The global healthcare contract research organization market size is expected to reach USD 66.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.6% from 2021 to 2028. The increasing cost of drug development is expected to drive market demand over the forecast period. Also, rising clinical trials cost and challenges pertaining to patient recruitment have led biopharmaceutical companies to turn to regions like Central and Eastern Europe, Asia Pacific, Latin America, and Middle East for cost savings and quick patient recruitment.
In addition, growing pressure on industry players to follow stringent timelines has increased the demand for outsourcing research activities to Contract Research Organizations (CROs). Some government organizations are also outsourcing their clinical trial activities so that they can carry out clinical trials with the required infrastructure, expertise, and minimize their cost and timelines.
However, the COVID-19 pandemic has significantly impacted the CRO market. The worldwide focus on finding a vaccine against coronavirus has had a significant impact on the development of other vaccines and drugs. At the peak of the pandemic, vaccines and treatments for COVID-19 accounted for 30% of all the trials in the U.S. This resulted in other trials being put on hold.
The CRO market is recovering slowly through a hybrid approach. They are playing a significant role in helping sponsors and sites to start clinical trials. Market players have already built powerful tools to support virtual clinical trials. They are ready to rapidly assist sponsors to shift to this new environment and leverage the available tools.
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The clinical trial services segment dominated the market in 2020 and accounted for the largest revenue share of 76.7% owing to the fact that it comprises four elaborate phases, including human subjects
The clinical monitoring segment was the largest in terms of revenue share in 2020
North America held a significant revenue share of 25.7% in 2020 due to the presence of several global players, who invest a major part of their revenue in research activities
In Asia Pacific, the market is anticipated to witness a lucrative growth rate of 8.1% over the forecast period due to the reduced cost it offers in comparison to the U.S and other developed economies
China, Japan, and India are projected to witness tremendous growth in the market owing to high disease prevalence
Grand View Research has segmented the global healthcare contract research organization market based on type, service, and region:
Healthcare CRO Type Outlook (Revenue, USD Million, 2016 - 2028)
Phase I Trial Services
Phase II Trial Services
Phase III Trial Services
Phase IV Trial Services
Healthcare CRO Service Outlook (Revenue, USD Million, 2016 - 2028)
Project Management/Clinical Supply Management
Quality Management/ Assurance
Patient and Site Recruitment
Healthcare CRO Regional Outlook (Revenue, USD Million, 2016 - 2028)
Middle East & Africa
List of Key Players of Healthcare Contract Research Organization (CRO) Market
IQVIA Holdings Inc.
Pharmaceutical Product Development, LLC
Parexel International Corporation
Charles River Laboratories International, Inc.
Medidata Solutions, Inc.
GVK Biosciences Private Limited
MEDPACE HOLDINGS, INC.
PRA Health Sciences
CTI Clinical Trial & Consulting
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