Global $66.1 Billion Healthcare Contract Research Organization Market to 2028: Growing Pressure on Industry Players to Follow Stringent Timelines has Increased Demand
DUBLIN, March 2, 2021 /PRNewswire/ -- The "Healthcare Contract Research Organization Market Size, Share & Trends Analysis Report by Type (Drug Discovery, Pre-clinical, Clinical), by Service (Clinical Monitoring, Regulatory/Medical Affairs), and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global healthcare contract research organization market size is expected to reach USD 66.1 billion by 2028
It is expected to expand at a CAGR of 6.6% from 2021 to 2028. The increasing cost of drug development is expected to drive the market over the forecast period.
Moreover, rising clinical trial cost and challenges pertaining to patient recruitment have led biopharmaceutical companies to turn to regions like Central and Eastern Europe, Asia Pacific, Latin America, and the Middle East for cost savings and quick patient recruitment.
In addition, growing pressure on industry players to follow stringent timelines has increased the demand for outsourcing research activities to contract research organizations (CROs). Some government organizations are also outsourcing their clinical trial activities so that they can carry out clinical trials with the required infrastructure and expertise and minimize their cost and timelines.
However, the CRO market has been significantly impacted by the ongoing pandemic. The worldwide focus on finding a vaccine against coronavirus has had a significant impact on the development of other vaccines and drugs. At the peak of the pandemic, vaccines and treatments for COVID-19 accounted for 30% of all the trials in the U.S. This resulted in other trials being put on hold.
The CRO market is recovering slowly through a hybrid approach. They are playing a significant role in helping sponsors and sites to start clinical trials. Market players have already built powerful tools to support virtual clinical trials. They are ready to rapidly assist sponsors to shift to this new environment and leverage the available tools.
Healthcare CRO Market Report Highlights
- Based on type, clinical trial services dominated the global market in 2020 and held a share of 76.7% owing to the fact that it comprises four elaborate phases, including human subjects.
- By service, the clinical monitoring segment held the largest revenue share in 2020.
- North America held a significant share in 2020 due to the presence of several global players, who invest a major part of their revenue in research activities.
- Asia Pacific is anticipated to register the fastest CAGR over the forecast period due to the reduced cost it offers in comparison to the 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 Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Healthcare CRO Market: Variables, Trends, & Scope
3.1 Market Segmentation and Scope
3.2 Market Driver Analysis
3.2.1 Increasing adoption of advanced technologies
3.2.2 Increasing mergers and collaborations
3.2.3 Increasing outsourcing of R&D activities
3.2.4 Patent cliff
3.2.5 Favorable environment for clinical trials in developing countries
3.3 Market Restraint Analysis
3.3.1 Quality issues of CRO services
3.3.2 Intellectual property rights issues
3.4 Penetration & Growth Prospect Mapping
3.5 Porter's Five Forces Analysis
3.6 PESTEL Analysis
Chapter 4 Healthcare CRO Market: Type Segment Analysis
4.1 Healthcare CRO: Market Share Analysis, 2020 & 2028
4.2 Drug Discovery
4.2.1 Drug Discovery market, 2016-2028 (USD Million)
4.2.2 Target validation
4.2.3 Lead identification
4.2.4 Lead optimization
4.3 Pre-clinical
4.4 Clinical
4.4.1 Clinical market, 2016-2028 (USD Million)
4.4.2 Phase I Trial Services
4.4.3 Phase II Trial Services
4.4.4 Phase III Trial Services
4.4.5 Phase IV Trial Services
Chapter 5 Healthcare CRO Market: Service Segment Analysis
5.1 Healthcare CRO: Market Share Analysis, 2020 & 2028
5.2 Project Management/Clinical Supply Management
5.2.1 Project Management/Clinical Supply Management market, 2016-2028 (USD Million)
5.3 Data Management
5.4 Regulatory/Medical Affairs
5.5 Medical Writing
5.6 Clinical Monitoring
5.7 Quality Management/ Assurance
5.8 Bio-statistics
5.9 Investigator Payments
5.10 Laboratory
5.11 Patient and Site Recruitment
5.12 Technology Services
Chapter 6 Healthcare CRO Market: Regional Segment Analysis
6.1 Healthcare CRO: Market Share Analysis, 2020 & 2028
Chapter 7 Company Profiles
7.1 Company overview
7.2 Financial performance
7.3 Service benchmarking
7.4 Strategic initiatives
- Iqvia Holdings Inc.
- Covance Inc.
- Pharmaceutical Product Development, Llc (Ppd)
- Parexel International Corporation
- Charles River Laboratories International, Inc.
- Icon, Plc
- Medidata Solutions, Inc.
- Syneos Health
- Pharmaron
- Gvk Biosciences Private Limited
For more information about this report visit https://www.researchandmarkets.com/r/ihwj7
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