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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Further key
findings from the study suggest:
- 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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