The global contract research organization (CRO) services market is expected to grow at a CAGR of 11.4% from 2020 to reach USD 88.5 billion by 2027. The growth is primarily attributed to increasing investment in pharmaceutical R&D, increasing number of clinical trials and rising incidence of orphan and rare diseases. Retaining highly skilled professionals is a significant challenge to the growth of this market.

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The global CRO services market study provides market data for-by type (early phase development services, clinical research services, laboratory services, consulting services and data management services), by therapeutic area (oncology, infectious diseases, neurology, CVS, metabolic disorders/endocrinology, immunological disorders, respiratory disorders, psychiatry, dermatology, haematology, ophthalmology, gastrointestinal, genitourinary & women’s health and other therapeutic areas), by molecule type (vaccines, cell & gene therapy diseases and other molecule types) and by end user (pharmaceutical & biotechnology companies, medical device companies and academic institutes). The study also evaluates industry competitors and analyses the market at a regional and country level.

Clinical research services segment dominated the CRO services market in 2020 and will show similar trend in the forecast period. The largest share of this market is mainly due to growing geriatric population, prevalence of chronic diseases and growing demand for newer drugs. 

By therapeutic area, oncology segment accounted for the largest share of CRO services market in 2020 and is expected to follow similar trend in forecast period. The large share is mainly attributed to high incidence of cancer and pipeline of drugs in late-stage development. 

By molecule type, cell & gene therapy segment accounted for fastest growth of CRO services market. The growth is mainly related to rising R&D expenditure in regenerative medicine and promising therapies in pipeline. 

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On the basis of end users, pharmaceutical & biopharmaceutical market segment held largest share of CRO services market in 2020. This is primarily due to increasing outsourcing of early-phase development services and clinical & laboratory testing services by pharmaceutical companies. 

This research report analyses major geographies and provides a comprehensive analysis of North America (US, Canada), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, and RoAPAC), Rest of the world (Latin America, and Middle East & Africa). North America accounted for the largest share of the global CRO services market. The large growth of this market is attributed to presence of leading pharmaceutical & biopharmaceutical companies and high investments in the biologics segment. Europe is expected to be the second lead regional market for CRO services in the forecast period.