Contract Research Organization (CRO) Market Size By Service Type (Early Phase Development Services {Discovery Services, Chemistry, Manufacturing & Control (CMC), Pre-clinical Services [Pharmacokinetics/Pharmacodynamics (PK/PD), Toxicology Testing Services

Contract Research Organization (CRO) Market Size By Service Type (Early Phase Development Services {Discovery Services, Chemistry, Manufacturing & Control (CMC), Pre-clinical Services [Pharmacokinetics/Pharmacodynamics (PK/PD), Toxicology Testing Services]}, Clinical Research Services {Phase I, Phase II, Phase III, Phase IV}, Laboratory Services {Bioanalytical Testing Services, Analytical Testing Services [Physical Characterization, Raw Material Testing, Batch Release Testing, Stability Testing]}, Consulting Services), By Therapeutic Area (Oncology, Clinical Pharmacology, Cardiology, Infectious Disease, Neurology, Gastroenterology & Hepatology, Ophthalmology), By End-use (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, Academic Institutes), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027

The contract research organization market is projected to foresee commendable growth by 2027 owing to rising prevalence of cancer, increasing incidence of cardiovascular disorders, and the numerous clinical trials being conducted globally. A CRO or contract research organization, is an organization hired by a firm in the medical domain to essentially manage the its clinical trials and also conduct other related tasks so as to bring a device new or drug into the market.

While CROs mainly make contracts with companies that are active in the medical device, biotechnology, and pharmaceutical field, their customers also include universities, foundations, and governmental institutions.

Contract research organization’s play an essential role in all facets of the medical device or drug development process, right from early discovery to launch, focusing mainly on Phase I to III clinical trials.

The contract research organization market is bifurcated in terms of service type, therapeutic area, end-use and regional landscape.

Based on service type, the CRO market is classified into regulatory consulting services, laboratory services, clinical research services, and early phase development services. Among these, the regulatory consulting services segment accounted for $5.5 billion in 2020 and is anticipated to showcase a decent growth rate during the study period.

With respect to therapeutic area, the market for contract research organization is categorized into ophthalmology, gastroenterology & hepatology, neurology, infectious disease, cardiology, clinical pharmacology, oncology, and others. Among these, the cardiology segment is expected to reach a valuation of more than $2.6 billion by the end of 2027.

Increasing number of clinical trials and the rising prevalence of cardiovascular diseases across the globe would support the segmental growth during the forecast period.

In terms of end-use, the overall contract research organization is segmented into academic institutes, medical device companies, and pharmaceutical and biopharmaceutical companies. In 2020, the segment for pharmaceutical & biopharmaceutical enterprises accounted for a 55.2% market share. Industry outlooks are expecting the segment to see substantial growth over the coming time period.

On the regional front, in 2020, the contract research organization market in Latin America held a market share of 4.5% and anticipated to register similar growth patterns in the times to come.

Meanwhile, Middle East & Africa CRO market is expected to showcase steady growth of 6.8% during the analysis period. Increasing prevalence of cancer in Gulf countries, rising number of contract research organizations, and surging number of clinical trials will aid the regional market growth.

In fact, UAE is now becoming one of the prominent regional hubs for clinical trials, presenting more and more in Dubai regional as well as scientific offices of pharma companies and CROs offices.