The global CRO services market is estimated to grow at a CAGR of 11.0% during the forecast period. Growth in the CRO services market can mainly be attributed to factors such as the increasing investment in pharmaceutical R&D, rising number of clinical trials, high cost of in-house drug development (encouraging pharma-biotech companies to opt for outsourcing), and the rising prevalence of orphan and rare diseases (creating new revenue pockets for CROs).
“The data management services segment accounted for the highest growth rate in the CRO services market, by type, during the forecast period”
In 2021, the data management services segment accounted for the highest growth rate. The data management services segment is projected to grow at the highest CAGR owing to the need for the generation of high-quality and statistically sound data and its management and the rising importance of data handling in order to meet regulatory requirements. Data management is critical for smooth and uninterrupted flow and easy access of data during the development of drugs and medical devices.
“Asia Pacific: The fastest-growing region in the CRO services market”
The Asia Pacific market is estimated to record the highest CAGR during the forecast period. This is attributed to the rapid growth in the pharmaceutical and biopharmaceutical industries, low cost of clinical trials, implementation of favorable government policies, and the rising number of CROs in the region.
The primary interviews conducted for this report can be categorized as follows:
- By Respondent: Supply Side- 70% and Demand Side 30%
- By Designation: C-level - 45%, D-level - 30%, and Others - 25%
- By Region: North America -40%, Europe -25%, Asia-Pacific -20%, Latin America -10%, Middle East & Africa- 5%
This report provides a detailed picture of the global Contract Research Organization (CROs) Services Market. It aims at estimating the size and future growth potential of the market across different segments such as the product, application, end user and region. The report also includes an in-depth competitive analysis of the key market players along with their company profiles recent developments and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall Contract Research Organization (CROs) Services Market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market’s pulse and provide them with information on the key market drivers, challenges, trends, and opportunities.