North America Contract Research Organization Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

North America Contract Research Organization Market Analysis

The North America Contract Research Organization Market size is estimated at USD 28.34 billion in 2024, and is expected to reach USD 44.81 billion by 2029, growing at a CAGR of 9.60% during the forecast period (2024-2029).

Key drivers such as expanding R&D activities, a rising number of clinical trials, and an increasing trend toward outsourcing services are poised to propel market growth during the forecast period. The surge in clinical trials has drawn market players to offer CRO services, further fueling this growth. For instance, a report from WHO in February 2023 highlighted that the United States accounted for 168,520 trials in 2022, representing approximately 82.25% of the total clinical trials across WHO regions. Furthermore, data from ClinicalTrials.gov indicates that by March 2024, the United States had registered close to 147,000 studies. These figures underscore the region's prominence in clinical trials and the rising adoption of CRO services, suggesting a continued market uptrend during the study period.

Furthermore, to maintain competitiveness and adaptability in the region, pharmaceutical companies are turning to academic and private contract research organizations (CROs) for outsourcing research activities. For instance, in September 2023, Curavit Clinical Research was appointed as the virtual contract research organization for MedRhythms' MR-001 study. This neurorehabilitation system aims to enhance walking and ambulation in adults facing chronic stroke-related walking challenges. Such collaborations ensure a consistent demand for CRO services, potentially driving market growth in the region.

Moreover, the introduction of new clinical trial services enhances accessibility for biotech and pharmaceutical firms. For instance, in December 2022, RQM+, based in the United States, unveiled its clinical trial services division, rounding out its suite of MedTech contract research organization (CRO) offerings. Given these developments, including the uptick in clinical studies and the debut of fresh trial services, the market is poised for growth in the coming years.

However, a shortage of skilled professionals in contract research services is poised to impede market growth over the forecast period.

North America Contract Research Organization Market Trends

Oncology Under Therapeutic Area Segment is Expected to have Largest Share in the Market Over the Forecast Period

North America Contract Research Organization Industry Segmentation

As per the scope of this report, a contract research organization is a company that provides clinical trial services for the pharmaceutical, biotechnology, and medical device industries. CROs range from large, international, full-service organizations to small, niche specialty groups.

The North America contract research organization market is segmented into service type, therapeutic areas, end-user, and geography. By service type, the market is segmented into clinical research services, early-phase development services, laboratory services, and consulting services. The clinical research services segment includes phase I clinical research services, phase II clinical research services, phase III clinical research services, and phase IV clinical research services. By therapeutic areas, the market is segmented into oncology, infectious diseases, central nervous system disorders, immunological disorders, cardiovascular diseases, respiratory disorders, diabetes, and other therapeutic areas. Other therapeutic areas include metabolic, musculoskeletal, wound and injuries, eye diseases, and mouth & dental diseases. By end user, the market is segmented into pharmaceutical and biopharmaceutical companies, medical device companies, and academic institutes. By geography, the market is segmented into the United States, Canada, and Mexico. Market sizing and forecasts for each segment have been conducted based on value in USD.