As per insights, the global clinical research organization (CRO) market is projected to achieve a value of $139.56 billion by 2033. The market is expected to CAGR (experience a compound annual growth rate) of 8.4 percent between 2023 and 2033. However, the CRO market may face challenges due to non-uniform regulations across different governments, which could impede its growth in the future.
Despite difficulties in financing large-scale multicentre clinical trials, significant growth has been predicted for the global clinical research organization market in the forecast period. This growth is attributed to an increase in monetary transactions and commercial activities associated with outsourcing research studies and clinical trials.
Presently, North America has the largest market share in the CRO industry. Businesses are increasingly turning to CROs for their services, which include access to programs and facilities for existing patients, customized protocol design, cost reduction, and higher trial completion rates.
The Asia-Pacific (APAC) region is poised to witness the fastest growth in the CRO market. This can be attributed to a growing elderly population and government initiatives to expedite regulatory approval processes for new therapies and pharmaceuticals. Prominent players in the CRO market include Charles River Laboratories, IQVIA Inc, ICON plc., Medpace, Syneos Health, and CTI Clinical Trial and Consulting Services.