The global healthcare contract research organizations (CRO) services market is expected to reach US$ 87, 859.08 million by 2027 from US$ 43, 208.57 million in 2019. The market is estimated to grow with a CAGR of 9.5% from 2020 to 2027. The increasing expenditure in R&D and outsourcing activities, and rising number of clinical trials are the major factors driving the growth of the healthcare contract research organizations (CRO) services market. However, the dearth of skilled professionals is hindering the growth of the market.
Pharmaceutical and biotech companies focus on R&D activities to innovate new molecules and therapeutic platforms to deal with chronic diseases and rare ailments. Additionally, several companies invest extensively in R&D activities to develop different therapeutic applications with strong medical and commercial potential. According to a data published by European Federation of Pharmaceutical Industries and Associations, in 2018, Europe-based pharmaceutical companies invested about US$ 42, 348.4 million for R&D. Additionally, R&D spending by biopharmaceutical companies has increased over the years. For instance, according to a study published by Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of biopharmaceutical companies grew from US$ 49.6 billion in 2012 to US$ 79.6 billion in 2018. Such massive investments in R&Ds are likely to drive the contract research organization services market during the forecast period.
Contract research organizations assist the sponsor companies in terms of research, development, and commercialization of new therapeutic products, especially in pharmaceutical, biopharmaceutical, and medical device industries. Factors such as increasing cost of research and development, increasing complexity of clinical trials, and emphasis on cost optimization are compelling the companies to outsource research activities.
The global healthcare contract research organizations (CRO) services market is segmented on the basis of service type, therapeutic indication, and end user. Based on service type, the market is segmented into early phase development, laboratory services, consulting services, and clinical research services. The clinical research services segment held the largest share of the market in 2019 and the same segment is anticipated to register the highest CAGR in the market during the forecast period. Based on therapeutic indication, the healthcare contract research organizations (CRO) services market is segmented into oncology, infectious diseases, immunological disorders, respiratory diseases, cardiovascular diseases, neurological disorders, and others. On the basis of end user, the healthcare contract research organizations (CRO) services market has been segmented into medical device companies, pharmaceutical and biopharmaceutical companies, and others (academic institutes).
Monash Institute of Pharmaceutical Sciences, World Health Organization (WHO), Australian Research Council, European Medical Association, World Trade Organization, and Pharmaceutical Research and Manufacturers of America, and European Federation of Pharmaceuticals Industries Associations are among the essential secondary sources referred to while preparing this report.
Reasons to Buy
Pharmaceutical and biotech companies focus on R&D activities to innovate new molecules and therapeutic platforms to deal with chronic diseases and rare ailments. Additionally, several companies invest extensively in R&D activities to develop different therapeutic applications with strong medical and commercial potential. According to a data published by European Federation of Pharmaceutical Industries and Associations, in 2018, Europe-based pharmaceutical companies invested about US$ 42, 348.4 million for R&D. Additionally, R&D spending by biopharmaceutical companies has increased over the years. For instance, according to a study published by Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of biopharmaceutical companies grew from US$ 49.6 billion in 2012 to US$ 79.6 billion in 2018. Such massive investments in R&Ds are likely to drive the contract research organization services market during the forecast period.
Contract research organizations assist the sponsor companies in terms of research, development, and commercialization of new therapeutic products, especially in pharmaceutical, biopharmaceutical, and medical device industries. Factors such as increasing cost of research and development, increasing complexity of clinical trials, and emphasis on cost optimization are compelling the companies to outsource research activities.
The global healthcare contract research organizations (CRO) services market is segmented on the basis of service type, therapeutic indication, and end user. Based on service type, the market is segmented into early phase development, laboratory services, consulting services, and clinical research services. The clinical research services segment held the largest share of the market in 2019 and the same segment is anticipated to register the highest CAGR in the market during the forecast period. Based on therapeutic indication, the healthcare contract research organizations (CRO) services market is segmented into oncology, infectious diseases, immunological disorders, respiratory diseases, cardiovascular diseases, neurological disorders, and others. On the basis of end user, the healthcare contract research organizations (CRO) services market has been segmented into medical device companies, pharmaceutical and biopharmaceutical companies, and others (academic institutes).
Monash Institute of Pharmaceutical Sciences, World Health Organization (WHO), Australian Research Council, European Medical Association, World Trade Organization, and Pharmaceutical Research and Manufacturers of America, and European Federation of Pharmaceuticals Industries Associations are among the essential secondary sources referred to while preparing this report.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the healthcare contract research organizations (CRO) services market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global healthcare contract research organizations (CRO) services market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
Table of Contents
1. Introduction
3. Research Methodology
4. Global Healthcare Contract Research Organizations (CRO) Services Market - Market Landscape
5. Healthcare Contract Research Organizations (CRO) Services Market - Key Market Dynamics
6. Healthcare Contract Research Organizations (CRO) Services Market - Global Analysis
7. Healthcare Contract Research Organizations (CRO) Services Market Analysis - By Service Type
8. Healthcare Contract Research Organizations (CRO) Services Market- By Therapeutic Application
9. Global Healthcare Contract Research Organizations (CRO) Services Market Analysis - by End User
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Charles River Laboratories Inc.
- IQVIA Inc.
- Laboratory Corporation of America Holdings
- Parexel International Corporation
- Icon Plc.
- Pra Health Sciences
- Syneos Health
- Medpace
- Wuxi Apptec
- PPD Inc