Healthcare Contract Research Organization Market Size & Forecast Report, 2030

Healthcare Contract Research Organization Market Growth & Trends

The global healthcare contract research organization market size is expected to reach USD 74.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.5% from 2022 to 2030. The increasing cost of drug development is expected to drive market demand over the forecast period. Also, rising clinical trial costs and challenges pertaining to patient recruitment have led biopharmaceutical companies to turn to regions like Central and Eastern Europe, Asia Pacific, Latin America, and the Middle East for cost savings and quick patient recruitment.

China healthcare Contract Research Organization market share, by type, 2020 - 2030 (USD Million)

Healthcare Contract Research Organization Market Segmentation

Grand View Research has segmented the global healthcare Contract Research Organization (CRO) market on the basis of type, service, and region:

Based on the Type Insights, the market is segmented into Drug Discovery, Pre-Clinical, Clinical.

  • The clinical services segment dominated the market for healthcare contract research organizations and held the highest revenue share of 76.4% in 2021. This growth is owing to the rising number of biologics, recent epidemic events leading to the demand for new treatments, the need for personalized medicinesand orphan drugs, and the demand for advanced technologies. Factors such as technological evolution, globalization of clinical trials, and demand for a contract research organization to conduct clinical trials are further projected to drive growth. Outsourcing of Phase III clinical trials to healthcare contract research organizations generated the highest revenue in 2021 due to the fact that they are one of the most expensive stages of a clinical trial; approximately 90.0% of the expenses occurring during the clinical development of a drug stem from this phase.
  • The preclinical studies segment is projected to witness a rapid growth of 8.1% during the forecast period. An increase in the number of preclinical trials globally and an increasing need to curb R&D expense are expected to contribute to the growing demand for quality preclinical CRO, thereby contributing to market growth. Moreover, the outbreak of the COVID-19 pandemic has further boosted demand for preclinical studies; a majority of the pharmaceutical companies are focusing on the research of novel therapeutics for the treatment of COVID-19 infection post-2021. For instance, in March 2021, Sanofi and Translate Bio, a clinical-stage messenger RNA therapeutics company, announced the initiation of a preclinical study for MRT5500, an mRNA vaccine candidate against SARS-CoV-2 that causes COVID-19. Hence, the aforementioned factors will significantly support segmental growth.

Based on the Service Insights, the market is segmented into Project Management/Clinical Supply Management, Data Management, Regulatory/Medical Affairs, Medical Writing, Clinical Monitoring, Quality Management/ Assurance, Bio-statistics, Investigator Payments, Laboratory, Patient and site Recruitment, Technology, Others.

  • The clinical monitoring segment dominated the market for healthcare contract research organizations and accounted for the largest revenue share of 20.6% in 2021. This may be attributed to the increasing number of clinical trials & the need to monitor those studies that are creating more demand for these services. Clinical research is being outsourced to CROs over the past decade due to various reasons such as cost-effectiveness and technical expertise. The introduction of smart analytics along with real-time data acquisition devices is estimated to improve clinical monitoring data in the healthcare sector. Real-time data acquisition related to drug safety and toxicity enables early identification of trial errors and enables timely rectifications such as trial re-design or termination, thereby propelling segment growth.
  • The regulatory/medical affairs segment is anticipated to witness the fastest growth rate of 10.8% in the Healthcare Contract Research Organization (CRO) market over the forecast period. The outsourcing for regulatory affairs is expanding rapidly due to the increase in R&D activities, clinical trial applications, product registration, and drug pipeline. The increasing demand to obtain approval for new products, maintain compliance, and do more with less is projected to support the growth of the segment.

Healthcare Contract Research Organization Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Market Share Insights

  • December 2020: IQVIA collaborated with Servier, an independent international pharma company, to reinvent their processes of R&D clinical development as well as support their long-term R&D success.
  • March 2020: PRA Health Sciences declared the expansion of its Mobile Health Platform for clinical monitoring as a response to the ongoing global pandemic. This action was taken by the company to provide virtual study support to the sponsors in the COVID-19 pandemic.

Key Companies Profile & Market Share Insights

In addition to offering improved services, healthcare contract research organizations are in the process of collaborating to promote their services at a global level.

Some of the prominent players operating in the global healthcare contract research organization market include,

  • ICON Plc
  • Charles River Laboratories (CRL)
  • Syneos Health
  • IQVIA HOLDINGS INC.
  • GVK Biosciences Private Limited
  • Laboratory Corporation of America Holdings
  • Thermo Fisher Scientific Inc.
  • PAREXEL INTERNATIONAL CORPORATION
  • Medidata Solutions, Inc.
  • Pharmaron
  • SGS SA
  • KCR S.A.
  • CTI Clinical Trial & Consulting
  • PSI CRO AG
  • Clintec
  • Worldwide Clinical Trials
  • Wuxi AppTec
  • Advanced Clinical
  • Pharm-Olam, LLC
  • Clinipace

Order a free sample PDF of the Healthcare Contract Research Organization Market Intelligence Study, published by Grand View Research.

Comments

Post a Comment

Popular posts from this blog

South Africa Veterinary Medicine Market Size, Share, Revenue Analysis By 2028

Image
South Africa Veterinary Medicine Industry Overview The  South Africa veterinary medicine market  size is expected to reach USD 248.2 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.1% from 2021 to 2028. The market holds many opportunities to grow during the forecast period owing to the growing livestock and pet population, increasing consumption of meat, rising incidence of diseases in animals, and the presence of key global companies. According to a report published by the African Union/Interafrican Bureau for Animal Resources (AU/IBAR), MSD Animal Health leads the South African market for veterinary medicines, followed by other key companies. South Africa Veterinary Medicine Market Segmentation Grand View Research has segmented the South Africa veterinary medicine market on the basis of animal type, product, mode of delivery, and end-use: Based on the Animal Type Insights, the market is segmented i...
Read more

Fencing Market Competitive Landscape And Component Benchmarking 2030

Image
Fencing Market Growth & Trends The global  fencing market  size is anticipated to reach USD 44.39 billion by 2030, growing at a CAGR of 5.5% over the forecast period, according to a new report by Grand View Research, Inc. The growing need to safeguard agricultural assets and the aggressive investments being made by private companies in strengthening the security and enhancing the aesthetics of their premises are expected to drive the growth of the market over the forecast period. The growth of the  real estate market  and the increase in the number of remodeling projects being undertaken are expected to contribute to the growth of the market. Fencing Market Segmentation Grand View Research has segmented the global fencing market based on material, distribution channel, installation, application, end use, and region: Based on the Material Insights, the market is segmented into Metal, Wood, Plastic & Composite, Concrete. The metal segment accounted for ...
Read more

U.S. Cold Storage Market Distributor Analysis and Forecasts By 2030

Image
U.S. Cold Storage Market Growth & Trends The  U.S. cold storage market  size is estimated to reach USD 96.90 billion by 2030, expanding at a CAGR of 13.6% over the forecast period, according to the new research conducted by Grand View Research, Inc. The U.S. is widely regarded as one of the leading markets in developing technologies responsible for the effective management of cold storage processes. The pharmaceutical industry is expected to offer growth opportunities to the market. Inventory management of pharmaceutical goods, such as vaccines   and medicines, is an expensive process that necessitates adequate security measures to maintain product quality. Advanced cold storage technologies that offer beneficial features, such as advanced refrigeration technologies and monitoring and tracking systems of various products like fruits and vegetables, significantly mitigate the possibility of wastage of temperature-sensitive goods. U.S. Cold Storage Market S...
Read more