According to the latest report published by Variant Market Research,the global healthcare contract research outsourcing market size is projected to reach $58.9 billion by 2025. In this report, healthcare contract research outsourcingmarket forecast says that the global market is growing at a CAGR of 6.9% from 2017 to 2025. By geography, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period.
Healthcare Contract Research Outsourcing Market (ByService: Regulatory Service, Medical Writing, Pharmacovigilance, Site Management Protocol, Clinical Trial Service, Clinical Data Management & Biometrics and Other Services; By Therapeutic Area: Respiratory, Infectious Diseases, Oncology/Hematology, Immunology, Rare Diseases, CNS, CV/Metabolic, Medical Devices and Other Therapeutic Area; By End User: Biotechnology Companies, Medical Device Companies, Pharmaceutical Companies and Academic Institutes & Government Organizations; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025
Healthcare contract research outsourcing provides support to the biotechnology, pharmaceutical and medical device industries in the form of research services outsourced. CRO services include preclinical research, biologic assay development, clinical trials management, biopharmaceutical development, clinical research commercialization, among others.
Growing number of clinical trialsdrives the global healthcare contract research outsourcing market
The global healthcare contract research outsourcing market trend includes mounting outsourcing activities helping in time and cost saving, government organizations assigning projects to the CROs, growing number of clinical trials, & mounting R&D expenditure. Though, absence of skilled professionals might act as a roadblock for the global healthcare contract research outsourcing market growth. Moreover, growing funding of small to midsized biotechnology, pharmaceutical, and medical devices companies is likely to offer worthwhile opportunities for the market in the coming years.
Service, therapeutic area, end user, and geography are the classification of the global healthcare contract research outsourcing market. The service segment is categorized into regulatory service, medical writing, pharmacovigilance, site management protocol, clinical trial service, clinical data management & biometrics and other services. Respiratory, infectious diseases, oncology/hematology, immunology, rare diseases, CNS, CV/metabolic, medical devices and other therapeutic area are the segregation of therapeutic area segment. End User segment is sub-segmented into biotechnology companies, medical device companies, pharmaceutical companies and academic institutes & government organizations.
By 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 split in U.S., Canada, and Mexico, whereas Europe segment consists of UK, Germany, Russia, France, Italy, and Rest of Europe. Asia-Pacific is segmented into China, India, South Korea, Japan, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Regulatory services, by service projected to achieve highest growth rate in healthcare contract research outsourcing market over forecasted period
On the basis of service, regulatory services segment is expected to grow at the highest CAGR over the forecasted period. High scrutiny by regulatory bodies like the FDA and EMA at each stage of clinical trial and changing regulatory requirements as per the region is driving the growth of the regulatory services segment of the global healthcare contract research outsourcing market.
Oncology/hematology, by therapeutic areadominated the global market in 2017
Oncology/hematology, by therapeutic area dominated the global healthcare contract research outsourcing market in 2017. A strong pipeline of more than 600 molecules for oncology in late-stage development as well as the arrival of oncology therapy as a personalized medicine fuel the growth of the oncology/hematology segment of the healthcare contract research outsourcing market.
Asia-Pacific is expected to be the fastest growing market during the forecast period
Asia-Pacific is likely to attain the fastest CAGR throughout the forecast period, driven by factors such as the availability huge population & patient recruitment ease coupled with retention and the formation of regulations as per accepted standards.
Key players are offering innovative products and services to increase their healthcare contract research outsourcing market share. Main players competing in the market include ICON plc, Charles River, Laboratory Corporation of America Holdings, IQVIA, Medpace, Pharmaceutical Product Development, LLC, PAREXEL International Corporation, PRA Health Sciences, Envigo, and Syneos Health, among others.