Contract Research Organization (CROs) Services Market

Global Contract Research Organization (CROs) Services Market Size, Trends & Analysis - Forecasts to 2026 By Molecule Type (Vaccines, Cell Gene Therapy, Others), By Therapeutic Area (Hematology, Oncology, Infectious Disease, Neurology, Metabolic Disorders/Endocrinology, Cardiovascular System Disorders, Ophthalmology, Immunological Disorders, Dermatology, Psychiatry, Gastrointestinal Diseases, Genitourinary & Womens Health, Others), By Type (Clinical Research Services, Early-Phase Development Services, Laboratory Services, Consulting Services, Data Management Services), By End-User (Pharmaceutical and Biopharmaceutical, Academic Institutes, Medical Device Components), By Region (North America, Europe, Asia Pacific, MEA, and CSA); End-User Landscape, Company Market Share Analysis & Competitor Analysis

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This report was recently updated on November 22 2022 with the latest and most recent market numbers

Global Contract Research Organization (CROs) Services Market Size

The Global CROs Services Market is estimated to be valued at USD 51.25 billion in 2021 and is projected to reach USD 85.61 billion by 2026 at a CAGR of 9.62%.

The global contract research organization (CROs) services market is likely to be driven by the growing number of clinical testing, growing incidence of rare diseases, and rising investments in biopharmaceutical and pharmaceutical R&D activities. CRO services have become more prevalent in the healthcare sector. There have been major advancements in the healthcare field in terms of research, drug development, drug distribution, and personalized drugs. As healthcare providers continue to discover the benefits and drawbacks of consulting and contract research organization services, the market is ought to grow exponentially.

The growing demand for healthcare equipment and effective medicines, as well as the increasing number of patients and rising product development expenditures, are some of the factors driving the market growth during the forecast period. Increased strategic collaboration and stringent drug approval process are two other factors boosting the market growth.

Outsourcing of early phase clinical trial projects is becoming more common in order to cut costs, hire cheaper employees and increase revenue profits. Companies aim to avoid high expenses by reducing the process and product validation time. These factors are analyzed to boost the market growth. A wide range of factors, such as improved efficiency, accelerated drug development, lower operational costs, and streamlined management of R&D costs, are some of the other trends which are expected to help grow the market during the forecast period.

The COVID-19 pandemic had a positive impact on the market for contract research organizations. Because of the lockdown norms, around 60-65% of the CROs, were open and completely functional, while another 25-30% were working partially. With the rising cases of COVID-19 infection and other diseases, the market for CROs services will be growing rapidly.

global contract research organization (cros) services market

Global Contract Research Organization (CROs) Services Market: By Type

Depending on the type, the market is segmented into clinical research services, early-phase development services, laboratory services, consulting services, and data management services. The clinical research services segment is expected to hold the lion’s share during the forecast period [2021-2026]. It is due to the rising demand for new, personalized, and gene specific medicines, the increasing occurrence of chronic illness, and the rising elderly patient population worldwide. Moreover, low-cost treatment for patients during the clinical trials and increased collaboration among key players in order to outsource their clinical trial projects to Asian CROs are some of the primary drivers accelerating the segment growth during the forecast period.

In 2020, the Phase III segment accounted for the largest share in the market. The objective of phase III clinical trials is to confirm and establish that the medicine is useful, safe, and effective for the targeted disease based on the preliminary evidence acquired in previous trials.

Global Contract Research Organization (CROs) Services Market: By Therapeutic Area

The market is segregated into hematology, oncology, infectious disease, neurology, metabolic disorders/endocrinology, cardiovascular system disorders, ophthalmology, immunological disorders, dermatology, psychiatry, gastrointestinal diseases, genitourinary & women’s health, and others. The oncology segment is expected to hold the largest share of the market during the forecast period. Increasing occurrence of cancer cases worldwide, rise in the number of ongoing trials related to cancer drug research, and new drug development for novel disease treatments, thereby are anticipating the market to grow from 2021 to 2026.

Global Contract Research Organization (CROs) Services Market: By End-User

Depending on the end-user, the market is segmented into pharmaceutical and biopharmaceutical, academic institutes, and medical device components. The pharmaceutical and biopharmaceutical segment is expected to grow at the highest CAGR rate from 2021 to 2026. It is due to the increasing outsourcing activity of early-phase development services as well as clinical and laboratory testing services by pharmaceutical organizations that this domain is the largest and fastest growing segment.

