Contract Research Outsourcing (CRO) Market Size, Key Player Revenue, SWOT, PEST & Porter’s Analysis For 2028

 

The global Contract Research Outsourcing (CRO) Market size is expected to reach USD 104.69 Billion in 2028 and register a revenue CAGR of 10.2% over the forecast period, according to the latest report by Reports and Data. Rising number of clinical trials across the globe, high healthcare research & development budget, especially in developed countries, and increasing outsourcing activities are driving contract research outsourcing market revenue growth.

The global Contract Research Outsourcing (CRO) market research report provides a brief overview inclusive of competitive landscape and key developments in the market. It provides an extensive study analysis of the strategic alliances such as mergers and acquisitions, joint ventures, collaborations, product launches and brand promotions, corporate deals and partnerships, among others. It also offers insights into company overview, financial standing, business expansion plans, and revenue growth of each company. It also sheds light on product advancement, technological developments, and research and development activities.

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Key Players:

Companies profiled in the global market report includes Charles River Laboratories, Parexel International, IQVIA, Labcorp Drug Development, PRA Health Sciences, Syneos Health, Thermo Fisher Scientific, Inc., ICON plc, Medidata Solutions, and Medpace Holdings, Inc.

Some Key Highlights from the Report:

• In December 2021, Thermo Fisher completed acquisition of leading contract research outsourcing firm PPD, Inc., for USD 17.4 Billion. PPD Inc. will be integrated into Thermo Fisher’s laboratory products and services segment. PPD will bring drug development platform, strong laboratory service, excellent patient recruitment capabilities and reputation of quality services, to improve Thermo Fisher’s offerings.
• Clinic Research Services (CRS) segment is expected to register significantly high revenue growth rate during the forecast period, owing to rapidly increasing global geriatric population, rising prevalence of various chronic diseases and growing demand for new drugs. Clinical trials are necessary to evaluate efficacy of new medicines which work towards improvement of patient’s health.  
• Oncology segment accounted for largest revenue share in 2020 due to high prevalence of cancer globally and on-going drug pipeline projects to develop effective medicines for the condition. Cancer is among the leading cause of deaths and accounted for approximately 10 Million deaths in 2020 globally. This is creating need for development of novel drugs and therapies which is leading to high demand for CROs in the healthcare industry.
• Pharma companies are focusing on developing more efficient and safer technology, and this coupled with increasing budget for research & development are factors expected to support revenue growth of the pharmaceutical and biopharmaceutical companies segment during forecast period. Pharma companies are outsourcing R&D at a rapid rate to CROs to save costs on in-house research infrastructure.
• Asia Pacific Contract Research Outsourcing (CRO) market is expected to register fastest revenue CAGR during the forecast period owing to, revenue growth and business expansion opportunities offered by untapped markets in the region, and rising demand for clinical trials in developing countries such as China and India. There is an increase in number of clinical trials in China due to regulatory flexibility from Chinese government and China Food and Drug Administration.

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Key Questions Addressed in the Report:

• What is the expected revenue growth rate the global Contract Research Outsourcing (CRO) market is expected to register during the forecast period?
• What are the key growth driving factors of Contract Research Outsourcing (CRO) market?
• Who are the leading players in the market?
• What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis?
• Which region is expected to account for the largest market share in the global Contract Research Outsourcing (CRO)

Regional analysis covers study of the market in key geographical regions of the world including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further predicts the regions expected to account for the largest revenue share in the forecast period and the CAGR for the forecast period. The section further discusses in detail the production and consumption ratio, supply and demand, export and import, consumer demand and behavior, and presence of key players in each region. The section further offers a country-wise analysis to provide deeper insights into the global market. 

An extensive analysis of the global market is included in the report which covers different factors from region-centric key statistical data to macro- and micro-economic factors that are crucial for forecast assessment. The study also offers a comprehensive analysis of the growth prospects, patents, technological advancements, and product launches in the market.

Market Segmentation:

Product Type Outlook (Revenue, USD Billion; 2018–2028)

• Early Phase Development Services
• Clinic Research Services (CRS)
• Laboratory Services
• Consulting Services
• Others

Therapeutic Area Outlook (Revenue, USD Billion; 2018–2028)

• Oncology
• Central nervous system (CNS) Disorder
• Immunological Disorders
• Cardiovascular Diseases
• Infectious Diseases
• Respiratory Disorders
• Diabetes
• Others

End-Use Outlook (Revenue, USD Billion; 2018–2028)

• Pharmaceutical and Biopharmaceutical Companies
• Medical Device Companies
• Academic Institutes
• Others

Regional Outlook (Revenue, USD Billion; 2018–2028)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Sweden
• BENELUX
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Rest of LATAM
• Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Israel
• Rest of MEA

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Key Points Addressed in the Report:

• A detailed analysis of the global Contract Research Outsourcing (CRO) market through assessment of key market aspects such as technology, product type, application, end-use, and overall industry dynamics.
• Qualitative and quantitative analysis of the market estimation and CAGR calculation for the forecast period.
• All-inclusive assessment of market dynamics with emphasis on drivers, restraints, opportunities, and limitations.
• Extensive profiling of key companies operating in the market including company overview, financial standing, product offerings, product portfolio, recent product and technological advancement, and business expansion plans.

Thank you for reading this article. You can also get chapter-wise sections or region-wise report coverage for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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