November 26, 2024
Boston: “According to the latest study from BCC Research, the demand for Contract Research Organization (CRO) Servicesis expected to grow from $111.8 billion in 2024 to $166.0 billion by the end of 2029, at a compound annual growth rate (CAGR) of 8.2% during the forecast period of 2024 to 2029.”
This report looks at the global market for CRO services, covering the major companies in the sector. It explains the clinical trial process, including the different phases and services CROs provide, and highlights the therapeutic areas they work in, such as cancer, heart disease and neurology.
The market is segmented by type of service such as clinical trials, drug discovery, and preclinical research, as well as by region—North America, Europe, Asia-Pacific, and Rest of the World. It also looks at End users studied include pharmaceutical companies and academic research institutions.
The report uses 2023 data to provide market estimates for 2024 and forecasts growth through 2029. It analyzes market trends, leading companies, challenges, and opportunities, offering insights into the future of the CRO industry. It also covers the competitive landscape and the emerging trends shaping the industry.
The main goals of the report are to assess technologies, market size, growth drivers, and competition, and provide long-term forecasts for the CRO services market.
Interesting and surprising facts:
Pharmaceutical companies are turning to CROs more often for drug development because the process is becoming more complex and more dependent on advanced technology. The COVID-19 pandemic has made the role of CROs even more important in global health efforts.
Factors contributing to this growth include:
1. Increasing adoption of AI. CROs are increasingly using AI to improve their services. AI helps them analyze data faster, make better predictions, and run more efficient clinical trials, which speeds up drug development and reduces costs.
2. Rising prevalence of chronic and immunological diseases. More people worldwide are developing chronic diseases, such as diabetes, heart disease and immune system disorders, which increases the need for treatments and medical care.
3. CROs add efficiency.: Companies and researchers are joining forces to develop new antibody drugs, sharing their expertise and resources to speed up the discovery of new treatments and bring them to patients faster, leading to more effective medicines.
Request a sample copy of the report Global Market for Contract Research Organization (CRO) Services.
Report Synopsis
|
Report Metric |
Details |
|
Base year considered |
2023 |
|
Forecast period considered |
2024-2029 |
|
Base year market size |
$103.4 billion |
|
Market size forecast |
$166.0 billion |
|
Growth rate |
CAGR of 8.2% for the forecast period of 2024-2029 |
|
Segments covered |
Functional Services, Therapeutic Area, End User and Region |
|
Regions covered |
North America, Europe, Asia-Pacific, and Rest of the World |
|
Countries covered |
U.S., Canada, Mexico, Germany, France, U.K., China, I India, Japan |
|
Market drivers |
|
This report addresses the following questions:
1. What are the projections for the market?
2. What factors are driving the growth of the market?
3. Which market segments are covered in the report?
4. Which functional services segment will dominate the market by the end of 2029?
5. Which region has the largest share of the global market?
Leading companies in the market include:
Directly Purchase a copy of the report from BCC Research.
For further information or to make a purchase, please get in touch with info@bccresearch.com.
Global Market for Contract Research Organization (CRO) Services( PHM186C )
Publish Date: Oct 2024
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email press@bccresearch.com or visit www.bccresearch.com/media to request access to our library of market research.