Furthermore, with increasing government support, and augment of COVID-19 infection, pharmaceutical and biotechnology organizations are outsourcing clinical trials to create novel vaccines and medications.

asia pacific contract research organization (cros) services market

Global Contract Research Organization (CROs) Services Market: By Region

As per the geographical analysis, the market can be classified into North America (the United States, Canada, and Mexico), Asia Pacific (India, China, Japan, Malaysia, Singapore, and the Rest of Asia Pacific), Europe (Germany, United Kingdom, Italy, France, Spain, Netherlands, and Rest of Europe), Middle East & Africa (Saudi Arabia, United Arab Emirates, and Rest of the Middle East & Africa) and Central & South America (Brazil, Argentina, and Rest of Central and South America).

Due to the increasing number of pharmaceutical firms, and rising preference for low-cost treatment for clinical trials, Asia Pacific is expected to grow at the highest CAGR rate during the forecast period. The favorable government policies to support international research projects, increasing patient population, hard hit of COVID-19, and rising healthcare expenses for R&D activities to launch novel drugs in the region are driving the market growth.

North America is expected to hold the largest share of the market during the forecast period. Due to the increasing investments in research & development activities, the North American region has conducted and executed an exponential amount of research trial projects. For example, the US government invested USD 194.2 billion in medical and health R&D domain in 2018. Furthermore, rising demand for effective therapies for the management of chronic illnesses, as well as increased preference for low-cost research services, will boost the North American market for CRO services.

Global Contract Research Organization (CROs) Services Market Share and Competitor Analysis

Some of the key players in the contract research organization (CROs) services market are IQVIA, Labcorp, Syneos Health Inc., Wuxi Apptec, Charles River Laboratories, Parexel International, PRA Health Sciences, PPD Inc., Icon Plc, Medpace Holdings Inc., SGS, Frontage Holdings Corporation, PSI CRO AG, Bio Agile Therapeutics, Firma Clinical Research, Acculab Life Sciences, Novotech Health Holding, Geneticist Inc., And Celerion, among others.

Please note: This is not an exhaustive list of companies profiled in the report.

In January 2020, LabCorp and Covance introduced a comprehensive preclinical, clinical, and post-approval cell and gene therapy development solutions. The solutions were designed to minimize risk and time for sponsors at each stage and across the entire therapeutic development life cycle.

Chapter 1   Methodology

1.1    Market Scope & Definitions

1.2    Estimates & Forecast Calculation

1.3    Historical Data Overview and Validation

1.4    Data Sources

1.4.1    Secondary

1.4.2    Primary

Chapter 2   Report Outlook

2.1    Global Contract Research Organization (CROs) Services Industry Overview, 2020-2026

2.1.1    Industry Overview

2.1.2    Molecule Type Overview

2.1.3    Therapeutic Area Overview

2.1.4    Type Overview

2.1.5    End-User Overview

2.1.6    Regional Overview

Chapter 3   Contract Research Organization (CROs) Services Market Trends

3.1    Market Segmentation

3.2    Industry Background, 2020-2026

3.3    Market Key Trends

3.3.1    Positive Trends

3.3.1.1    Increasing investment in the pharmaceutical R&D

3.3.1.2    Increasing number of clinical trials for cancer and other infectious diseases

3.3.2    Industry Challenges

3.3.2.1    Lack of skilled research professionals

3.4    Prospective Growth Scenario

3.4.1    Molecule Type Growth Scenario

3.4.2    Therapeutic Area Growth Scenario

3.4.3    Type Growth Scenario

3.4.4    End-User Growth Scenario

3.5    COVID-19 Influence over Industry Growth

3.6    Porter’s Analysis

3.7    PESTEL Analysis

3.8    Value Chain & Supply Chain Analysis

3.9    Regulatory Framework

3.9.1    North America

3.9.2    Europe

3.9.3    APAC

3.9.4    LATAM

3.9.5    MEA

3.10    Therapeutic Area Overview

3.11    Market Share Analysis, 2020

3.11.1    Company Positioning Overview, 2020

Chapter 4   Contract Research Organization (CROs) Services Market, By Molecule Type

