The global CRO market is projected to hit almost $63 billion by the end of the decade, growing an average of 7.39% annually from 2025 to 2030, according to a new report from Irish-based market researcher Research and Markets.
Additionally, Research and Markets predicted in a second new report that the global clinical trial site network market will grow at a similar rate between 2025 and 2030, hitting $13.76 billion globally by 2030.
Both reports were announced in separate Dec. 3 releases.
Growth in both markets is expected due to more outsourcing and R&D expenditure. The Asia-Pacific region is especially primed for growth, according to the reports, because of more local CRO activity and more trials being outsourced to the area. In 2024, the region held 46.4% of the global CRO market share, according to the CRO market report.
Out of all areas, the Asia-Pacific region is expected to show the fastest annual growth in the clinical trial market between 2025 and 2030, according to the clinical trial report.
The future dominance of the Asia-Pacific market was prognosticated earlier this year by an October IQVIA report, which found that Europe’s share of the global trial market shrank while Asia’s grew. China alone catapulted from 8% of total trial starts in 2013 to 29% in 2023, according to IQVIA.
Of all therapeutic areas, oncology had the largest share of both markets in 2024, representing 30.66% of the CRO market and 35.1% of the clinical trial market, according to Research and Markets’ reports.