Global Healthcare Contract Research Outsourcing Market size is projected to be valued $59 Billion by 2024; with a CAGR of 6.9% from 2017 to 2025. Healthcare contract research outsourcing provides support to the biotechnology, pharmaceutical and medical device industries. CROs have become larger and enormously more diversified across numerous therapeutic functions and areas, increasing their penetration. The clinical, therapeutic and regulatory proficiency of CROs supports to improve the complete rate of development and accelerate time to market for a new product. Healthcare companies frequently outsource drug development purposes to contract research organizations to efficiently use the development capabilities worldwide.
The major factors boosting the growth of healthcare contract research outsourcing market are increasing outsourcing activities to save time and cost, increasing number of clinical trials and increasing R&D expenditure. In addition, government organizations assigning projects to the CROs are also supporting the market growth. However, intense competition in the CRO services market and lack of skilled professionals are the restrain that may hamper the market. Moreover, increasing demand for specialized testing services and increase in funding of small to midsized pharmaceutical, biotechnology, and medical devices companies are expected to present potential growth opportunities over the forecast timeframe.
The global healthcare contract research outsourcing market is segmented on the basis of service, therapeutic area, end user and geography. Service segment is classified into regulatory service, medical writing, pharmacovigilance, site management protocol, clinical trial service, clinical data management & biometrics and other services. Therapeutic area is categorized into respiratory, infectious diseases, oncology/hematology, immunology, rare diseases, CNS, CV/metabolic, medical devices and other therapeutic area. Further, end user is bifurcated into biotechnology companies, medical device companies, pharmaceutical companies and academic institutes & government organizations.
Based on geography, global healthcare contract research outsourcing market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated into U.S., Canada, and Mexico whereas Europe segment consist of UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
The key market players include Pharmaceutical Product Development, LLC, Syneos Health, PAREXEL International Corporation, Charles River, Laboratory Corporation of America Holdings, IQVIA, Medpace, ICON plc, PRA Health Sciences, and Envigo, among others.
The report covers
Scope of the Global Healthcare Contract Research Outsourcing Market
Therapeutic Area Segments
End User Segments