4.1    Molecule Type Outlook

4.2    Vaccines

4.2.1    Market Size, By Region, 2020-2026 (USD Billion)

4.3    Cell Gene Therapy

4.3.1    Market Size, By Region, 2020-2026 (USD Billion)

4.4    Others

4.4.1    Market Size, By Region, 2020-2026 (USD Billion)

Chapter 5   Contract Research Organization (CROs) Services Market, By Therapeutic Area

5.1    Therapeutic Area Outlook

5.2    Hematology

5.2.1    Market Size, By Region, 2020-2026 (USD Billion)

5.3    Ophthalmology

5.3.1    Market Size, By Region, 2020-2026 (USD Billion)

5.4    Oncology

5.4.1    Market Size, By Region, 2020-2026 (USD Billion)

5.5    Infectious Diseases

5.5.1    Market Size, By Region, 2020-2026 (USD Billion)

5.6    Neurology

5.6.1    Market Size, By Region, 2020-2026 (USD Billion)

5.7    Cardiovascular System Disorders

5.7.1    Market Size, By Region, 2020-2026 (USD Billion)

5.8    Metabolic Disorders/Endocrinology

5.8.1    Market Size, By Region, 2020-2026 (USD Billion)

5.9    Immunological Disorders

5.9.1    Market Size, By Region, 2020-2026 (USD Billion)

5.10    Respiratory Disorders

5.10.1    Market Size, By Region, 2020-2026 (USD Billion)

5.11    Psychiatry

5.11.1    Market Size, By Region, 2020-2026 (USD Billion)

5.12    Dermatology

5.12.1    Market Size, By Region, 2020-2026 (USD Billion)

5.13    Gastrointestinal Diseases

5.13.1    Market Size, By Region, 2020-2026 (USD Billion)

5.14    Genitourinary & Women’s Health

5.14.1    Market Size, By Region, 2020-2026 (USD Billion)

5.16    Others

5.16.1    Market Size, By Region, 2020-2026 (USD Billion)

Chapter 6   Contract Research Organization (CROs) Services Market, By Type

6.1    Type Outlook

6.2     Clinical Research Services

6.2.1    Market Size, By Region, 2020-2026 (USD Billion)

6.2.1.1    Phase I Clinical Research Services Market Size, By Region, 2020-2026 (USD Billion)

6.2.1.2    Phase II Clinical Research Services Market Size, By Region, 2020-2026 (USD Billion)

6.2.1.3    Phase III Clinical Research Services Market Size, By Region, 2020-2026 (USD Billion)

6.2.1.4    Phase IV Clinical Research Services Market Size, By Region, 2020-2026 (USD Billion)

6.3    Early-Phase Development Services

          6.3.1    Market Size, By Region, 2020-2026 (USD Billion)

6.3.1.1    Preclinical Services Market Size, By Region, 2020-2026 (USD Billion)

6.3.1.2    Chemistry, Manufacturing & Control Services Market Size, By Region, 2020-2026 (USD Billion)

6.3.1.3    Pharmacokinetics/Pharmacodynamics Services Market Size, By Region, 2020-2026 (USD Billion)

6.3.1.4    Toxicology Testing Services Market Size, By Region, 2020-2026 (USD Billion)

6.3.1.5    Other Preclinical Services Market Size, By Region, 2020-2026 (USD Billion)

6.4     Laboratory Services

6.4.1    Market Size, By Region, 2020-2026 (USD Billion)

6.4.1.1    Analytical Testing Services Market Size, By Region, 2020-2026 (USD Billion)

6.4.1.2    Physical Characterization Market Size, By Region, 2020-2026 (USD Billion)

6.4.1.3    Raw Material Testing Market Size, By Region, 2020-2026 (USD Billion)

6.4.1.4    Batch Release Testing Market Size, By Region, 2020-2026 (USD Billion)

6.4.1.5    Stability Testing Market Size, By Region, 2020-2026 (USD Billion)

6.4.1.6    Bioanalytical Testing Services Market Size, By Region, 2020-2026 (USD Billion)

6.4.1.7    Other Analytical Testing Market Size, By Region, 2020-2026 (USD Billion)

6.5     Consulting Services

6.5.1    Market Size, By Region, 2020-2026 (USD Billion)

6.6     Data Management Services

6.6.1    Market Size, By Region, 2020-2026 (USD Billion)

