Pharmaceutical CRO Market Revenue to Attain USD 84.90 Bn by 2033

12 Nov 2024

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Table of Content

1. Pharmaceutical CRO Market Revenue and Trends 2. 3. Market Overview 4. Report Highlights of the Pharmaceutical CRO Market  5. Pharmaceutical CRO Market Trends 6. Regional Outlook 7. Pharmaceutical CRO Market Coverage 8. Market News

Pharmaceutical CRO Market Revenue and Trends

The global pharmaceutical CRO market revenue was valued at USD 44.58 billion in 2024 and is expected to attain around USD 84.90 billion by 2033, growing at a CAGR of 7.42% during forecast period. The rising demand for the specialized services in the CRO, and the demand for the advanced data management is accelerating the growth of the market. 

Market Overview

Pharmaceutical CRO (contract research organization) is the research and development program in the clinical trial in the drug discovery and development in the healthcare institutes such as pharmaceuticals, biotechnology, and others are driving the growth of the pharmaceutical CRO market. The increasing technological advancements and market competition in the pharmaceutical are contributing to the growth of the market.

Report Highlights of the Pharmaceutical CRO Market 

• By type, the clinical segment dominated the market in 2023. The rising demand for pharmaceutical CROs for clinical trials and research and development for drug discovery and development drives the growth of pharmaceutical CROs in the clinical segment. 
• By type, the pre-clinical segment is expected to have the fastest growth rate in the market during the forecast period. The pharmaceutical CROs are efficiently helps in the preclinical research for drug development and manufacturing and helps in performing the different pharmaceutical operations.
• By molecule type, the small molecule segment led the market in 2023. The rising prevalence of the common illness in the population and the demand for the latest treatment and diagnostic process are driving the demand for the small molecule segment.
• By molecule type, the large molecule segment is predicted to witness significant growth in the market over the forecast period. The rising burden of chronic disease in the population is driving the demand for the large molecule segment.
• By service, the clinical monitoring segment accounted for the largest share of the market in 2023. The pharmaceutical CRO helps maintain the integrity of clinical monitoring by ensuring data accuracy, increasing trials, and other things. 
• By service, the regulatory/medical affairs segment is expected to grow substantially in the market during the predicted period. The pharmaceutical CRO plays an important role in regularity and medical affairs, maintaining data management, regularity compliance, regularity consulting, and other services.
• By therapeutic area, the oncology segment dominated the market in 2023. The rapid growth in the cancer patient globally, and the rising demand for the treatment procedures and oncology drug development drives the demand for the pharmaceutical CRO market.
• In terms of therapeutic areas, the immunology segment is expected to have significant growth in the market during the predicted period. The increasing cases of chronic diseases such as high blood pressure, diabetes, cardiovascular disorders, and infectious diseases due to a lowered immune system are driving the demand for the market.

Pharmaceutical CRO Market Trends

Increasing demand for the drug delivery: 

The rising demand for drug delivery and development due to the rising prevalence of chronic diseases in the population and the demand for efficient treatment and drugs are accelerating the growth of the market.

Investment in pharmaceutical development: 

Rising investment in the development and growth of healthcare and pharmaceutical infrastructure and the demand for outsourcing research and development programs for drug delivery and development are driving the growth of pharmaceutical CROs.

Technological advancements:

The evaluation of advanced technologies such as artificial intelligence, wearable technologies, biosimulation, and others are driving the advancements in the pharmaceutical research and development process.

Rise in personalized medicines: 

The increasing demand for personalized medicines due to the rise in genetic disorders and the greater precision of personalized medicines are driving the demand for clinical trials, which boosts the growth of the pharmaceutical CRO market. 

Regional Outlook

Asia Pacific dominated the pharmaceutical CRO market in 2023. The growth of the market is attributed to the rising demand for clinical trials for the drug delivery and development process, which needs the research and development process to drive the demand for the pharmaceutical CRO. The rising regional population, the demand for healthcare infrastructure, and the rise in pharmaceutical operations are accelerating the demand for the pharmaceutical CRO market across the region. 

North America expects the fastest growth in the market during the forecast period. The growth of the market is owing to the availability of healthcare and pharmaceutical companies and the technological adoption of pharmaceutical research and development activities. The supporting government policies on the development of drug discovery and delivery are accelerating the expansion of the market in the region.

Pharmaceutical CRO Market Coverage

Market News

• In November 2023, AstraZeneca, a pharmaceutical giant, launched Evinova, a leading business that focused on health technology and bringing digital health solutions that are globally used by the pharma company to clinical research organizations (CROs), care teams, sponsors, and patients. 
• In November 2023, TeleDaaS, PLLC, a leading player in dosimetry-as-a-service provider, officially debuted at the #RSNA2023, Radiological Society of North America’s annual meeting. The company specializes in delivering clinical-grade, precision-based dosimetry treatment, and analysis to pharmaceutical manufacturers and clinical research organizations (CROs). 
• In October 2023, Roche Pharma India launched the clinical trial excellence project to strengthen the capabilities of public health institutions for drug research and clinical trials in the country.

Market Segmentation

By Type

• Drug Discovery
  • Target Validation
  • Lead Identification
  • Lead Optimization
• Pre-Clinical
• Clinical
  • Phase I Trial Services
  • Phase II Trial Services
  • Phase III Trial Services
  • Phase IV Trial Services

By Molecule Type 

• Small Molecules
• Large Molecules

By Service

• Project Management/Clinical Supply Management
• Data Management
• Regulatory/Medical Affairs
• Medical Writing
• Clinical Monitoring
• Quality Management/ Assurance
• Biostatistics
• Investigator Payments
• Laboratory
• Patient And Site Recruitment
• Technology
• Others

By Therapeutic Areas 

• Oncology
• Cns Disorders
• Infectious Diseases
• Immunological Disorders
• Cardiovascular Disease
• Respiratory Diseases
• Diabetes
• Ophthalmology
• Pain Management
• Others

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