Healthcare CRO Services Market Size, Share, Growth Report 2030 | PRA Health Sciences, ICON, Syneos, Evotec, Charles River, Medpace, Syngene, Biotelemetry

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.

According to the report, the global healthcare CRO services market was pegged at $38.99 billion in 2018, and is projected to garner $66.03 billion by 2026, growing at a CAGR of 6.9% from 2019 to 2026.

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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The clinical research services segment dominated the market

Based on service type, the clinical research services segment held the largest share in 2018, accounting for more than two-fifths of the global healthcare CRO services market. Moreover, the segment is expected to reach 7.3% from 2019 to 2026, owing to remarkable rise in clinical trials and development of various drugs and novel molecules for the treatment of several diseases.

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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Major market players

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

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