The global contract research organization (CRO) services market is poised for significant growth, projected to expand from $86.3 billion in 2024 to $175.5 billion by 2032, according to recent data from Fortune Business Insights. This anticipated growth reflects a compound annual growth rate (CAGR) of 9.3%, underscoring the increasing reliance on CROs by pharmaceutical and biopharmaceutical companies to navigate the complexities of drug development.
As drug development becomes more intricate, characterized by advanced biopharmaceuticals, evolving regulatory landscapes, and the integration of artificial intelligence, the demand for specialized CRO services has surged. Companies are increasingly outsourcing clinical trial management and regulatory compliance tasks to leverage the expertise of CROs, which helps streamline processes and mitigate risks associated with trial execution.
Industry leaders emphasize that the rise of functional CRO services and the shift towards decentralized clinical trials are pivotal trends reshaping the outsourcing landscape. With emerging biopharma companies responsible for a growing share of trial initiations, the collaboration between these firms and CROs is critical for navigating the challenges of clinical research and ensuring successful product commercialization.
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