The clinical research organization global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Clinical Research Organization Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The clinical research organization market size has grown strongly in recent years. It will grow from $54.15 billion in 2023 to $59.41 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to an aging population, rise in chronic conditions, globalization of clinical trials, growing focus on orphan drug development, and government funding and grants.
The clinical research organization market size is expected to see strong growth in the next few years. It will grow to $86.33 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to a shift towards personalized medicine, an increase in clinical trials, increased drug development pipelines, pharmaceutical research and development spending, and biopharmaceutical growth. Major trends in the forecast period include artificial intelligence (AI) in clinical trials, strategic partnerships and collaborations, technological advancements, cloud-based clinical trial platforms, and product innovation.
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The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The increasing demand for personalized medicine is expected to propel the growth of the clinical research organization market going forward. Personalized medicine, also known as precision medicine or individualized medicine, is an approach to medical care that aims to tailor treatments and interventions to the specific characteristics of each patient. The rise in demand for personalized medicine is driven by advancements in genomics and biotechnology, which enable more targeted and effective treatments based on individual genetic profiles and specific health conditions. Clinical research organizations (CROs) are pivotal in personalized medicine by conducting specialized trials and analyses to tailor treatments to individual genetic and biological profiles. For instance, in February 2024, according to the Personalized Medicine Coalition, a US-based non-profit organization, the FDA approved 16 novel personalized therapies for patients with rare diseases in 2023, compared to six in 2022. Therefore, increasing demand for personalized medicine is driving the growth of the clinical research organization market.
Market Trends –
Major companies operating in the clinical research organization market are focusing on developing advanced solutions such as artificial intelligence-driven end-to-end data platforms to enhance data integration, analysis, and overall trial efficiency. Artificial intelligence-driven end-to-end data platforms refer to comprehensive systems that leverage AI to manage, analyze, and optimize data throughout its entire lifecycle, from collection to actionable insights. For instance, in January 2023, Elligo Health Research Inc., a US-based clinical research organization, launched DataAI Connect, a cutting-edge data and technology platform designed to accelerate data-driven clinical research. The platform seamlessly collects, manages, analyzes, and shares real-world patient data, offering a comprehensive approach to overcoming clinical trial challenges rather than serving as a supplementary technology. This versatile and sustainable platform provides an all-in-one solution for retrieving and analyzing medical records.
The clinical research organization market covered in this report is segmented –
1) By Service: Drug Discovery Services, Pre-Clinical Services, Clinical Services, Post Approval Services
2) By Production: In-house, Outsourced
3) By Indication: Oncology, Central Nervous System, Cardiovascular Diseases, Metabolic Disorders, Immunology, Respiratory, Musculoskeletal Disorders, Hematological Disorders
4) By End User: Pharmaceutical And Biotechnology Companies, Medical Device Companies, Governments And Private Firms, Academic Institutions, Other End Users
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Regional Insights –
North America was the largest region in the clinical research organization market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the clinical research organization market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the clinical research organization market are Laboratory Corporation of America Holdings, IQVIA Holdings Inc., PPD Inc., ICON plc, Syneos Health Inc., Charles River Laboratories International Inc., Parexel International Corporation, Medpace Holdings Inc., Almac Group Ltd., Premier Research Group Limited, Novotech Health Holdings Pty Ltd., Clario, Caidya Inc., Altasciences, Ergomed plc, Emmes Group of Companies Inc., Richmond Pharmacology Ltd., LINK Medical Research, Nuventra Pharma Sciences Inc., Medlab Clinical Ltd.
Table of Contents
1. Executive Summary
2. Clinical Research Organization Market Report Structure
3. Clinical Research Organization Market Trends And Strategies
4. Clinical Research Organization Market – Macro Economic Scenario
5. Clinical Research Organization Market Size And Growth
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27. Clinical Research Organization Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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