Press release
Healthcare Contract Research Outsourcing Market is Expected to Grow to a Value of US$ 63.09 Bn by 2028
Healthcare Contract Research Outsourcing Market: IntroductionAccording to the report, the global healthcare contract research outsourcing market was valued at US$ 38.04 Bn in 2020 and is projected to expand at a CAGR of 6.6% from 2021 to 2028. A contract research organization (CRO) is a company that provides clinical trial management services for the pharmaceutical, biotech, and medical device companies.
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The different types of CRO services are regulatory affairs, site selection & activation, recruitment support, clinical monitoring, data management, trial logistics, pharmacovigilance, biostatistics, medical writing, and project management.
Broad and Expanding Product Pipeline: Key Driver
Rise in demand for new drug and novel therapies for treatment of life-threatening diseases such as cancer & immunological disorders and evolving research & development process have led to an increase in the number of compounds in pipeline in the last decade.
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According to the Congressional Budget Office (CBO), in 2019, there was an increase of 60% of new drugs approved for sale compared to that in 2018.
In the past few years, development of biosimilar products, cellular therapy, and immune-biological has contributed toward the advancing pipeline and need of stringent clinical trials. This drives the global healthcare contract research outsourcing market.
Funding for Emerging Healthcare Companies: Major Driver
Increase in funding for small to mid-sized pharmaceutical, biotechnology, and medical devices companies has induced large companies to opt for CRO services with focus on niche market. Currently, expenditure in the biotechnology sector is the highest due to recent advancements in research on monoclonal antibodies, immunotherapy, gene therapy, and cancer vaccines. Small pharmaceutical companies focus on advancement in product development through CRO services due to rise in demand for innovative products and patent expiration.
The need to improve adoption and value proposition in the market has induced medical devices companies to outsource clinical trial services.
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Clinical Trial Services Segment to Dominate Global Market
The clinical trial services segment is expected to dominate the global market during the forecast period. Optimization of R&D costs and shorter drug development timeline resulting from outsourcing of clinical trial services to CROs are likely to contribute to the segment's large market share in the near future. However, the segment is projected to lose market share to regulatory services and clinical data management & biometrics segments by 2028 due to stringent regulatory guidelines.
North America to Lead Healthcare Contract Research Outsourcing Market
In terms of region, the global healthcare contract research outsourcing market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for a major share of 46.59% of the global market in 2020. The market in the region is estimated to reach US$ 27.19 Bn in 2028, expanding at a CAGR of 5.6% from 2021 to 2028. This can be attributed to the presence of world renowned research experts in CNS, rare disease, oncology, immunology, and stem cells, advanced infrastructure of clinical research sites, and effective government incentive programs.
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Key Players in Global Market
Major players operating in the global healthcare contract research outsourcing market include Syneos Health, PAREXEL International, ICON plc, PRA Health Sciences, Inc., Charles River, Laboratory Corporation of America Holdings (Covance), IQVIA, Medpace, and Pharmaceutical Product Development, LLC.
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