Healthcare CRO services market 2020 Global Industry Size, Trends, Covid 19 Analysis, key players and Industry Forecast – 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.

Major market drivers

Rise in R&D investment and significant increase in cancer incidence across the globe have boosted the growth of the global healthcare CRO services market. However, dearth of skilled healthcare professionals hampers the market growth. On the contrary, various growth opportunities in emerging economies would further propel the market growth.

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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.

Major market players

IQVIA
ICON
PRA Health Sciences
Evotec
Syneos
Medpace
Charles River
Labcorp
Syngene
Biotelemetry
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Market Segmentation:

The report presents in-depth insights into each of the leading Healthcare CRO Services end user verticals along with annual forecasts to 2027.

The market is evaluated based on its regional penetration, explaining the performance of the market in each regional market covering regions such as North America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa).

The pharmaceutical companies segment held the largest market share

Based on end-user, the pharmaceutical companies dominated the global healthcare CRO services market in 2018, accounting for nearly half of the market and is expected to manifest the largest CAGR of 7.1% during the forecast period. This is due to increased research conducted by pharmaceutical companies to develop novel products for treatment of various chronic diseases.

North America held the lion's share

Based on geography, the market across North America held the largest share in 2018, contributing to nearly half of the total revenue, owing to rise in biotechnology and pharmaceutical research by industry giants in the region. However, the global healthcare CRO services market across Asia-Pacific is anticipated to manifest the fastest CAGR of 7.4% during the study period, due to rise in demand for healthcare CRO services.

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