Contract Research Organizations in the US - Industry Research Report

Yearn to learn: Increased R&D spending and high demand from drug and medical device manufacturers will likely boost industry revenue

Contract Research Organizations (CROs) provide clients with a wide range of services, from early- to late-stage clinical research for Food and Drug Administration (FDA) approval. An explosion in research and development investment, frustratingly high clinical trial costs and an uptick in patent expirations have driven pharmaceutical companies to outsource clinical trial management. These factors have pushed CRO revenue upward at a CAGR of 8.2% over the past five years to reach $32.8 billion in 2023.

This industry includes companies that provide research services on a contract basis to the pharmaceutical and biotechnology industries. Contract research organizations (CRO) provide biopharmaceutical development, preclinical research, clinical research and clinical trial management. Many CROs specifically provide clinical study and clinical trial support for drugs or medical devices.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.