Contract Research Organization Market is Estimated to Grow at a CAGR of 11.9% from 2022 to 2028
As stated in our extensive report; the Global Contract Research Organization Market accounted for 62.5 Billion in the year 2021.
Increasing investment in pharmaceutical R&D, increasing clinical trials, and the high cost of in-house drug development (encouraging pharma-biotech companies to opt for outsourcing) are the primary drivers of growth in the Contract Research Organization Market. Despite the COVID-19 pandemic, the drugs and biologics market is expected to grow, creating a number of growth opportunities for market participants. End-user demand for specialized testing services is also expected to rise, as is the requirement for novel clinical trial designs for complex cell and gene therapies.
Based on Service Type, the Global Contract Research Organization Market is segmented into Clinical Research Services, Early Phase Development Services, Laboratory Services, Consulting Services, and Data Management Services. Based on Application, the Global Contract Research Organization Market is segmented into Oncology, Infectious Diseases, Immunological Disorders, Metabolic Disorders, Respiratory Diseases, Cardiovascular Diseases, Neurological Disorders, and Other Applications. Based on End-Use, the Global Contract Research Organization Market is segmented into Medical Device Companies, Biopharmaceutical Companies, Academic&Research Institutes, and others. Region-wise, the Global Contract Research Organization Market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The majority of the pharmaceutical, biopharmaceutical and medical device industries are still devoting significant resources to discovering and creating brand-new medicines and tools. Research and development are significant in the pharmaceutical industry. Pharmaceutical firms invest money into research and development to offer consumers novel and effective treatments. The leading pharmaceutical companies are investing much in R & D and engaging in joint R & D initiatives in order to increase their R & D efficiencies. Global spending on pharmaceutical research and development was USD 137 billion in 2012, USD 212 billion in 2021, and USD 254 billion by 2026, as reported by EvaluatePharma. Pharmaceutical and biotech firms, as well as research and academic institutions, are likely to increase their use of research outsourcing as a result of this. Thus, driving market growth.
North America Region to Take Over the Market
During the forecast period, the Contract Research Organization Market in North America is anticipated to develop at the quickest rate. The rapid expansion of the biosimilars and biologics industries, the growing emphasis on outsourcing by pharmaceutical and biopharmaceutical companies, and the proliferation of clinical trial operations in North America all contribute to the region’s market supremacy.
Increasing investment in pharmaceutical R&D will have a favorable impact on the overall Contract Research Organization Market.
Some of the key players in the Global Contract Research Organization Market include- Laboratory Corporation of America Holdings (US), Quintiles IMS (US), Parexel International Corporation (US), Pharmaceutical Product Development LLC (US) Inc., Pra Health Sciences Inc. (US) and others.