GITNUX MARKETDATA REPORT 2024

Global Cro Industry Statistics

The global CRO industry is projected to grow at a steady rate, driven by the increasing demand for outsourced research and development services in the pharmaceutical and biotechnology sectors.

Last Updated: June 22, 2024

Written & Summarized by: Jannik Lindner

How we write

In this post, we will explore key statistics and trends shaping the global Contract Research Organization (CRO) industry. From the market size projections to regional dominance and the types of services driving growth, we delve into essential insights that highlight the evolving landscape of CROs in the healthcare sector.

Statistic 1

"The global Contract Research Organization (CRO) industry is expected to reach USD 68.9 billion by 2026."

Statistic 2

"The CAGR of the CRO industry is projected to be around 12.3% during 2021-2026."

Statistic 3

"North America dominates the global CRO market with a 45% share in 2020."

Statistic 4

"Europe is the second-largest market for CROs after North America."

Statistic 5

"Over 15,000 studies are handled by the top 10 CROs annually."

Statistic 6

"China is one of the fastest-growing markets in the global CRO industry."

Statistic 7

"The global CRO services market covered over 60 different therapeutic areas in 2020."

Statistic 8

"Early-phase development services account for approximately 25% of global CRO market revenue."

Statistic 9

"Late-phase services brought in revenue of over USD 20 billion in the global CRO market in 2019."

Statistic 10

"Over 170 new CROs were created globally in the past 5 years."

Statistic 11

"Small and medium-sized enterprises make up for about 70% of the contracts awarded to CROs."

Statistic 12

"The pharmaceutical sector accounts for approximately 60% of the demand in the global CRO services market."

Statistic 13

"35% of global clinical trials are outsourced to CROs."

Statistic 14

"The clinical data management segment accounted for approximately 30% share in the global CRO market in 2020."

Statistic 15

"Approximately 75% of biotech and pharmaceutical companies are predicted to increase their spending on CROs in the coming years."

Statistic 16

"Approximately, 40% of medical devices firms outsource their clinical trials to CROs."

Statistic 17

"The Asia Pacific region will be the fastest-growing CRO market during 2020-2025."

In conclusion, the global Contract Research Organization (CRO) industry is experiencing significant growth, with a projected market value of USD 68.9 billion by 2026. North America currently leads the market, followed by Europe, while China is emerging as a key player in the industry. The top 10 CROs collectively handle over 15,000 studies annually, catering to a wide range of therapeutic areas. With pharmaceutical companies driving approximately 60% of the demand for CRO services, and a substantial portion of clinical trials being outsourced to CROs, the industry shows potential for further expansion. Additionally, the increasing adoption of CRO services by biotech and pharmaceutical companies, as well as medical device firms, bodes well for the future growth of the market. With the Asia Pacific region poised to be the fastest-growing CRO market in the coming years, the industry’s trajectory is one of opportunity and evolution.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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