The global healthcare contract research organization (CRO) services market was valued at $38,996.9 million in 2018 and is expected to reach $66,036.6 million by 2026, registering a CAGR of 6.9% from 2019 to 2026. Contract research organizations (CROs) are outsourcing companies or groups that conduct specific and focused R&D clinical trials for the pharmaceutical or biotech industry. They possess well-experienced professionals that offer preclinical, clinical, and regulatory activities for drug and medical devices development, and their commercialization. These organizations can range from international full-service groups to small or niche service providing groups. In addition, CROs provide the experience of moving a novel drug, molecule, or a drug from its nascent phase to marketing approval, without any involvement of a sponsor for these services.
Surge in R&D for the development of novel drugs and medical devices and a rise in healthcare expenditure are the major factors that drive the market growth. Moreover, CROs help in saving time and extra cost of manufacturers as it reduces the time to conduct a trial compared to the time taken for doing the same trials in-house, which leads to significant cost savings. However, penetrating competition in the market and dearth of skilled professionals are the major factors anticipated to hamper the market growth. Moreover, rise in the biotech and pharmaceutical sector in developing economies is expected to create lucrative opportunities for the market.
The market is segmented on the basis of service type, therapeutic area, end-users, and region. By service type, it is categorized into early phase development, clinical development services, laboratory services, and consulting services. By therapeutic area, it is segmented into oncology, CNS disorder, cardiovascular disease, metabolic disease, infectious disease, diabetes, and others. By end-users it is segmented into pharmaceutical & biopharmaceutical companies, medical device companies, and academic institutes. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
By Service Type
By Therapeutic Area
By End-User
By Region
LIST OF KEY PLAYERS PROFILED IN THE REPORT
Surge in R&D for the development of novel drugs and medical devices and a rise in healthcare expenditure are the major factors that drive the market growth. Moreover, CROs help in saving time and extra cost of manufacturers as it reduces the time to conduct a trial compared to the time taken for doing the same trials in-house, which leads to significant cost savings. However, penetrating competition in the market and dearth of skilled professionals are the major factors anticipated to hamper the market growth. Moreover, rise in the biotech and pharmaceutical sector in developing economies is expected to create lucrative opportunities for the market.
The market is segmented on the basis of service type, therapeutic area, end-users, and region. By service type, it is categorized into early phase development, clinical development services, laboratory services, and consulting services. By therapeutic area, it is segmented into oncology, CNS disorder, cardiovascular disease, metabolic disease, infectious disease, diabetes, and others. By end-users it is segmented into pharmaceutical & biopharmaceutical companies, medical device companies, and academic institutes. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the market along with the current trends and future estimations to elucidate the imminent investment pockets.
- It offers a quantitative analysis from 2018 to 2026, which is expected to enable the stakeholders to capitalize on prevailing market opportunities.
- Comprehensive analysis of all geographical regions is provided to determine the prevailing opportunities.
- Key players are profiled, and their strategies are analyzed thoroughly to understand the competitive outlook of the global market.
KEY MARKET SEGMENTS
By Service Type
- Early Phase Development
- Clinical Research Services
- Laboratory Services
- Consulting Services
By Therapeutic Area
- Oncology
- CNS Disorder
- Cardiovascular Disease
- Metabolic Disease
- Infectious Disease
- Diabetes
- Others
By End-User
- Pharmaceutical Companies
- Medical Device Companies
- Academic Institutes
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
LIST OF KEY PLAYERS PROFILED IN THE REPORT
- IQVIA
- PRA Health Sciences
- ICON
- Syneos Health
- Evotec
- Charles River
- Medpace
- Labcorp
- Biotelemetry
- Syngene
Frequently Asked Questions about the Global Healthcare Contract Research Organization (CRO) Services Market
What is the estimated value of the Global Healthcare Contract Research Organization (CRO) Services Market?
What is the growth rate of the Global Healthcare Contract Research Organization (CRO) Services Market?
What is the forecasted size of the Global Healthcare Contract Research Organization (CRO) Services Market?
