Contract Research Organization Services (CROs) Market worth 56.34 Billion USD by 2023

Monday 12 February 2018, Amsterdam

The global CRO services market is projected to reach USD 56.34 Billion by 2023 from USD 39.13 Billion in 2018, at a CAGR of 7.6%. according the new report "Contract Research Organization Services (CROs) Market - Global Forecast to 2023",  Increased outsourcing of R&D activities and increasing number of clinical trials are the major factors driving the growth of the CRO services market. The base year considered for the study is 2017, while, the forecast period is 2018 to 2023.

On the basis of type, clinical research services segment accounted for the largest share of the global CRO services market. This can be attributed to factors such as the growing biosimilars and biologics markets, increased R&D investments in pharmaceutical and biopharmaceutical companies, and increase in clinical trial activities.

On the basis of therapeutic area, the oncology segment accounted for the largest share in this market. The large share of this segment is attributed to the increasing number of clinical trials and rising prevalence of cancer worldwide.

Based on end user, the medical device segment is expected to register the highest CAGR during the forecast period. Increasing incidence of chronic diseases, technological advancements in medical devices, and adoption of point-of-care (POC) testing are the major factors supporting the growth of this segment.

North America accounted for the largest share of the CRO services market in 2017, followed by Europe and Asia Pacific. High quality standards in the pharmaceutical industry, rising demand among pharmaceutical and biopharmaceutical companies for outsourcing services, and increase in clinical trial activities in the region are the major factors responsible for the large share of North America in the CRO services market.

The prominent players in the global CRO services market include IQVIA (US), LabCorp (US), PAREXEL (US), ICON plc (Ireland), PPD (US), PRA Health Sciences (US), Syneos Health (US), Charles River (US), Wuxi PharmaTech (US), Medpace Holdings (US), SGS (Switzerland), Envigo (UK), and MPI Research (US).