The global Contract Research Outsourcing (CRO) market size is expected to reach $104.69 billion in 2028 and register a revenue CAGR of 10.2% over the forecast period, according to the latest report by Reports and Data. Factors driving market growth include rising prevalence of various chronic diseases, and rising investments by governments of various countries across the globe in development of novel drugs.  
 
Increasing number of clinical trials and drug pipeline projects in developing countries is also expected to support market growth. CROs are heavily involved in clinical trials for companies who do not have the required infrastructure. According to ClinicalTrials.gov, number of registered clinical trials by August 2021 was 387,363 globally. In general, clinical trials have become more complex in recent years and remains crucial for R&D of new drugs and products.
 
Increasing number of clinical trials conducted in developing countries is support market revenue growth to a significant extent. Most clinical trials are conducted in North America and Europe. Costs involved in hiring volunteers for trials and conducting these trials are lower in developing countries.

With typical clinical trials costing nearly $2.5 billion and spanning over a decade, from initial testing to Phase IV and post-market approval, a thriving market exists to lower these costs and timelines, according to ResearchandMarkets. CROs are expected to continue to play an increasing role in all areas of the clinical trial process. Oncology, neurology, cardiovascular, metabolism-diabetes, vaccines and other rapidly growing therapeutic areas with a significant number of drugs in clinical trials.
 
Strong demand for CROs leads to heightened market valuations and to a plethora of blockbuster mergers and acquisitions (M&As). M&As led to a few powerful companies with expertise across many areas of the clinical trial process. Niche players are still playing a critical role.

Clinical trials have undergone a fundamental shift over the last year as a result of the pandemic, with many traditional processes taking on new formats to increase clinical development efficiencies. R&D costs, technology and digital modernization of clinical trials, as well as advanced therapies and personalized medicine are key areas impacting outsourcing and growth among Contract Research Organizations (CROs). In this article, top CROs provide insight on key market trends and opportunities, today’s complex trials, and the post-pandemic outlook for clinical development.

Read More:
CRO Industry Update: Digital modernization, decentralized trials and advanced therapies drive outsourcing.

The Future of Clinical Trials: Dr. Greg Licholai of ICON plc on key market trends, the future of clinical trials and the acquisition of PRA.

Planning For Better Clinical Trials: Faster, smoother and more approvable clinical trials start with you.