Healthcare Contract Research Outsourcing Market
Global healthcare contract research outsourcing market report published by Accurize Market Research forecast that the global market is expected to reach $59 billion by 2024; growing at a CAGR of 6.9% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
An upsurge in outsourcing activities to save time and cost and increasing R&D expenditure across the globe to drive the growth of the market
An upsurge in outsourcing activities to save time and cost, a growing number of clinical trials and increasing R&D expenditure fuels the demand for the global healthcare contract research outsourcing market. Moreover, government organizations assigning projects to the CROs also boost the growth of the market.
The global healthcare contract research outsourcing market has been bifurcated on the basis of service, therapeutic area, end-user, and geography. The service segment is classified into regulatory service, medical writing, pharmacovigilance, a site management protocol, clinical trial service, clinical data management & biometrics and other services. The therapeutic area is categorized into respiratory, infectious diseases, oncology/hematology, immunology, rare diseases, CNS, CV/metabolic, medical devices and other therapeutic areas. Further, end-user is bifurcated into biotechnology companies, medical device companies, pharmaceutical companies, and academic institutes & government organizations.
By geography, the market is segmented into North America, Europe, Asia-Pacific and the Rest of the World (RoW). North America is further bifurcated into the U.S., Canada, and Mexico whereas the Europe segment consists of the UK, Germany, France, Italy, and the Rest of Europe. Asia-Pacific is segmented into India, China, Japan, and the Rest of Asia-Pacific while RoW is bifurcated into South America, the Middle East, and Africa.
“Regulatory services accounted for the largest market share in the service segment", says Accurize
By the service segment, 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 accounted for the largest market share in the therapeutic area segment", says Accurize
By therapeutic area segment, Oncology/hematology dominated the global healthcare contract research outsourcing market in 2017. A strong pipeline of more than 600 molecules for oncology in late-stage development and 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", says Accurize
Asia-Pacific is likely to attain the fastest CAGR throughout the forecast period, driven by factors such as the availability of huge population & patient recruitment ease coupled with retention and the formation of regulations as per accepted standards.
Top players in the market
The key market players include Pharmaceutical Product Development, LLC, Syneos Health, PAREXEL International Corporation, Charles River, Laboratory Corporation of America Holdings, IQVIA, Medpace, ICON plc. PRA Health Sciences and Envigoamong others.