Northbrook, IL 60062 -- (SBWIRE) -- 03/16/2022 -- According to the new market research report "Contract Research Organization (CROs) Services Market by Type (Early phase, Clinical, Laboratory), Therapeutic Area (Oncology, Infectious Disease), Molecule Type (Vaccine, CGT), End User (Pharma, Biopharma, Research Institute) - Global Forecast to 2026", published by MarketsandMarkets™, the global CRO Services Market is projected to reach USD 86.5 billion by 2026 from USD 53.2 billion in 2021, at a CAGR of 10.7% during the forecast period.

Driver: Increasing investment in pharmaceutical R&D to drive the CROs services market;

Most pharmaceutical, biopharmaceutical, and medical device companies continue to invest heavily in the development of novel drugs and devices. The pharmaceutical industry, in particular, is R&D-intensive. Pharmaceutical companies invest in R&D to deliver high-quality and innovative products to the market. The trend suggests that the top pharma companies are increasing their R&D efficiencies through heavy investments in R&D to see return on their investment in the longer term and through collaborative R&D efforts. According to EvaluatePharma report, the worldwide pharmaceutical R&D spending was valued at USD 136 billion in 2012; this increased to USD 186 billion in 2019.

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The Growth in the CRO Services Market can mainly be attributed to factors such as increasing investment in pharmaceutical R&D to drive CROs services market, increasing number of clinical trials, high cost of in-house drug development and rising prevalence of orphan and rare diseases. On the other hand, shortage of skilled professionals and meeting the need of providing unique analytical testing approach may challenge market growth to a certain extent.

Clinical research services segment accounted for the largest share of contract research organization (CRO) services market

On the basis of type, the market is segmented into early-phase services, clinical research services, laboratory services, and consulting services. The clinical research services segment dominated the market in 2020. The large share of this segment can be attributed to rapid growth in the geriatric population, subsequent increase in the prevalence of chronic diseases, rising demand for newer drugs, and increasing product development of new drugs. The data management services segment is expected to register the highest CAGR during the forecast period due to need for generation of high-quality data & its management and rising importance data handling.

Oncology segment accounted for the largest share of the contract research organization (CRO) services market

Based on therapeutic area, the global CRO services market is broadly categorized into oncology, infectious diseases, neurology, cardiovascular system (CVS) disorders metabolic disorders/endocrinology, immunological disorders, respiratory disorders, psychiatry, dermatology, hematology, ophthalmology, gastrointestinal diseases, genitourinary & women's health, and other therapeutic areas. The oncology segment is the largest segment in the market. Growth of the segment is attributed to the high incidence of cancer and pipeline of drugs in late-stage development.

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Cell and gene therapy segment is projected to register the highest CAGR during the forecast period

Based on molecule type, the global CRO services market is segmented into vaccines, cell & gene therapy and other molecules. The cell & gene therapy segment is expected to register the highest CAGR during the forecast period owing to promising therapies in pipeline and rising R&D expenditure in regenerative medicine.

Pharmaceutical & biopharmaceutical companies segment accounted for the largest share of contract research organization (CRO) services market

Based on end user, the global market is segmented into pharmaceutical & biopharmaceutical companies, medical device companies, and academic institutes. In 2020, the pharmaceutical & biopharmaceutical companies segment dominated the market owing to increased outsourcing of early-phase development services and clinical and laboratory testing services by pharmaceutical companies.

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The contract research organization services market is segmented into North America, Europe, the Asia Pacific (APAC), Latin America (LATAM), and the Middle East and Africa (MEA). In 2020, North America accounted for the largest share of the CRO Services Market, followed by Europe. The large share of the North American regional segment can be attributed to presence of a well-established base of pharmaceutical & biopharmaceutical companies, and high investments in the biosimilars & biologics segment.

The prominent players operating in the contract research organization (CRO) services market are IQVIA (US), LabCorp (US), Charles River Laboratories (US), WuXi AppTec (China), Syneos Health (US), PPD (US), and ICON Plc (US).