U.S. Contract Research Organization (CROs) Market

The U.S. contract research organization (CROs) market is estimated to be valued at USD 19.44 Bn in 2024 and is expected to exhibit a CAGR of 12.2% during the forecast period (2024-2031). The U.S. Contract Research Organization (CROs) market has seen significant growth over the past decade, driven by increasing drug development activities and clinical trials outsourcing among pharmaceutical companies. A CRO provides various services like clinical trial management, data management, regulatory & medical affairs, and other associated services to the biotechnology and pharmaceutical companies. They assist life sciences companies in outsourcing non-core functions and gaining expertise across various clinical trial phases to accelerate new drug development. The complex regulatory environment and large investment required for novel drug research have prompted many drug makers to rely on CROs for specialized services. This has supported the expansion of CRO facilities and capabilities in the U.S.

Market Dynamics:

Key growth drivers for the U.S. contract research organization (CROs) market include rising research and development expenditure of pharmaceutical companies, increasing clinical trial volume & complexity, and focus on core competencies through outsourcing. However, pricing pressures due to intense competition and shorter drug development timelines pose significant challenges. Meanwhile, the shift towards niche/orphan drug development and adoption of new technologies like artificial intelligence offer substantial opportunities. Higher demand for specialized expertise in areas like oncology, rare disease, and cell & gene therapy are likely to further drive market revenues.

Key Features of the Study:

• This report provides an in-depth analysis of the U.S. contract research organization (CROs) market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the U.S. contract research organization (CROs) market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study IQVIA INC., ICON plc,Labcorp, Syneos Health, PROMETRIKA, LLC., Premier Research, Caidya,Charles River Laboratories, Inc., Parexel International Corporation, Medpace, Inc., WuXi AppTec, Courante Oncology, EPS Corporation, Worldwide Clinical Trials, and Tigermed.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• The U.S. contract research organization (CROs) market caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the U.S. contract research organization (CROs) market.

Detailed Segmentation-

• By Service Type:
  • Drug Discovery
  • Preclinical studies
  • Early Phase I - IIa
  • Phase IIa - III
  • Phase IIIb – IV
  • Medical coding and writing
  • Monitoring
  • Clinical Data Management
  • Others
• By Therapeutic Application:
  • Oncology
  • Cardiovascular Diseases
  • Central Nervous System Diseases
  • Infectious Diseases
  • Immunological Disorders
  • Respiratory Disorders
  • Others
• By Size of CROs:
  • Small Size (Less than 100 employees)
  • Medium Size (100-500 employees)
  • Large Size (More than 500 employees)
• Company Profiles:
  • IQVIA INC.
  • ICON plc
  • Labcorp
  • Syneos Health
  • PROMETRIKA, LLC.
  • Premier Research
  • Caidya
  • Charles River Laboratories, Inc.
  • Parexel International Corporation
  • Medpace, Inc.
  • WuXi AppTec
  • Courante Oncology
  • EPS Corporation
  • Worldwide Clinical Trials
  • Tigermed