Increasing number of clinical trials, the growing geriatric population and rising prevalence of chronic diseases are some of the factors contributing to the growth of the Contract Research Organization services market.
The Contract Research Organization services market is expected to expand at a high CAGR during the forecast period. Increasing demand for biopharmaceuticals is expected to propel the market growth.
Contract Research Organization support pharmaceutical companies and medical device companies in conducting clinical trials. They can help streamline the R&D costs and make efficient management of clinical data easier. In addition, they can help accelerate the development of drugs and new medications.
The Contract Research Organization services market is divided into clinical research, pre-clinical research, and early-phase development services, and other analytical testing and laboratory services. The clinical research services are further sub-segmented into phase I, phase II, phase III, and other phases.
The pre-clinical research services are sub-segmented into pharmacokinetics, toxicology, and other analytical testing. In addition, early-phase development services are sub-segmented into preclinical services, discovery services, and clinical services. The contract research organization (CRO) market is also divided by country, therapeutic area, and end users. The market is estimated to reach USD 74.7 billion by 2030.
It is expected to expand at a 6.5% CAGR during the forecast period. Increasing government funding, advancements in healthcare infrastructure, and increased demand for healthcare services are some of the factors driving the adoption of healthcare solutions. The contract research organization (CRO) services market is expected to increase at a 6.5% CAGR from 2020 to 2027.