Contract Research Organization (CRO) Market to Reach Valuation of USD 122.7 Billion by 2028 –Expanding Clinical Trial Numbers, and an Increase in the Prevalence of Chronic Diseases Drives the Market

In terms of revenue, the Global Contract Research Organization (CRO) Market is expected to reach USD 122.7 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 11.70% from 2022 to 2028.

Globally expanding clinical trial numbers, an increase in the prevalence of chronic diseases, and an increase in the number of drug development projects are some of the significant market growth drivers for Contract Research Organization (CRO). Additionally, high internal drug development costs and a growing need for clinical trials for sophisticated gene and cell therapies are anticipated to boost market revenue growth. A service provider known as Contract Research Organization (CRO) (CRO) provides contractual services for pharmaceutical research to assist pharmaceutical and biotechnology industries. Without having to have people on staff for these services, CROs can provide their clients with sophisticated drug development and clinical trials from their origin to FDA approval. CROs range in size from large, global full-service organizations to small, specialized specialty organizations. By reducing the cost of research and development, they assist firms in meeting the expectations of the expanding pharmaceutical and medical device industries.

Key Developments in the Industry

· ICON PLC established a cooperation with Pfizer, Inc., and BioNTech in January 2021 to develop the two companies' experimental COVID-19 vaccine product while offering clinical trial support.

· Thermo Fisher Scientific Inc. finished acquiring Pharmaceutical Product Development, LLC in December 2021. This acquisition improved the company's core services and product offerings.

· The Clinical Data Analytics Suite (CDAS), a new SaaS-based clinical data analytics platform, was introduced by IQVIA Inc. (US) in January 2021. It combines structured and unstructured data from clinical trials into one standardized setting for more straightforward access and use, creates scalable repositories, and powers predictive analytics.

· To expand its non-clinical development portfolio and work with pharmaceutical and biotechnology clients in the Boston, Massachusetts, area, Laboratory Corporation of America Holdings (US) bought ToxikonCorporation (US) in December 2021.

Market Dynamics

The cost of chronic diseases is rapidly increasing on a global scale. For instance, the UN's Food and Agriculture Organization estimates that 46% of the world's illness burden and around 60% of the 56.5 million reported deaths worldwide were caused by chronic diseases. According to a June 2020 BMC Public Health article, the WHO predicted that Non-Communicable Diseases (NCDs) would make up 80% of the world's illness burden by 2020. While obesity and diabetes are increasing as a result of their widespread prevalence and earlier onset, cardiovascular illnesses account for more than half of all chronic disease deaths. People are impacted by chronic diseases all around the world, not just in industrialized nations. Contrary to popular opinion, emerging nations are increasingly impacted by public health issues relating to chronic diseases. According to WHO, chronic diseases are the leading cause of death in five of the organization's six regions. Sub-Saharan Africa continues to have a high prevalence of infectious diseases like HIV/AIDS, TB, malaria, and other conditions of a similar kind, and this trend is expected to continue.

Although the average healthy life expectancy grew globally (by over 6.5 years) between 1990 and 2019, it did not rise as quickly as the average life expectancy in 198 of the 204 countries examined, suggesting that those with poor health tend to live longer. According to a WHO publication from April 2021, low- and middle-income countries account for about 77% of deaths from NCDs. The majority of NCD deaths, or around 17.9 million each year, were caused by cardiovascular illnesses. In addition, there were 9.3 million deaths from cancer, 4.1 million from respiratory conditions, and 1.5 million from diabetes. The demand for market companies to create effective pharmaceuticals has increased due to the rising prevalence of chronic diseases and higher awareness of these disorders, which is projected to enhance the market significantly. These factors, in turn, drive this market.

During the forecast period, the Contract Research Organization (CRO) market in North Americais anticipated to develop at the quickest rate.This is a result of an increase in clinical trials and drug development efforts by pharmaceutical companies across the region, particularly in the United States and Canada. In addition, there is a considerable demand for CRO companies in the region due to the growing emphasis on outsourcing research and development activities. Additionally, the presence of significant CRO companies like Syneos Health, PPD, Parexel, and IQVIA is assisting the market's expansion in terms of revenue. Additionally, there is a great demand for CROs to conduct cancer research and produce effective treatments due to the region's rising cancer incidence. According to the American Cancer Society, there will be 609,360 cancer deaths and an anticipated 1.9 million newly diagnosed cancer cases in the United States.

The Global Contract Research Organization (CRO) Market is Segmented as follows

• Types
  • Clinical Research Services
  • Early Phase Development Services
  • Laboratory Services
  • Consulting Services
  • Data Management Services
• Clinical Research Services
  • Phase I
  • Phase II
  • Phase III
  • Phase IV
• Early Phase Development Services
  • Chemistry, Manufacturing & Controls Services
  • Preclinical Services
  • Pharmacokinetics/ Pharmacodynamics Services
  • Toxicology Testing Services
  • Other Preclinical Services
  • Discovery Studies
• Laboratory Services
  • Analytical Testing Services
  • Bionalytical Testing Services
• Therapeutic Areas
  • Oncology
  • Infectious Diseases
  • CVS Disorders
  • Neurology
  • Vaccines
  • Metabolic Disorders/Endocrinology
  • Immunological Disorders
  • Psychiatry
  • Respiratory Disorders
  • Dermatology
  • Ophthalmology
  • Gastrointestinal Diseases
  • Genitourinary & Women's Health
  • Hematology
  • Other Therapeutic Areas
• End Users
  • Pharmaceutical & Biopharmaceutical Companies
  • Medical Device Companies
  • Academic Institutes
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Contract Research Organization (CRO) Market is

Laboratory Corporation of America Holdings (US), Quintiles IMS (US), Parexel International Corporation (US), Pharmaceutical Product Development LLC (US) Inc., Pra Health Sciences Inc. (US), Icon PLC (Ireland)

The Global Contract Research Organization (CRO) Market Scope can be Tabulated as below