Global Pharma CCO Market is Projected to witness a Healthy and a Double-Digit Growth Rate by 2027 - EVERSANA, IQVIA, Certara, Indegene, Syneos, Genesis, Cheors, Peregrine

A contract commercial organization (CCO) offers commercial services to pharma companies to optimize performance, reduce risk, and expedite the delivery of healthcare innovation to patients. Some of the key services offered by CCOs include strategic consulting, market access (including RWE and HEOR), pricing and reimbursement, medical affairs, regulatory and compliance, and other services (data and analytics, and marketing services - HCP engagement, patient engagement, promotional strategies).

Growing Demand for Real-World Evidence (RWE) and Health Economics and Outcomes Research (HEOR) Drives the Growth of the Global Pharma CCO Market

Real-world data is the data relating to patient health status and/or the delivery of health care routinely collected from a variety of sources such as electronic health records (EHRs), medical claims and billing data, observational studies, patient-reported outcomes (PROs), patient-generated health data gathered from various medical devices, among others. Regulatory bodies are increasingly using real-world data (RWD) and real-world evidence (RWE) to monitor and evaluate the post-market safety of approved drugs. RWE complements clinical trial data by providing insights into safety and effectiveness data from a patient's daily life. It has the potential to impact approvals and accelerate the drug development process. Moreover, payors use real-world data to make coverage decisions, price negotiations and outcomes-based contracting.

HEOR data includes observational data, price comparison, and other types of data that evaluates the economic impact of healthcare interventions, treatment, or conditions. It includes direct medical costs such as medications, hospital days, tests, indirect costs such as unpaid assistance, days lost from work, decreased productivity, and intangible costs such as pain. It is increasingly being used to generate evidence related to the value of new interventions for reimbursement agencies and local healthcare payers.

"The utilization of RWE and HEOR is expected to expand further in the coming years as it addresses multiple issues such as product safety and risk concerns, cost justification of products, clinical trial designs, among others."-Marketing Director, Pharma CCO Service Provider, United States
 
Consolidation of Clinical Research Organization (CRO) & CCO Operations - A Key Market Trend

Over the last few years, a number of CROs and CCO companies have achieved synergies by adding commercialization/CRO services to their portfolios through acquisitions, which in turn have allowed them to offer an 'End-to-End' solution to their Pharma clients.

For instance:

• In July 2023, Catalyst Clinical Research, a full-service oncology CRO acquired Genpro Research, a next-generation services and technology partner for the pharmaceutical, biotechnology, and medical devices industry with expertise in biometrics, medical writing, RWE, and AI-enabled automation product development.

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Competitive Landscape Analysis: Global Pharma CCO Market

Some of the key and leading players operating in the global pharma CCO market are EVERSANA, IQVIA, Certara, Indegene, Real Chemistry, Lucid Group, Syneos Health, Genesis Research, Fishawack Health, Cheors, Peregrine.

Organic and Inorganic Growth Strategies Adopted by the Key Market Players to Establish Their Foothold in the Global Pharma CCO Market

All leading players operating in the global pharma CCO market are adopting both organic and inorganic growth strategies such as launching new products and services, acquiring related firms, and entering into collaborations with other stakeholders to garner a larger market share.

For instance,

In Dec 2022, Red Nucleus, a premier provider of strategic learning and development, scientific services and advisory, medical communications solutions, and market access and commercialization services exclusively for the life sciences industry acquired AlphaGroup, A scientific, medical affairs, and outcomes communication services company.
In May 2022, Genesis Research, a leading provider of tech-enabled Real-World Evidence (RWE) and Health Economics and Outcomes Research (HEOR) services, acquired Market Access Transformation (MAT), a leading provider of technology-enabled payer research platforms.

The Global Pharma CCO Market is expected to witness a consistent momentum in the coming years due to the growing shift towards value-based care, changing regulatory policies, the need to reduce healthcare burden and costs, enhance patient outcomes, reduce overall costs, and aggressive organic and inorganic growth strategies adopted by the leading market players.

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Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
https://meditechinsights.com/

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

This release was published on openPR.