The global Healthcare Contract Research Organization market size is expected to be worth around US$ 70 billion by 2030, according to a new report by Vision Research Reports.
The global Healthcare Contract Research Organization market size was valued at US$ 40.6 billion in 2020 and is anticipated to grow at a CAGR of 6.10% during forecast period 2021 to 2030.
Increasing investment in R&D programs, preference for outsourcing activities due to time and cost constraints, and patent expiration in the healthcare sector are the key factors anticipated to drive the healthcare CRO market in the coming years. Contract research outsourcing collaborations offer cutting-edge services, and thus government organizations prefer assigning projects to contract research organizations (CROs), thereby facilitating the market growth. Increasing pressure on drug developers pertaining to clinical data management, regulatory environments, and stringent safety standards is expected to drive the demand for contract research organizations within the healthcare sector. Models such as transactional relationships, FSP/Multi-FSP, and alliances are prevalent in this market space and are being adopted by drug developers.
In addition to collaborations, key players are in the process of acquiring other contract research organizations to gain leverage. For instance, in 2016, Charles River Laboratory International, Inc. acquired WIL Research for nearly USD 585 million. This acquisition is expected to help the company gain a foothold in the healthcare sector, particularly in the early-stage drug discovery business.
However, the CRO market has been impacted markedly like many other sectors by the global pandemic. Clinical trials have been suspended globally as patient recruitment has become strained and operating sites have been closed. The pharmaceutical sponsors have started to rethink the way to adapt the drug development paradigm to align with the new reality.
The clinical services segment dominated the global healthcare CRO market with a revenue share of 76.7% in 2020. The share is attributed to the rising number of BIOLOGICS, the need for personalized medicines and orphan drugs, and the demand for advanced technologies. Factors such as technological evolution, globalization of clinical trials, and demand for CROs to conduct clinical trials are further projected to fuel the segment growth.
Outsourcing of Phase III clinical trials to healthcare contract research organizations generated the highest revenue in 2020 due to the fact that they are one of the most expensive stages of a clinical trial. Approximately 90.0% of the expenses that occurred during the clinical development of a drug stem from this phase.
The pre-clinical segment is projected to register the fastest CAGR of 8.3% during the forecast period. An increase in the number of preclinical trials involving large molecules and the increasing need to curb R&D expense is expected to contribute to the growing demand for quality preclinical CRO, thereby contributing to the segment growth.
The clinical monitoring segment led the market and accounted for more than 18.0% share of the global revenue in 2020. It is also anticipated to maintain its lead over the forecast period. This may be attributed to the increasing number of clinical trials and the need to monitor those studies that are creating more demand for the 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 allows timely rectifications, such as trial re-design or termination, thereby propelling the segment growth.
The regulatory/medical affairs segment is anticipated to register the fastest growth rate of 11.2% 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 segment growth.
Asia Pacific dominated the global market with a revenue share of 46.9% in 2020. The region is also anticipated to grow at a rapid pace over the forecast period. This may be attributed to the high prevalence of chronic conditions, availability of diverse populations, easy patient recruitment and retention, and establishment of regulations as per accepted standards.
Besides, favorable government support is contributing to the market growth. For instance, in February 2018, the Central Drugs Standard Control Organisation (CDSCO) drafted new rules that are estimated to reduce the time required for approval to nearly 30-60 days, thus propelling the market growth.
North America held a substantial share in 2020 owing to the highest number of trials undertaken and outsourced in the region. In addition, growing government support for R&D activities through grants and funds to research institutes and companies has driven this regional market. For instance, in 2018, the U.S. government invested USD 194.2 billion in medical and health R&D.
Charles River Laboratories (CRL)
GVK Biosciences Private Limited
Pharmaceutical Product Development, LLC (PPD)
PAREXEL International Corporation
Phase I Trial Services
Phase II Trial Services
Phase III Trial Services
Phase IV Trial Services
Project Management/Clinical Supply Management
Quality Management/ Assurance
Patient and Site Recruitment
Middle East & Africa
The Healthcare Contract Research Organization market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Healthcare Contract Research Organization market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Healthcare Contract Research Organization market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Healthcare Contract Research Organization market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Healthcare Contract Research Organization market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Healthcare Contract Research Organization capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Healthcare Contract Research Organization by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Healthcare Contract Research Organization market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Healthcare Contract Research Organization market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Healthcare Contract Research Organization market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Healthcare Contract Research Organization industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Healthcare Contract Research Organization market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Healthcare Contract Research Organization market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Healthcare Contract Research Organization market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Healthcare Contract Research Organization market. These factors have benefited the growth of the global market for Healthcare Contract Research Organization. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Healthcare Contract Research Organization. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Healthcare Contract Research Organization are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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