Who are the key companies in the Global Healthcare Contract Research Organization (CRO) Services Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 182 |
| Published | March 2020 |
| Forecast Period | 2018 - 2026 |
| Estimated Market Value ( USD | $ 38996.9 million |
| Forecasted Market Value ( USD | $ 66036.6 million |
| Compound Annual Growth Rate | 6.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: HEALTHCARE CRO SERVICES MARKET, BY SERVICE TYPE
CHAPTER 5: CRO SERVICES MARKET, BY THERAPEUTIC AREA
CHAPTER 6: CRO SERVICES MARKET, BY END USER
CHAPTER 7: CRO SERVICES MARKET, BY REGION
CHAPTER 8: COMPANY PROFILES
Executive Summary
According to this report titled, 'Healthcare CRO Services market by Service Type, Therapeutic Area, and End User: Global opportunity analysis and industry forecast, 2018-2026,' the global healthcare CRO services market size is expected to reach $66,036.80 million by 2026, registering a CAGR of 6.9% from 2019 to 2026, in terms of value.CRO is an organization or a group that provides services including clinical trials and early phase development of drugs or a medical device other organizations or companies on a contract basis. These organizations provide support to the pharmaceutical and biotechnology industries in the form of outsourced pharmaceutical research services. These organizations or companies contract CROs for conducting clinical trials to explicit the need of hiring permanent staff. Further, contracting with CROS effectively reduces the time it takes to conduct a trial in-house leading to significant cost savings. Several companies prefer such organizations to conduct research on behalf of them for cost savings.
Significant increase in R&D for the development of drugs &medical devices and an increase in private biotechnology organizations are the major factors driving the growth of healthcare CRO services market. Moreover, surge in healthcare expenditure and a rise in government initiatives toward promoting R&D in the field of biotechnology propels the healthcare CRO services market growth. However, penetrating competition in the market and dearth of skilled professionals are the major factors anticipated to hamper the growth of healthcare CRO services market. Moreover, rise in the biotech and pharmaceutical sector in developing economies is expected to create lucrative opportunities in the future.
The market is segmented on the basis of service type, therapeutic area, end-users, and region. By service type, it is categorized into early phase development, clinical development services, laboratory services, and consulting services. By therapeutic area, it is segmented into oncology, CNS disorder, cardiovascular disease, metabolic disease, infectious disease, diabetes, and others. By end-users it is segmented into pharmaceutical & biopharmaceutical companies, medical device companies, and academic institutes. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By service type, the clinical development services segment accounted for 43% of the total share in 2018 and is expected to exhibit a prominent growth rate in the near future, owing to its increased demand for clinical trials for the development of novel drugs and innovative medical devices. This segment is anticipated to grow at the fastest growth rate of 7.3% during the forecast period.
By therapeutic area, the oncology segment dominated the healthcare CRO services market in 2018, and is anticipated to maintain its dominance during the forecast period. This is attributed to the significant increase in cancer incidences across the globe and thus, rise in ongoing research toward the development of novel drugs for its treatment.
According to Onkar Sumant, Assistant Manager, Healthcare, “Growth in R&D in the biotechnology and pharmaceutical sector across the globe and a rise in the adoption by key players to enter into contracts with CRO service providers is anticipated to drive the healthcare CRO services market growth.”
KEY FINDINGS OF THE STUDY
- By service type, the clinical research services segment accounted for the highest healthcare CRO services market share of 40% in 2018 and is anticipated to grow at the fastest rate during the forecast period.
- By region, North America was the major shareholder and accounted for the highest share of 48% in 2018.
- By therapeutic area, the oncology segment is expected to grow at a CAGR of 7.3% during the forecast period.
- By end user, the pharmaceutical companies segment dominated the market in 2018 and is anticipated to maintain its dominance during the forecast period.
Comprehensive competitive analysis and profiles of major healthcare CRO services market players such as IQVIA, PRA, ICON, Syneos, Evotec, Charles River, Medpace, Syngene, Biotelemetry, and Labcorpare provided in this report.
Companies Mentioned
- IQVIA
- PRA
- ICON
- Syneos
- Evotec
- Charles River
- Medpace
- Syngene
- Biotelemetry
- Labcorpar
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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