Contract Research Organization Services Market To Touch USD 142.56 Billion Revenue by 2030, Says P&S Intelligence

NEW YORK, June 26, 2023 /PRNewswire/ -- The contract research organization services market will progress at a 10.4% CAGR in the years to come, to reach USD 142.56 billion by 2030, as per the recent market research study published by P&S Intelligence.

The growth can be chiefly credited to the high cost of in-house drug development and the technological progressions in clinical trials. These services support in trial planning, data analysis, hospital staffing, site access, and pharmacovigilance.

• With age, more ailments occur, as the body deteriorates. Moreover, older people become more prone to infections, as the immune system weakens.
• As mentioned in government reports, in the U.S., about one in five persons will be aged 65 years or older by 2040.

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Clinical research services had the largest share, of over 64%, in 2022. This is because of the growing trial expenses, increasing size of pipeline drugs, rising prevalence of chronic ailments, snowballing trend of outsourcing clinical research, and booming necessity for more-effective medicines.

• Furthermore, the growing count of registered studies is powering the requirement for clinical research services.
• For example, in the U.S., about 139,263 studies have been registered in 2023, according to a government site.
• Moreover, globally, the number of investigational drugs rose to 20,109 in 2022 from 17,737 in 2020. Many of them are being researched and trialed under the CRO model.

Oncology is an important application area in the sector. This is because of the growing occurrence of cancer and the ongoing research on numerous medical devices and drugs for treatment. Before any of the therapies can be commercialized, they must undergo rigorous research and testing.

Pharmaceutical and biotechnology companies are the largest users, and this category will witness the same trend in the years to come, progressing at a rate of about 11.2%.

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This would be a result of the increasing preference of these companies for outsourcing research and development activities, to save on expenses and get drugs to the market faster.

• North America leads the market, and the trend will continue in the years to come, with a value of USD 74,134 million in 2030.
• This is credited to the high healthcare spending, massive investment in interventional studies, growing incidence of chronic diseases, and increasing spending by governments in healthcare R&D.
• Moreover, because of the high personal income, the requirement for cutting-edge products has augmented, as people are spending more than ever on healthcare.
• The U.S. is the CRO services market leader, and it will grow at a rate of 11.6% in the years to come. This is because of the robust healthcare infrastructure and the existence of numerous key players in the nation.

CRO services Market Segmentation Coverage in the Report

CRO services Market Analysis by Type

• Clinical Research Services
• Early Phase Development Services
• Laboratory Services
• Consulting Services
• Data Management Services

CRO services Market Analysis by Application

• Oncology
• Infectious Diseases
• Immunological Disorders
• Metabolic Disorders
• Respiratory Disorders
• Cardiovascular Diseases
• Neurological Disorders

CRO services Market Analysis by End Users

• Pharmaceutical and biopharmaceutical companies - largest
• Medical device companies
• Academic institutes

CRO services Market Regional Analysis

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Asia-Pacific
• Japan
• China
• India
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa
• U.A.E.

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SOURCE P&S Intelligence