest CAGR owing to the need for the generation of high-quality and statistically sound data and its management and the rising importance of data handling in order to meet regulatory requirements. Data management is critical for smooth and uninterrupted flow and easy access of data during the development of drugs and medical devices.

Asia Pacific: The fastest-growing region in the CRO services market

The Asia Pacific market is estimated to record the highest CAGR during the forecast period. This is attributed to the rapid growth in the pharmaceutical and biopharmaceutical industries, low cost of clinical trials, implementation of favorable government policies, and the rising number of CROs in the region.

The primary interviews conducted for this report can be categorized as follows:

• By Respondent: Supply Side - 70% and Demand Side 30%
• By Designation: C-level - 45%, D-level - 30%, and Others - 25%
• By Region: North America - 40%, Europe - 25%, Asia-Pacific - 20%, Latin America - 10%, Middle East & Africa - 5%

The global CRO services market is estimated to grow from USD 68,314.0 million in 2022 to reach USD 1,15,113.0 million by 2027, at a CAGR of 11.0% during the forecast period. Growth in the CRO services market can mainly be attributed to factors such as the increasing investment in pharmaceutical R&D, rising number of clinical trials, high cost of in-house drug development (encouraging pharma-biotech companies to opt for outsourcing), and the rising prevalence of orphan and rare diseases (creating new revenue pockets for CROs).

Growth in the drugs and biologics market despite the COVID-19 pandemic, the increasing demand for specialized testing services among end users, and the need for novel clinical trial designs for complex cell and gene therapies are also expected to offer a wide range of growth opportunities to players operating in this market.

Market Dynamics

Drivers

• Increasing Investment in Pharmaceutical R&D
• Increasing Number of Clinical Trial
• High Cost of In-House Drug Development
• Rising Prevalence of Orphan and Rare Diseases

Opportunities

• Growth in the Drugs and Biologics Market Despite the COVID-19 Pandemic
• Rising Demand for Specialized Testing Services Among End-users
• Need for Novel Clinical Trial Designs for Complex Cell and Gene Therapies

Challenges

• Shortage of Skilled Professionals for Clinical Trials
• Requirement for Unique Analytical Testing Approaches for Innovative Formulations

List of Companies Profiled in the Report:

• IQVIA Inc. (US)
• Laboratory Corporation of America Holdings (US)
• Charles River Laboratories International Inc. (US)
• WuXi AppTec Co. Ltd. (China)
• Syneos Health Inc. (US)
• PPD, Inc. ( a part of Thermo Fisher Scientific, Inc.)
• Parexel International Corporation (US)
• ICON plc (Ireland)
• Medpace Holdings Inc. (US)
• SGS SA (Switzerland)
• BioAgile Therapeutics Pvt. Ltd. (India)
• Firma Clinical Research, LLC (US)
• AccuLab Life Sciences (US)
• Novotech Health Holdings (Australia)
• Geneticist Inc. (US)
• Linical Americas (US)
• Celerion (US)
• Azelix LLC (US)
• Pepgra Healthcare Pvt. Ltd. (UK)
• Dove Quality Solutions Limited (UK)
• Frontage Holdings Corporation (US)
• PSI CRO AG (Switzerland)
• Pharmaron Beijing Co., Ltd. (China)
• Clinipace Inc. (US)
• Axcent Advanced Analytics (US)
• Clinical Trial Service BV (Netherlands)

For more information about this report visit https://www.researchandmarkets.com/r/6o94yt

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