Global Market for Contract Research Organization (CRO) Services

Report Highlights

The global market for CRO's across the clinical trial process should grow from $45.5 billion in 2017 to reach $72.3 billion by 2022 at a compound annual growth rate (CAGR) of 9.7% for the period of 2017-2022.

Report Includes

Report Scope

The Global CRO market is identified in this report along with all major global CRO companies. The total CRO market is broken out globally and by geographic region. Additionally, all major therapeutic areas covered by CROs in the clinical trial process are detailed. The service areas provided by CROs are extensively covered as well. The phases of the clinical trial process and the role provided by CROs are detailed in this report as well. 

“This report provides detailed analysis of top CRO companies and their evolving role in the clinical trial process. Faced with rapid development of new therapies, Pharmaceutical companies are increasingly turning to CROs for their services. CRO’s expertise within specific therapeutic areas as well as their experience with new and adaptive study design protocols, can reduce costs and study duration. With typical clinical trials costing upwards of $2.5 billion and spanning over a decade from initial testing to Phase IV and post market approval, a thriving market exists to lower these costs and timelines. CROs are expected to continue to play an increasingly role in many facets of the clinical trial process. Oncology, neurology, cardiovascular, metabolism-diabetes, vaccines and other rapidly growing therapeutic areas that have a significant number of drugs in the clinical trial process are detailed in this report. 

Strong demand for CRO services is leading to heightened market valuations and correspondingly a plethora of blockbuster Merger and Acquisition deals are taking place. M&A activity has led to a few powerful companies with expertise across many areas of the clinical trial process, although many niche players are still playing a critical role. These emerging trends and changing dynamics within the CRO industry are analyzed in detail in this report.”

Analyst Credentials

The author, David Christofides, has a Master’s of Science Degree in Economics from the Pennsylvania State University and a Bachelor’s of Science Degree from the University of Delaware. During his academic career he specialized in environmental economics, writing his Master’s Thesis on efficient global fisheries and oceanic conservation and utilization. He also had a strong focus in financial and econometric modeling. In addition, he also had a concentration in psychology. 

David started his professional career at Moody’s Analytics, where he worked for five years as an economist. He wrote for the company’s many publications and was involved in regional, national and customized forecasting models. He then moved on to venture capital firm, Optical Capital Group LLC, where he analyzed start-up deals in the telecommunications space. During this time, he worked on deal valuations, financial modeling of mergers and acquisitions and assisted young start-ups in controlling costs, structuring loans and marketing and launching their products. He then moved on to Broadwing Communications, where he again worked on mergers and acquisitions and built financial models for the company’s many new product launches. Over the past several years David has worked as an independent contractor, writing business articles and reports and providing economic and financial analysis to several different companies.