The global pharmaceutical CRO market size is expected to reach USD 62.99 billion in 2030 and is projected to grow at a CAGR of 7.39% from 2025 to 2030 over the forecast period due to rising outsourcing trends and increasing R&D expenditure.
Pharmaceutical CROs provide outsourcing services to various pharmaceutical companies on a contract basis. Increasing outsourcing among pharmaceutical companies, growing investments in the R&D of new drugs, expansions in the pharmaceutical industry, and CRO support in reducing operational and capital expenses are some of the major factors anticipated to propel market growth in the forecast period.
Besides, increasing demand for CRO is driven by rising requirements for improved drug development, product maintenance, and related services, which is expected to drive market growth in the coming years. In addition, the substantial presence of key market players and ongoing clinical trials globally are expected to drive market growth. For instance, according to the U.S. National Library of Medicine, about 83,230 clinical trial studies are currently active and recruiting globally, which is anticipated to contribute to market growth. Likewise, increasing drug development activities, strategic initiatives such as innovation & acquisitions, the growing presence of pharmaceutical companies, and a surge in demand for pharmaceutical CRO innovative services are key factors propelling the market growth.
Furthermore, growing technological innovations pertaining to developing novel pharmaceutical drugs and rising research and development for biologics are anticipated to influence the market positively. Currently, pharmaceutical companies are increasingly bolstering their capacities in CRO's newer, highly specific expertise and technologies for the innovation of various small & large molecules. In addition, most pharmaceutical CROs have an emerging demand for small molecule drug candidates' development as CRO supports early discovery and preclinical drug development studies. For instance, in March 2023, Crown Bioscience & JSR Life Sciences Company mentioned it's a new site in Singapore, which will support the company in expanding its capacity for biotech & pharma companies. The site will help companies that engage in preclinical & translational oncology drug discovery and development.
Pharmaceutical CROs provide outsourcing services to various pharmaceutical companies on a contract basis. Increasing outsourcing among pharmaceutical companies, growing investments in the R&D of new drugs, expansions in the pharmaceutical industry, and CRO support in reducing operational and capital expenses are some of the major factors anticipated to propel market growth in the forecast period.
Besides, increasing demand for CRO is driven by rising requirements for improved drug development, product maintenance, and related services, which is expected to drive market growth in the coming years. In addition, the substantial presence of key market players and ongoing clinical trials globally are expected to drive market growth. For instance, according to the U.S. National Library of Medicine, about 83,230 clinical trial studies are currently active and recruiting globally, which is anticipated to contribute to market growth. Likewise, increasing drug development activities, strategic initiatives such as innovation & acquisitions, the growing presence of pharmaceutical companies, and a surge in demand for pharmaceutical CRO innovative services are key factors propelling the market growth.
Furthermore, growing technological innovations pertaining to developing novel pharmaceutical drugs and rising research and development for biologics are anticipated to influence the market positively. Currently, pharmaceutical companies are increasingly bolstering their capacities in CRO's newer, highly specific expertise and technologies for the innovation of various small & large molecules. In addition, most pharmaceutical CROs have an emerging demand for small molecule drug candidates' development as CRO supports early discovery and preclinical drug development studies. For instance, in March 2023, Crown Bioscience & JSR Life Sciences Company mentioned it's a new site in Singapore, which will support the company in expanding its capacity for biotech & pharma companies. The site will help companies that engage in preclinical & translational oncology drug discovery and development.
Pharmaceutical CRO Market Report Highlights
- The clinical segment dominated the market with a share of 75.60% in 2024 due to changing drug development scenarios and the need for sophisticated capabilities to help pharmaceutical companies advance drug manufacturing. In addition, cost-effectiveness and the increasing number of CROs are some of the key factors positively affecting market growth.
- The Small molecules account for 69.14% of all pharmaceutical drugs and are used to treat a range of conditions, including migraines, fever, diabetes, cancer, and other prevalent diseases. Besides, the expanding pipeline of small molecule drugs is anticipated to create opportunities for CROs to provide services.
- Based on service, clinical monitoring segment dominated the market with a share in 2024, which is attributed to the increase in the adoption of monitoring of regulatory requirements and clinical trial management, which includes protocol development to data analysis, making it a suitable option for a wide range of clinical trials.
- In terms of therapeutic areas, the oncology segment held the largest market share of 30.66% in 2024. The segment is driven by the growing incidence of cancer, the rising aging population, and the robust demand for pharmaceuticals, contributing to its prominence in this field.
- Asia Pacific dominated the market globally with a revenue share of 46.40% in 2024. The region's high share is due to an increased number of actively functioning CROs, especially in China and Japan, among others.
Why should you buy this report?
- Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments
- Competitive Landscape: Explore the market presence of key players worldwide
- Future Trends: Discover the pivotal trends and drivers shaping the future of the global market
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions
This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listing for you to stay ahead of the curve
- COVID-19's impact and how to sustain in these fast-evolving markets
The leading players in the Pharmaceutical CRO market include:
- Parexel International (MA) Corporation.
- ICON plc
- Laboratory Corporation of America Holdings
- Thermo Fisher Scientific Inc.
- Medpace
- IQVIA
- CTI Clinical Trial & Consulting
- WuXi AppTec
- Veeda Clinical Research
Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Pharmaceutical CRO Market Variables, Trends & Scope
Chapter 4. Pharmaceutical CRO Market: Type Estimates & Trend Analysis
Chapter 5. Pharmaceutical CRO Market: Molecule Type Estimates & Trend Analysis
Chapter 6. Pharmaceutical CRO Market: Service Estimates & Trend Analysis
Chapter 7. Pharmaceutical CRO Market: Therapeutic Areas Estimates & Trend Analysis
Chapter 8. Pharmaceutical CRO Market: Regional Estimates & Trend Analysis
Chapter 9. Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- Parexel International (MA) Corporation.
- ICON plc
- Laboratory Corporation of America Holdings
- Thermo Fisher Scientific Inc.
- Medpace
- IQVIA
- CTI Clinical Trial & Consulting
- WuXi AppTec
- Veeda Clinical Research
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 231 |
Published | October 2024 |
Forecast Period | 2024 - 2030 |
Estimated Market Value ( USD | $ 41.22 Billion |
Forecasted Market Value ( USD | $ 62.99 Billion |
Compound Annual Growth Rate | 7.3% |
Regions Covered | Global |
No. of Companies Mentioned | 9 |