Healthcare
Contract Research Organization (CRO) Market study is providing you with the up-to-date, actionable market
information and projections with the latest impact of the Covid 19 outbreak. It
offers all the requisite data to support tactical business decisions and come
up with strategic growth plans. This study also proposes a comprehensive
insight into the development policies and plans in addition to manufacturing
processes and cost structures.
Global Healthcare Contract
Research Organization (CRO) Market is expected to reach USD 51.3 billion by
2024. Healthcare Contract Research Organization (CRO) is also termed as
clinical research organization is a company that helps conduct research for a
sponsor company like medical device, pharmaceutical, and biotechnology. The
research may include pre-clinical research to post marketing research
activities. The Healthcare CRO Market is estimated to grow at a significant
CAGR of 6.5% over the future period as the scope and its applications are
rising enormously across the globe.
Rising investment in
research & development sector from pharmaceutical industries and
development of drugs for the treatment of several chronic diseases like
neurological disorder, immunological disorders, and metabolic disorders are
documented as major factors of Healthcare Contract Research Organization (CRO)
Market that are estimated to enhance the growth in the years to come. However,
strict policy for the approval of biopharmaceutical and pharmaceutical drugs
are the factors that may restrain overall market in coming years. Healthcare
Contract Research Organization (CRO) Market is segmented based on type,
service, and region.
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Clinical, drug discovery,
and pre-clinical are the types that could be explored in Healthcare Contract
Research Organization (CRO) in the forecast period. The clinical segment
includes four phases of trial services. On the other hand, drug discovery
includes lead optimization, target validation, and lead identification. The
clinical sector is estimated to lead the overall market with the largest share
in the coming years. Pre-clinical trials comprise testing on animals before
sanctioning on a human.
The market may be
categorized based on services like technology, project management/clinical
supply management, patient and site recruitment, data management, laboratory,
regulatory/medical affairs, investigator payments, medical writing,
bio-statistics, clinical monitoring, and quality management/ assurance. The
clinical monitoring sector accounted for the largest market share of Healthcare
Contract Research Organization (CRO) and is estimated to lead the overall
market in the coming years. This may be because of relaxation of load on
management, cost-efficient, and expertise. Also, the regulatory affairs sector
is estimated to grow at fastest pace in the coming years.
Globally, North America
accounted for the largest market share of Healthcare Contract Research
Organization (CRO) and is estimated to lead the overall market in the coming
years. The reason behind the overall market growth could be huge number of
trials subcontracted and started in the region. The United States is a measure
consumer of Healthcare Contract Research Organization (CRO) in this region.
This may be because of the U.S. government initiative by funding and supporting
R&D activities.
Instead, Europe and the
Asia Pacific are also estimated to have a positive influence on the future
growth. Europe is the second largest region with significant market share.
However, Asia Pacific is estimated to grow at fastest pace with the highest
CAGR over 7% in the foremost period. The aspects that may be ascribed to the
growth comprise patient recruitment ease, rising interest in western
organization for new opportunities, and availability of diverse population. The
developing countries like India and China are the major consumer of Healthcare
Contract Research Organization (CRO) in the region.
The key players of
Healthcare Contract Research Organization (CRO) Market are Theorem Clinical
Research, Quintiles, Medidata Solutions, Covance, inVentive Health,
Pharmaceutical Product Development, ICON plc, Parexel, and Charles River
Laboratories (CRL). These players are concentrating on inorganic growth to
sustain themselves amongst fierce competition. As such, mergers, acquisitions,
and joint ventures are the need of the hour.
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