The global healthcare contract research organization market size is expected to reach USD 62.1 billion by 2027, according to a new study by Grand View Research Inc. registering a CAGR of 6.6% over the forecast period. Increasing cost of drug development is expected to drive market demand over the forecast period. Rising cost of clinical trials 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.
The alarming rise in incidence rate of chronic as well as infectious diseases such as cancer and Alzheimer’s is anticipated to spur demand for effective and safe treatment options. For instance, according to WHO, chronic diseases such as respiratory disorders, diabetes, cancer, cardiovascular diseases, and other life-threatening diseases are likely to account for about 73.0% of global deaths and about 60.0% of global disease burden by 2020. This is compelling an increasing number of healthcare companies to turn to contract research organizations (CROs) for the numerous benefits they offer.
In addition, growing pressure on industry players to follow stringent timelines has increased the demand for outsourcing research activities to contract research organizations. Some government organizations are also outsourcing their clinical trial activities to CROs so that they can carry out clinical trials with the required infrastructure, expertise, and minimize their cost and timelines. For instance, in 2015, the Canadian Federal Budget made an investment of USD 1.33 billion for the Canada Foundation for Innovation (CFI).
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Further key findings from the study suggest:
Clinical trial services dominated the healthcare CRO market in 2019 owing to the fact that it comprises four elaborate phases, including human subjects. ICON GPHS, formerly ClinicalRM, provides staffing and clinical development services to multiple agencies such as NGOs, the U.S. Government, academic institutions, and other healthcare organizations
North America held a significant market share in 2019 due to the presence of several global players, who invest a major part of their revenue in research activities
Asia Pacific is anticipated to witness lucrative growth over the forecast period due to the reduced cost it offers in comparison to U.S and other developed economies. China, Japan and India are projected to witness tremendous growth in the contract research organization market owing to high disease prevalence
Key players in the market include IQVIA, Covance, Pharmaceutical Product Development, LLC (PPD), PAREXEL, Pharmaron, Syneos Health, Charles River Laboratories (CRL), ICON plc, Medidata Solutions, and GVK Biosciences Private Limited.
Grand View Research has segmented the global healthcare CRO market on the basis of type, service, and region:
Healthcare CRO Type (Revenue, USD Million, 2016 - 2027)
Phase I Trial Services
Phase II Trial Services
Phase III Trial Services
Phase IV Trial Services
Healthcare CRO Service (Revenue, USD Million, 2016 - 2027)
Project Management/Clinical Supply Management
Quality Management/ Assurance
Patient and site Recruitment
Healthcare Contract Research Organization (CRO) Regional Outlook (Revenue, USD Million, 2016 - 2027)
Middle East & Africa
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