Chapter 7   Contract Research Organization (CROs) Services Market, By End-User

7.1    End-User Outlook

7.2     Pharmaceutical and Biopharmaceutical Companies

7.2.1    Market Size, By Region, 2020-2026 (USD Billion)

7.3    Medical Device Companies

7.3.1    Market Size, By Region, 2020-2026 (USD Billion)

7.4    Academic Institutes

7.4.1    Market Size, By Region, 2020-2026 (USD Billion)

Chapter 8   Contract Research Organization (CROs) Services Market, By Region

8.1    Regional outlook

8.2    North America

8.2.1    Market Size, By Country 2020-2026 (USD Billion)

8.2.2    Market Size, By Molecule Type, 2020-2026 (USD Billion)

8.2.3    Market Size, By End-User, 2020-2026 (USD Billion)

8.2.4    Market Size, By Type, 2020-2026 (USD Billion)

8.2.5    Market Size, By Therapeutic Area, 2020-2026 (USD Billion)

8.2.6    U.S.

8.2.6.1    Market Size, By Molecule Type, 2020-2026 (USD Billion)

8.2.6.2    Market Size, By End-User, 2020-2026 (USD Billion)

8.2.6.3    Market Size, By Type, 2020-2026 (USD Billion)

8.2.6.4    Market Size, By Therapeutic Area, 2020-2026 (USD Billion)

8.2.7    Canada

8.2.7.1    Market Size, By Molecule Type, 2020-2026 (USD Billion)

8.2.7.2    Market Size, By End-User, 2020-2026 (USD Billion)

8.2.7.3    Market Size, By Type, 2020-2026 (USD Billion)

8.2.7.4    Market Size, By Therapeutic Area, 2020-2026 (USD Billion)

8.3    Europe

8.3.1    Market Size, By Country 2020-2026 (USD Billion)

8.3.2    Market Size, By Molecule Type, 2020-2026 (USD Billion)

8.3.3    Market Size, By End-User, 2020-2026 (USD Billion)

8.3.4    Market Size, By Type, 2020-2026 (USD Billion)

8.3.5    Market Size, By Therapeutic Area, 2020-2026 (USD Billion)

8.3.6    Germany

8.3.6.1    Market Size, By Molecule Type, 2020-2026 (USD Billion)

8.3.6.2    Market Size, By End-User, 2020-2026 (USD Billion)

8.3.6.3    Market Size, By Type, 2020-2026 (USD Billion)

8.3.6.4    Market Size, By Therapeutic Area, 2020-2026 (USD Billion)

8.3.7    UK

8.3.7.1    Market Size, By Molecule Type, 2020-2026 (USD Billion)

8.3.7.2    Market Size, By End-User, 2020-2026 (USD Billion)

8.3.7.3    Market Size, By Type, 2020-2026 (USD Billion)

8.3.7.4    Market Size, By Therapeutic Area, 2020-2026 (USD Billion)

8.3.8    France

8.3.8.1    Market Size, By Molecule Type, 2020-2026 (USD Billion)

8.3.8.2    Market Size, By End-User, 2020-2026 (USD Billion)

8.3.8.3    Market Size, By Type, 2020-2026 (USD Billion)

8.3.8.4    Market Size, By Therapeutic Area, 2020-2026 (USD Billion)

8.3.9    Italy

8.3.9.1    Market Size, By Molecule Type, 2020-2026 (USD Billion)

8.3.9.2    Market Size, By End-User, 2020-2026 (USD Billion)

8.3.9.3    Market Size, By Type, 2020-2026 (USD Billion)

8.3.9.4    Market Size, By Therapeutic Area, 2020-2026 (USD Billion)

8.3.10    Spain

8.3.10.1    Market Size, By Molecule Type, 2020-2026 (USD Billion)

8.3.10.2    Market Size, By End-User, 2020-2026 (USD Billion)

8.3.10.3    Market Size, By Type, 2020-2026 (USD Billion)

8.3.10.4    Market Size, By Therapeutic Area, 2020-2026 (USD Billion)

8.3.11    Russia

8.3.11.1    Market Size, By Molecule Type, 2020-2026 (USD Billion)

8.3.11.2    Market Size, By End-User, 2020-2026 (USD Billion)

8.3.11.3    Market Size, By Type, 2020-2026 (USD Billion)

8.3.11.4    Market Size, By Therapeutic Area, 2020-2026 (USD Billion)

8.4    Asia Pacific

8.4.1    Market Size, By Country 2020-2026 (USD Billion)

8.4.2    Market Size, By Molecule Type, 2020-2026 (USD Billion)

8.4.3    Market Size, By End-User, 2020-2026 (USD Billion)

8.4.4    Market Size, By Type, 2020-2026 (USD Billion)

8.4.5   Market Size, By Therapeutic Area, 2020-2026 (USD Billion)

