Healthcare Contract Research Outsourcing Market to Reach a Value US$ 54.0 Bn by 2025
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The North America and Europe are projected to dominate the global market owing increase in demand for cost optimization with reduced drug development timelines and flobalization of clinical trials. The market in Asia Pacific is projected to witness exponential growth rate with more than 8% during the forecast period 2017-2025. The growth of Asia Pacific region is attributed to the huge reduction of drug lag and cost moreover due to its high population growth, Asian countries also show higher disease incidence rates than other regions, thereby providing a viable environment for conducting of clinical trials. The market for healthcare contract research outsourcing in Latin America is likely to grow at moderate growth rate during the forecast period.
The global healthcare contract research outsourcing is projected to be potentially driven by the growing complexity of the regulatory procedures and increasing intervention of the healthcare providers in the drug approval and reimbursement process. The therapeutic expertise and varied regional filing process expertise offered by CROs is further fueling the healthcare contract research outsourcing market. The contract research organizations provides wide range of services and solutions to support regulatory filing at various stages of drug development process. These services and business solutions offered by the CROs help the healthcare companies to complete simultaneous regulatory submissions in different regions efficiently and effectively. The key players offering the healthcare contract research outsourcing are coming up with the strategic solutions for long term partnership supporting the healthcare companies at various stages of drug development, thereby reducing the overall development cost and thus, improving the cost effectiveness and efficiency of drug development process. Companies are focusing on the expansion of commercial services so as to effectively support the complete product lifecycle.
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Clinical trials are most common outsourced services by the healthcare companies. Due to the globalization of the clinical trials and the lack of therapeutic expertise in the for new drug development in unexplored niche market. However the outsourcing of regulatory services is growing due to the increased stringency of the regulatory bodies, complex regulatory process and changing regulatory requirements according to the region.
The report offers the detailed segmentation by therapeutic area of healthcare contract research outsourcing into oncology/hematology, CNS, CV/metabolic, respiratory, infectious diseases, immunology, rare diseases, medical devices and others. The oncology/hematology therapeutic segment is poised to account for leading share of the market during the forecast period 2017-2025. The factors attributed to higher share of oncology/hematology therapeutic segment includes huge unmet treatment needs, robust product pipeline, increased competition and increasing incidence of oncology. The various benefits available with outsourcing of oncology/hematology related services has led to key share of the segment in global market.
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Among the end-user, the pharmaceutical companies accounted for leading share in global healthcare contract research outsourcing market and is estimated to grow with a CAGR more than 6% during the forecast period. Rise in complexity in drug development, need for reduced drug development timelines, cost effectiveness and the advantage of gaining therapeutic expertise along with outsourcing services has favored outsourcing services to the CROs has led to prominent share of pharmaceutical companies segment in the global healthcare CRO market. Development in the field of genetics, elaborate laboratory requirements, changing clinical trial environment, and requirement for detailed study data is likely to drive the expansion of biotechnology companies’ segment growth during the forecast period.
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