Lucintel’s latest market report analyzed that contract research organization (CRO) services provides attractive opportunities in the pharmaceutical & biopharmaceutical companies, medical device companies, and academic institute markets. The contract research organization (CRO) services market is expected to reach $116.1 billion by 2028 with a CAGR of 10.1%. In this market, clinical is the largest segment by service type, whereas pharmaceutical & biopharmaceutical company is largest by end use industry.
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Based on service type, the contract research organization (CRO) services market is segmented into discovery, pre-clinical, clinical, and laboratory services. The clinical segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to growing cases of chronic diseases, increasing size of the R&D pipeline of drugs and high clinical trial expenses for precise and speedy disease detection.
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The Contract Research Organization (CRO) Services Market is marked by the presence of several big and small players. Some of the prominent players offering contract research organization (CRO) services include BIO Agile Therapeutics, Novotech Health Holding, Parexel, Firma Clinical Research, IQVIA, ICON PLC, Envigo, and Charles River.
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