Contract Research Organization Services Market Insights: Biotech & Pharma Collaboration Trends – 2032
Contract Research Organization Services Market Insights: Biotech & Pharma Collaboration Trends – 2032
The CRO services market supports pharmaceutical, biotechnology, and medical device firms by providing outsourced research and development services—ranging from early-stage discovery and preclinical work to clinical trial management, regulatory support, and post-market surveillance. Growth in this market is fueled by increasing complexity of drug development, rising costs, global trial demand, and a strategic shift toward outsourcing specialized work. As biopharma companies look to streamline operations and speed up development, CROs play a vital role in accelerating innovation and bringing new therapies to patients.
According to Fortune Business Insights, the global Contract Research Organization (CRO) services market was valued at USD 85.54 billion in 2024. The market is projected to grow from USD 92.27 billion in 2025 to USD 175.53 billion by 2032, exhibiting a CAGR of 9.6% during the forecast period. In 2024, North America dominated the CRO services market with a market share of 50.19%.
Medpace (U.S.)
Fortrea (U.S.)
ICON plc (Ireland)
IQVIA Inc. (U.S.)
Syneos Health (U.S.)
Novotech (Australia)
KCR S.A. (U.S.)
Ergomed Group (U.K.)
Thermo Fisher Scientific Inc. (U.S.)
Charles River Laboratories (U.S.)
Parexel International (MA) Corporation (U.S.)
In February 2024, Ergomed Group expanded its U.S. footprint by opening a new office in Kendall Square, Cambridge, Massachusetts, enhancing early-phase clinical and pharmacovigilance services
Escalating number of clinical trials: WHO data shows clinical trials rose globally from 28,432 in 2010 to 38,788 in 2024, fueling CRO demand
R&D cost pressures: Average costs for Phases I–III range from USD 4 M to USD 20 M; CROs offer cost-effective outsourcing
Biopharma outsourcing trend: Small- and mid-sized biotech/pharma increasingly leverage CROs to accelerate pipeline development
Regulatory complexity: Ethical and administrative requirements vary regionally, delaying trial initiation
Limited R&D funding: Some biotech firms may struggle to fund full-scale outsourced trials
Under-researched areas—such as congenital anomalies—show promise. For instance, only 328 trials addressed congenital anomalies in 2024, compared to 5,306 in oncology Partnerships like Natera–Tesis Labs aim to seize such niche potential
The Fortune Business Insights report covers comprehensive segmentation:
Type—Early-phase, clinical (Phases I–IV), lab services, others
Application—Oncology, neurology, cardiology, infectious diseases, metabolic disorders, renal/nephrology, others
End-user—Pharma & biotech firms, medical device companies, academic & research institutions, others
Regional outlook including North America, Europe, Asia-Pacific, Rest of World
The market comprises full-service CROs (e.g., IQVIA, Parexel), niche specialists (e.g., KCR, Medpace), and integrated lab services (Charles River, Thermo Fisher). Across the board, companies are investing in AI, decentralized trials, and precision medicine-support platforms
Early-phase development services led the market in 2024 and are expected to continue growing fastest, especially in CMC, preclinical, and discovery areas The clinical segment—covering Phases I–IV—also remains strong and is forecast to lead by revenue
Oncology commands the largest share due to rising global cancer cases—nearly 2 million new cases in the U.S. in 2023 The ‘others’ category—encompassing respiratory, nutritional, digestive, etc.—is growing as funding shifts Neurology is set to gain traction, driven by Alzheimer’s and dementia trials
Pharma & biotech companies hold the leading share with ongoing high-volume trial outsourcing The medical device sector is the fastest-growing segment, fueled by 40,901 registered device trials in early 2022 Academic and research institutions also rely on CROs for specialized trials.
North America
Dominant at ~50.19% share in 2024 (~USD 42.94 B), led by well-established R&D players and ~145,575 U.S.-registered trials
Europe
Second-largest, supported by high pharma R&D investment (~USD 46 B in 2021)
Asia-Pacific
Fastest-growing region, benefiting from cost-effective trial infrastructure—South East Asia trials surged 48.5% from 2019 to 2022
Explore the full research report with detailed insights and TOC:https://www.fortunebusinessinsights.com/industry-reports/contract-research-organization-cro-services-market-100864
AI & Machine Learning: Optimizing trial design, recruitment, predictive analytics.
Decentralized Clinical Trials: Accelerated post-COVID adoption—with remote monitoring and virtual care.
Personalized Medicine: Tailored treatments in genomics-driven therapies.
Complex trial outsourcing: Focus on rare diseases, oncology requiring specialized CRO expertise
The CRO services market is on track to double by 2032, driven by higher clinical outsourcing, rising oncology and specialty trials, and personalized medicine growth. Adoption of AI, decentralized strategies, and expansions like Ergomed’s U.S. office will fuel this trajectory. Overcoming regulatory, funding, and talent challenges will be critical to unlocking the market’s full potential.
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