DUBLIN--(BUSINESS WIRE)--The "Global Contract Research Organization (CROs) Services Market by Type (Early phase, Clinical, Laboratory), Therapeutic Area (Oncology, Infectious Disease), Molecule Type (Vaccine, CGT), End User (Pharma, Biopharma, Research Institute) - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The contract research organization (CRO) services market is projected to reach USD 86.5 billion by 2026 from USD 53.2 billion in 2021, at a CAGR of 10.7% during the forecast period, owing to increasing number of clinical trials, rising prevalence of orphan & rare diseases and high cost of in-house drug development.
By type, the clinical research services segment accounted for the largest share of the contract research organization (CRO) services market
The contract research organization (CRO) services market by type is categorized into major early-phase services, clinical research services, laboratory services, and consulting services. Clinical research services segment dominated the market in 2020. The large share of this segment can be attributed to growing demand for newer drugs and subsequent increase in the prevalence of chronic diseases.
Asia Pacific: The fastest-growing region in the contract research organization (CRO) services market.
The Asia Pacific market is projected to grow at the highest CAGR during the forecast period, mainly due to implementation of favorable government policies and increasing number of newly established manufacturing facilities.
North America: the largest share of the contract research organization (CRO) services market
North America accounted for the largest share of the contract research organization (CRO) services market. Rapid growth in the biosimilar and biologics markets and an increase in clinical trial activity are the major factors driving the market growth.
- Increasing Investment in Pharmaceutical R&D
- Rising Number of Clinical Trials Creates Significant Demand for CRO Services
- High Cost of In-House Drug Development Encourages Pharma Biotech Companies to Outsource Contract R&D Services
- Rising Prevalence of Orphan and Rare Diseases Creates New Revenue Pockets for CROs
- Growth in Drugs and Biologics Market Despite COVID-19 Pandemic
- Rising Demand for Specialized Testing Services Among End-users
- Need for Novel Clinical Trial Designs for Complex Cell and Gene Therapies
- Shortage of Skilled Professionals for Clinical Trials
- Requirement for Unique Analytical Testing Approach for Innovative Formation
- Revolutionary Shift in CRO Services Market due to Growing Adoption of Artificial Intelligence-Based Tools for Drug Discovery
- Increased Outsourcing to Emerging Asian Economies
- CRO Industry Consolidation
- Integrated End-To-End R&D Service Solution
- Acculab Life Sciences
- Axcent Advanced Analytics (A3)
- Bio Agile Therapeutics
- Charles River Laboratories
- Dove Quality Solutions
- Firma Clinical Research
- Frontage Holdings Corporation
- Geneticist Inc.
- Icon plc
- Linical Americas
- Medpace Holdings Inc
- Novotech Health Holdings
- Parexel International
- Ppd Inc
- Pra Health Sciences
- Psi CRO Ag
- Syneos Health Inc.
- Wuxi Apptec
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