Healthcare Outsourcing Industry - Report

Healthcare Outsourcing Industry - Analysis of Top 10 Trends

  • Published Date: Apr, 2023
  • Report ID: GVR-MT-100105
  • Format: Electronic (PDF)
  • Number of Pages: 100

Healthcare Outsourcing Industry - Top 10 Trends

We have been hearing about technological advancement across each and every industry for the last several years. From the latest innovations to virtual augmentation to IoT implementation in healthcare outsourcing, this study aims at showcasing the top 10 trends. The purpose of such a study is to help any stakeholder understand the key characteristics, and activities and identify patterns, movements, themes, and exceptions that may exist in these characteristics. This study shall focus on qualitative development across the healthcare outsourcing space encompassing participants such as contract research providers as well as contract manufacturers.

Healthcare Outsourcing Industry Report Scope

Attribute

Details

Divestiture/Consolidation

Activities
  • List of mergers, by CROs/CMOs
  • List of acquisitions, by CROs/CMOs
  • List of divestitures, by CROs/CMOs
  • List of partnerships, by CROs/CMOs

Innovation
  • New product launches, by Industry
  • Introduction of generics (for pharmaceutical drugs only)

Globalization
  • Analysis of level of globalization
  • Regional presence of top 50 CROs & CMOs
  • Political pacts/policies impacting international business

Virtual Augmentation
  • Virtualization in R&D
  • Virtualization in Business operations implementation

Service Portfolio Modification

  • Study of the business organization restructurings
    • Owing to M&A activities
    • Owing to modernization/revolution

Capacity Expansion in Niche Markets
  • Analysis of current demand and supply
  • Focused capacity expansions from 2020 till 2023

 

Do find below the 10 areas that shall be explored in detail under this distinctive study:

  • Increasing Mergers & Acquisitions and Partnerships

  • Decentralized/Hybrid Clinical Trials

  • Real-World Data & Real-World Evidence

  • Growth of Biosimilars

  • Genomics and Personalized Medication

  • Diversifying Geographical Footprints

  • Extended Reality

  • Decoupling of service offerings

  • Capacity Expansion in Niche Markets

  • Growth in Safety Assessment 

There were more than 132 M&A deals completed in 2021, a record high for Contract Research Organization (CRO) compared to 71 deals in 2020. This is a sign of technological, financial, and organizational stability for CROs, which is comforting to their clients. The industry also witnessed a magnificent shift in the process of performing clinical research, which has opened up new parameters to be tracked and developed. For instance, the COVID-19 pandemic has fostered a rise in interest in DCTs within the pharmaceutical industry during the past ten years. The number of virtual or decentralized clinical trials completed in 2021 exceeded 1000, and it is projected that this number would rise to 1300 trials by the end of 2022.

Eminent List of Acquisitions (in Q1 of 2021) 

Acquiring Company

Month

Acquired Company

Industries impacted

Charles River Laboratories

March

Cognate BioServices

Cell and gene therapy development and manufacturing

March

Retrogenix

Bioanalytical testing services

WuXi Apptec

March

CMAB BioPharma Group

Clinical GMP

manufacturing company

ANI Pharmaceuticals

March

Novitium Pharma

Contract manufacturing and commercialization services

ICON

February

PRA Health Sciences

Decentralized/Virtual clinical trials

 

This study shall deep dive into the applications developed for CROs such as Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR), real-world evidence tracking & sorting, etc. Artificial Intelligence (AI) & Machine Learning (ML) in regulatory filings, data management is in the nascent stages, with work being performed towards managing all routine and mundane tasks around Dossier preparations (IND, and NDA) allowing a reduction in manual errors, higher accuracy and limited requirement of skilled workforce. With the growing amends and rising level of scrutiny for regulatory compliance of healthcare products, the adoption of AI and ML will only boost productivity and turnaround time, making them highly lucrative investments.

KEY TECHNOLOGY PILLARS 

Artificial Intelligence, Machine Learning/Automation

Emergence

Artificial Intelligence (AI) applications can be complex but can provide a high degree of transparency. They can produce valid results that may be counterintuitive. To gain marketing clearance for a medical device, the device needs to be demonstrated. As AI applications can provide accurate results, these are increasingly preferred.

Application

These are widely used in medical devices and in the pharmaceutical industry. They are anticipated to improve the efficiency & speed of product development and generate innovative solutions for improving & prolonging patient lives.

Uses

AI is quicker, cost-effective, and less prone to human error. This allows better quality control and for personnel to focus more on high-value activities, such as addressing the Corrective and Preventative Action (CAPAs) backlogs. AI tools are effectively being used to offer regulatory affairs authorities new insights into their own decision-making, to help improve their operating processes and spot recurring patterns.
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