Cloud Computing is fastest growing segment fueling the growth of U.S. Contract Research Organization (CROs) Market

The global U.S. Contract Research Organization (CROs) Market is estimated to be valued at US$ 17446.79 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The U.S. Contract Research Organization (CROs) Market comprises companies that provide support to the pharmaceutical, biotechnology, medical device and government/regulatory sectors for clinical trials. CROs provide various services starting from study design, data analysis to regulatory consultations. They help organizations focus on their core competencies by outsourcing additional capabilities.

Market key trends:

The growing demand for outsourcing clinical trials and increasing research and development activities in the pharmaceutical and biotechnology industries drive the growth of the U.S. CRO market. Moreover, increasing adoption of cloud-based technologies by CROs is also fueling market growth. Cloud offers scalability, security and cost benefits which is attracting many small as well as large CROs to adopt cloud platforms for conducting clinical trials. It has streamlined clinical trial processes and improved connectivity between research sites and sponsors. This has significantly increased efficiency while reducing costs. Advanced cloud technologies are thus expected to open new opportunities for CROs in the coming years.

Segment Analysis

The U.S. Contract Research Organization (CROs) market size is segmented based on services, therapeutic area and end user. By services, the clinical trial services segment dominates the market owing to increasing research activities in pharmaceutical and biotechnology industries. Clinical trial services help sponsors to conduct research studies according to global regulatory standards. By therapeutic area, oncology dominates owing to high disease prevalence and increasing R&D activities for developing novel oncology drugs. By end user, pharmaceutical and biotechnology companies hold the largest share as they outsource their clinical trial activities to CROs to manage operations efficiently.

Key Takeaways

The global U.S. Contract Research Organization (CROs) market is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period, due to increasing R&D expenditure in pharmaceutical and biotechnology industries.

Regional analysis

North America dominates the CRO market owing to presence of many pharmaceutical companies and favorable regulations for clinical trials. The U.S. holds the highest share within North America due to increasing adoption of outsourcing clinical trial activities. Asia Pacific exhibits the fastest growth due to low cost of operations and growing clinical trial activity in China, India and Japan.

Key players

Key players operating in the U.S. Contract Research Organization (CROs) market are Laboratory Corporation of America Holdings (Covance), IQVIA, Paraxel International Corporation, Syneos Health, PRA Health Sciences, Charles River Laboratoires International Inc. (CRL), Pharmaceutical Product Development (PPD), ICON Public Limited Corporation, Wuxi Apptec, Medpace Holdings, Inc, Medidata Solutions, Inc., Theorem Clinical Research, Pharmaron, Envigo, and Clinipace. These players are focusing on new service launches and partnerships with pharmaceutical companies to gain more market share.

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