Clinical research organisation market anticipated to reach $140bn by 2033
Posted: 5 July 2023 | Catherine Eckford (European Pharmaceutical Review) | No comments yet
According to a report, growing demand for cost-effective and efficient drug development processes is propelling the global clinical research organisation (CRO) market.
The global clinical research organisation (CRO) market is expected to reach $139.56 billion by the year 2033, a report by Future Market Insights has stated. Compound annual growth rate (CAGR) for the market is anticipated to reach 8.4 percent between 2023 and 2033.
Challenges for the CRO market
Non-uniformity in regulations within various governments is expected to restrain the CRO market going forward, the research predicted.
Despite the report observing difficulty in financing multicentre clinical trials at a larger scale, with an “increase in frequency of monetary transactions and commercial activities linked with outsourcing research studies and clinical trials, the global clinical research organisation market is expected to grow remarkably in the forecast period,” suggested an analyst from Future Market Insights.
Regions expected to experience growth
North America holds the largest market share at present, according to the market report. Businesses are looking more toward CROs for assistance; inclusive of access to programmes and facilities for existing patients, customised protocol design, lower costs and higher trial completion rates.
The Asia-Pacific region is expected to see growth at the fastest rate in the CRO market. This is a result of an increased elderly population, followed by government actions to fast-track regulatory approval procedure for new therapies and pharmaceuticals.
Key players in the clinical research organisation (CRO) market include Charles River Laboratories, IQVIA Inc, ICON plc., Medpace, Syneos Health and CTI Clinical Trial and Consulting Services.
What can a clinical research organisation (CRO) provide?
As technology continues to advance in the pharmaceutical industry, the report highlighted that CROs can provide specialised services in machine learning and data analytics for real-time research and virtual studies. Provision of this expertise has potential to shorten expenses and duration of trials. In the clinical research domain, this could span digital health technology and telemedicine in clinical trials for raising study compliance and offering ongoing monitoring.