8.4.6    China

8.4.6.1    Market Size, By Molecule Type, 2020-2026 (USD Billion)

8.4.6.2    Market Size, By End-User, 2020-2026 (USD Billion)

8.4.6.3    Market Size, By Type, 2020-2026 (USD Billion)

8.4.6.4    Market Size, By Therapeutic Area, 2020-2026 (USD Billion)

8.4.7    India

8.4.7.1    Market Size, By Molecule Type, 2020-2026 (USD Billion)

8.4.7.2    Market Size, By End-User, 2020-2026 (USD Billion)

8.4.7.3    Market Size, By Type, 2020-2026 (USD Billion)

8.4.7.4    Market Size, By Therapeutic Area, 2020-2026 (USD Billion)

8.4.8    Japan

8.4.8.1    Market Size, By Molecule Type, 2020-2026 (USD Billion)

8.4.8.2    Market Size, By End-User, 2020-2026 (USD Billion)

8.4.8.3    Market Size, By Type, 2020-2026 (USD Billion)

8.4.8.4    Market Size, By Therapeutic Area, 2020-2026 (USD Billion)

8.4.9    Australia

8.4.9.1    Market Size, By Molecule Type, 2020-2026 (USD Billion)

8.4.9.2    Market size, By End-User, 2020-2026 (USD Billion)

8.4.9.3    Market Size, By Type, 2020-2026 (USD Billion)

8.4.9.4    Market Size, By Therapeutic Area, 2020-2026 (USD Billion)

8.4.10    South Korea

8.4.10.1    Market Size, By Molecule Type, 2020-2026 (USD Billion)

8.4.10.2    Market Size, By End-User, 2020-2026 (USD Billion)

8.4.10.3    Market Size, By Type, 2020-2026 (USD Billion)

8.4.10.4    Market Size, By Therapeutic Area, 2020-2026 (USD Billion)

8.5    Latin America

8.5.1    Market Size, By Country 2020-2026 (USD Billion)

8.5.2    Market Size, By Molecule Type, 2020-2026 (USD Billion)

8.5.3    Market Size, By End-User, 2020-2026 (USD Billion)

8.5.4   Market Size, By Type, 2020-2026 (USD Billion)

8.5.5   Market Size, By Therapeutic Area, 2020-2026 (USD Billion)

8.5.6    Brazil

8.5.6.1    Market Size, By Molecule Type, 2020-2026 (USD Billion)

8.5.6.2    Market Size, By End-User, 2020-2026 (USD Billion)

8.5.6.3    Market Size, By Type, 2020-2026 (USD Billion)

8.5.6.4    Market Size, By Therapeutic Area, 2020-2026 (USD Billion)

8.5.7    Mexico

8.5.7.1    Market Size, By Molecule Type, 2020-2026 (USD Billion)

8.5.7.2    Market Size, By End-User, 2020-2026 (USD Billion)

8.5.7.3    Market Size, By Type, 2020-2026 (USD Billion)

8.5.7.4    Market Size, By Therapeutic Area, 2020-2026 (USD Billion)

8.5.8    Argentina

8.5.8.1    Market Size, By Molecule Type, 2020-2026 (USD Billion)

8.5.8.2    Market Size, By End-User, 2020-2026 (USD Billion)

8.5.8.3    Market Size, By Type, 2020-2026 (USD Billion)

8.5.8.4    Market Size, By Therapeutic Area, 2020-2026 (USD Billion)

8.6    MEA

8.6.1    Market Size, By Country 2020-2026 (USD Billion)

8.6.2    Market Size, By Molecule Type, 2020-2026 (USD Billion)

8.6.3    Market Size, By End-User, 2020-2026 (USD Billion)

8.6.4    Market Size, By Type, 2020-2026 (USD Billion)

8.6.5    Market Size, By Therapeutic Area, 2020-2026 (USD Billion)

8.6.6    Saudi Arabia

8.6.6.1    Market Size, By Molecule Type, 2020-2026 (USD Billion)

8.6.6.2    Market Size, By End-User, 2020-2026 (USD Billion)

8.6.6.3   Market Size, By Type, 2020-2026 (USD Billion)

8.6.6.4   Market Size, By Therapeutic Area, 2020-2026 (USD Billion)

8.6.7    UAE

8.6.7.1    Market Size, By Molecule Type, 2020-2026 (USD Billion)

8.6.7.2    Market Size, By End-User, 2020-2026 (USD Billion)

8.6.7.3    Market Size, By Type, 2020-2026 (USD Billion)

8.6.7.4    Market Size, By Therapeutic Area, 2020-2026 (USD Billion)

8.6.8    South Africa

8.6.8.1    Market Size, By Molecule Type, 2020-2026 (USD Billion)

8.6.8.2    Market Size, By End-User, 2020-2026 (USD Billion)

8.6.8.3    Market Size, By Type, 2020-2026 (USD Billion)

