Contract Research Organization Market Competitive Landscape, Growth Factors, Revenue Analysis to 2030

The global Contract Research Organization (CRO) market size was USD 61.21 Billion in 2021 and is expected to register a revenue CAGR of 10.8% during the forecast period, according to latest analysis by Emergen Research. Increasing number of drug development projects across the globe is a key factor driving market revenue growth.

Over the last decade, pharmaceutical companies have released an increasing number of new drugs each year. These companies are planning on reducing overall expenses, for which they need to reduce research staff and save costs on in-house R&D infrastructure. Outsourcing research work to CROs can help to increase success rate and accelerate drug discovery, resulting in higher profits. In addition, increasing investments and focus on healthcare R&D by major healthcare companies and development of novel drugs and therapies are driving contract research outsourcing market revenue growth. Various companies are now engaging in merger and acquisition activities to increase their market presence.

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