The CRO Market is experiencing rapid expansion across the board throughout 2023, and the trend is expected to continue through to 2028.
If we analyse the current state of the CRO industry, we can start to recognise huge surges in expansion of CROs worldwide. A report from Bosson Research suggests that the market will reach a whopping USD 139539.31 million by 2028.
“Industry dynamics” saw a huge change, with most clinical research being conducted in emerging economies and third-world countries. Consequently, several local CROs expanded their market reach by partnering with larger, global CROs and providing local clinical research support.
CROs also moved to adopt large-scale decentralised clinical trials, with a yearly growth of 50% and 28% between 2020-2021 and 2021-2022, respectively. Such changes expanded collaborations with CROs and Pharmaceutical companies, providing mind-blowing solutions for data capture, pharmacovigilance and trial management.
Drug discovery and preclinical service outsourcing increased, owing to the rise in specialised drug discovery and preclinical CROs and the CRDMO model gaining traction. CROs work as risk-sharing partners and offer one-stop-shop services to Pharmaceutical companies, thereby cutting down costs and shortening the timeline of development.