Healthcare CRO Market predicted to reach USD 69.75 billion by 2030 with a CAGR of 5.9%

The Global Healthcare CRO Market size is estimated to be USD 37.13 billion in 2019 and is predicted to reach USD 69.75 billion by 2030 with a CAGR of 5.9% from 2020-2030.

Contract research organizations (CROs) provide clinical trials, and other research related services to the life science organizations such as pharmaceutical companies, biotechnology companies, medical device industries, and other government organizations. Major manufacturing giants collaborate with CROs to gain specific expertise without hiring permanent staff.

Due to the changing economy, life science companies are increasingly focusing on outsourcing their critical functions such as clinical data management, biostatistics, pharmaco vigilance, and manufacturing. Based on the changing environment in the industry, pharmaceutical and biotechnology companies are largely looking for more than traditional clinical trial outsourcing. They are seeking for next generation services which include advanced analytics and predictive modelling that can help them evaluate and segment the market for new products. These advanced analytical capabilities can also be applied for market research, drug discovery, product launches, brand management, and pharmaco economics. Adoption of such tools can offer substantial opportunities to the contract organizations and open new avenues in the healthcare CROs industry.

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Top Companies: Quintiles, Covance, Pharmaceutical Product Development, LLC (PPD), LabCorp, Parexel, Charles River Laboratories (CRL), ICON, Plc, inVentiv Health, Syneos Health and Medidata Solutions and others.

Market Dynamics and Trends:

The major factor driving pharma companies towards contract research is increasing cost of drug development. As large number of patents expire, generics take up the market due to its low cost. This creates a pressure over the sponsor companies to replace the revenue loss, which directly affects the drug development process. Additionally, increasing prevalence of chronic diseases that drives the demand for large number of effective therapies, growing government funding in the field of research and development, and rising focus on personalized medicine are also driving the growth of healthcare contract research organization market. However, concerns regarding quality of CRO services, stringent regulatory policies and issues related to intellectual property rights are expected to restrain the growth of this market.

Contract research industry is experiencing large number of mergers and acquisitions, with more and more players uniting to achieve drug development targets and improve the service offerings. For instance, in 2016 Quintiles merged with information and technology consultancy IMS Health, and in 2017 LabCorp acquired Chiltern, a global CRO with a strong focus on oncology. Moreover, players are also entering into agreements and collaborative alliances to enhance their market share. Such growth strategies enable the companies to strengthen their position in the global healthcare CRO market and contribute to increase the market size.

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Market Segmentations and Scope of the Study:

Global healthcare CRO market share is analysed on the basis of type of services, application, end user, and geography. On the basis of type of services, the market is segmented into early phase development services, clinical research services, laboratory services, and consulting services. By application the market is further sub-segmented into oncology, infectious diseases, central nervous system disorders, immunological diseases, cardiovascular diseases, respiratory diseases, diabetes and others. End user segment covers the market for pharmaceutical and biotechnology companies, medical devices companies, and research institutes. The regional analysis of the healthcare CRO market comprises of North America, Europe, Asia Pacific, and Rest of the World.

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