Contract Research Organization Services (CROs): Global Strategic Business Report

Global Contract Research Organization Services (CROs) Market to Reach $102.8 Billion by 2027

In the changed post COVID-19 business landscape, the global market for Contract Research Organization Services (CROs) estimated at US$54 Billion in the year 2020, is projected to reach a revised size of US$102.8 Billion by 2027, growing at a CAGR of 9.6% over the analysis period 2020-2027. Early Phase Development, one of the segments analyzed in the report, is projected to record a 9.5% CAGR and reach US$18.9 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Clinical Research Services segment is readjusted to a revised 10.1% CAGR for the next 7-year period.

The U.S. Market is Estimated at $14.7 Billion, While China is Forecast to Grow at 13.8% CAGR

The Contract Research Organization Services (CROs) market in the U.S. is estimated at US$14.7 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$23.7 Billion by the year 2027 trailing a CAGR of 14.7% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.6% and 7.9% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 5.7% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$14.4 Billion by the year 2027.

Laboratory Services Segment to Record 9.4% CAGR

In the global Laboratory Services segment, USA, Canada, Japan, China and Europe will drive the 9.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$6.5 Billion in the year 2020 will reach a projected size of US$11.6 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Latin America will expand at a 11% CAGR through the analysis period.

Select Competitors (Total 136 Featured) -

• Acculab Lifesciences
• Axcent Advanced Analytics (A3)
• Azelix
• BIO Agile Therapeutics
• Charles river Laboratories
• Ctserv
• Dove Quality Solutions
• Firma Clinical Research
• Icon Plc
• Iqvia

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