8.6.8.4    Market Size, By Therapeutic Area, 2020-2026 (USD Billion)

Chapter 9   Company Landscape

9.1    Competitive Analysis, 2020

9.2    IQVIA

9.2.1    Company Overview

9.2.2    Financial Analysis

9.2.3    Strategic Positioning

9.2.4    Info-Graphic Analysis

9.3    Labcorp

9.3.1    Company Overview

9.3.2    Financial Analysis

9.3.3    Strategic Positioning

9.3.4    Info-Graphic Analysis

9.4    Syneos Health Inc.

9.4.1    Company Overview

9.4.2    Financial Analysis

9.4.3    Strategic Positioning

9.4.4    Info-Graphic Analysis

9.5    Wuxi Apptec

9.5.1    Company Overview

9.5.2    Financial Analysis

9.5.3    Strategic Positioning

9.5.4    Info-Graphic Analysis

9.6    Charles River Laboratories

9.6.1    Company Overview

9.6.2    Financial Analysis

9.6.3    Strategic Positioning

9.6.4    Info-Graphic Analysis

9.7    Parexell International

9.7.1    Company Overview

9.7.2    Financial Analysis

9.7.3    Strategic Positioning

9.7.4    Info-Graphic Analysis

9.8    PRA Health Sciences

9.8.1    Company Overview

9.8.2    Financial Analysis

9.8.3    Strategic Positioning

9.8.4    Info-Graphic Analysis

9.9    Icon PLC

9.9.1    Company Overview

9.9.2    Financial Analysis

9.9.3    Strategic Positioning

9.9.4    Info-Graphic Analysis

9.10    PPD Inc.

9.10.1    Company Overview

9.10.2    Financial Analysis

9.10.3    Strategic Positioning

9.10.4    Info-Graphic Analysis

9.11    Medpace Holdings Inc.

9.11.1    Company Overview

9.11.2    Financial Analysis

9.11.3    Strategic Positioning

9.11.4    Info-Graphic Analysis

9.12    Other Companies

9.12.1    Company Overview

9.12.2    Financial Analysis

9.12.3    Strategic Positioning

9.12.4    Info-Graphic Analysis

The Global Contract Research Organization (CROs) Services Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.

The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the Contract Research Organization (CROs) Services Market.

The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.

Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.

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Frequently Asked Questions

The global contract research organization (CROs) services market will grow from USD 51.25 billion in 2021 to reach USD 85.61 billion in 2026, with a CAGR of 9.62%.
Key and innovative vendors in the contract research organization (CROs) services market include IQVIA, Labcorp, Syneos Health Inc., Wuxi Apptec, Charles River Laboratories, Parexel International, PRA Health Sciences, PPD Inc., Icon Plc, Medpace Holdings Inc., SGS, Frontage Holdings Corporation, PSI CRO AG, Bio Agile Therapeutics, Firma Clinical Research, Acculab Life Sciences, Novotech Health Holding, Geneticist Inc., And Celerion, among others.
The North American region is estimated to hold the largest market share in the contract research organization (CROs) services market.
The COVID-19 pandemic had a positive impact on the market for contract research organizations. Because of the lockdown norms, around 60-65% of the CROs, were open and completely functional, while another 25-30% were working partially. With the rising cases of COVID-19 infection and other diseases, the market for CROs services will be growing rapidly.
The major driving factors for the contract research organization (CROs) services market include the growing number of clinical testing, growing incidence of rare diseases, and rising investments in biopharmaceutical and pharmaceutical R&D activities. CRO services have become more prevalent in the healthcare sector.

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