The
global healthcare contract research organization market size
is expected to reach USD 62.1 billion by 2027, according to a new study by
Grand View Research Inc. registering a CAGR of 6.6% over the forecast period.
Increasing cost of drug development is expected to drive market demand over the
forecast period. Rising cost of clinical trials and challenges pertaining to
patient recruitment have led biopharmaceutical companies to turn to regions
like Central and Eastern Europe, Asia Pacific, Latin America, and Middle East
for cost savings and quick patient recruitment.
The
alarming rise in incidence rate of chronic as well as infectious diseases such
as cancer and Alzheimer’s is anticipated to spur demand for effective and safe
treatment options. For instance, according to WHO, chronic diseases such as
respiratory disorders, diabetes, cancer, cardiovascular diseases, and other
life-threatening diseases are likely to account for about 73.0% of global
deaths and about 60.0% of global disease burden by 2020. This is compelling an
increasing number of healthcare companies to turn to contract research
organizations (CROs) for the numerous benefits they offer.
In
addition, growing pressure on industry players to follow stringent timelines
has increased the demand for outsourcing research activities to contract
research organizations. Some government organizations are also outsourcing
their clinical trial activities to CROs so that they can carry out clinical
trials with the required infrastructure, expertise, and minimize their cost and
timelines. For instance, in 2015, the Canadian Federal Budget made an
investment of USD 1.33 billion for the Canada Foundation for Innovation (CFI).
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Contract Research Organization Market:
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- Clinical trial
services dominated the healthcare CRO market in 2019 owing to the fact
that it comprises four elaborate phases, including human subjects. ICON GPHS,
formerly ClinicalRM, provides staffing and clinical development services
to multiple agencies such as NGOs, the U.S. Government, academic
institutions, and other healthcare organizations
- North America held a
significant market share in 2019 due to the presence of several global
players, who invest a major part of their revenue in research activities
- Asia Pacific is
anticipated to witness lucrative growth over the forecast period due to
the reduced cost it offers in comparison to U.S and other developed
economies. China, Japan and India are projected to witness tremendous
growth in the contract research organization market owing to high disease
prevalence
- Key players in the
market include IQVIA, Covance, Pharmaceutical Product Development, LLC
(PPD), PAREXEL, Pharmaron, Syneos Health, Charles River Laboratories
(CRL), ICON plc, Medidata Solutions, and GVK Biosciences Private Limited.
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Grand
View Research has segmented the global healthcare CRO market on the basis of
type, service, and region:
Healthcare
CRO Type (Revenue, USD Million, 2016 - 2027)
- Drug Discovery
- Target validation
- Lead identification
- Lead optimization
- Pre-Clinical
- Clinical
- Phase I Trial
Services
- Phase II Trial
Services
- Phase III Trial
Services
- Phase IV Trial
Services
Healthcare CRO
Service (Revenue, USD Million, 2016 - 2027)
- Project
Management/Clinical Supply Management
- Data Management
- Regulatory/Medical
Affairs
- Medical Writing
- Clinical Monitoring
- Quality Management/
Assurance
- Bio-statistics
- Investigator
Payments
- Laboratory
- Patient and site
Recruitment
- Technology
- Others
Healthcare
Contract Research Organization (CRO) Regional Outlook (Revenue, USD Million,
2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Belgium
- Switzerland
- Austria
- Asia Pacific
- Japan
- China
- India
- Thailand
- Korea
- Taiwan
- Indonesia
- Malaysia
- Singapore
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Middle East &
Africa
- South Africa
- Saudi Arabia
- UAE
- Iran
- Israel
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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