Contract Research Organization (CRO) services are now vital to the biopharmaceutical industry, offering crucial support across all stages of drug development. With the increasing complexity of clinical trials and tightening regulatory standards, numerous companies rely on CROs for their specialized knowledge and resources. According to BCC Research Global Market for Contract Research Organization (CRO) Services is expected to grow from $111.8 billion in 2024 and is projected to reach $166.0 billion by the end of 2029, at a compound annual growth rate (CAGR) of 8.2% during the forecast period of 2024 to 2029.
A Contract Research Organization (CRO) provides outsourced research services to the biotechnology, medical devices, and pharmaceutical sectors. These organizations manage various aspects of clinical trials and research activities for their clients, often known as sponsors, and are essential in advancing the drug development process.