The global healthcare contract research organization market size is projected to surpass around US$ 75.9 billion by 2030 from US$ 44.16 billion in 2021 and expanding growth at a CAGR of 6.2% from 2022 to 2030.
The global healthcare contract research organization market size is projected to surpass around US$ 75.9 billion by 2030 from US$ 44.16 billion in 2021 and expanding growth at a CAGR of 6.2% from 2022 to 2030.
In 2019, Pharmaceutical Research and Manufacturers of America members invested almost $83 billion in research and development operations, according to the Pharmaceutical Research and Manufacturers of America. Furthermore, according to Pharmaceutical Research and Manufacturers of America 2020, biopharmaceutical companies have more than 260 vaccines in the pipeline for various diseases, including COVID-19 pandemic. According to an article released by the UK Parliament, overall research and development expenditure in 2021 was $39.65 billion, or $596.31 per person, or 1.7% of GDP in the UK in 2018. The growing demand for healthcare contract research organizations’ drug discovery services has been fueled by increased investments in the development of small molecule medications around the world. The increasing need for drug discovery services is propelling the healthcare contract research organization industry forward.
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| Report Scope | Details |
| Market Size in 2030 | USD 75.9 Billion |
| Growth Rate from 2022 to 2030 | CAGR of 6.2% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Segments Covered | Service, Type, Region |
Report Highlights
- On the basis of service, clinical monitoring segment holds the largest market share in the global healthcare contract research organization market. Since few years, clinical research has been outsourced to contract research organizations for a variety of factors, including technical domain knowledge and cost effectiveness. Thus, this factor is driving the segment growth.
- On the basis of type, clinical segment holds the largest market share in the global healthcare contract research organization market. The growth of the segment is expected to be fueled by variables such as globalization of clinical trials, technological advancements, and the surge in demand for healthcare contract research organization to execute clinical trials.
Regional Snapshot
North America is the largest segment for healthcare contract research organization market in terms of region.The U.S. is dominating the healthcare contract research organization market in the North America region. One of the significant factors driving the growth of North America healthcare contract research organization market is growing funding for research and development activities. For example, the U.S. government spend $194.2 billion on health and medical research and development in 2018. Consequently, the Biomedical Advanced Research and Development Authority funded around $19,283 million on the discovery of COVID-19 vaccines as a result of coronavirus outbreak.
Asia-Pacific region is the fastest growing region in the healthcare contract research organization market.India holds the highest market share in the Asia-Pacifichealthcare contract research organization market. The growth of healthcare contract research organization market in Asia-Pacific region is due to the growing government initiatives and activities. For example, the Department of Pharmaceuticals issued new guidelines in October 2021 to cut the time required by at least 50% in coming years, in order to strengthen the nation’s research and development operations.
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Market Dynamics
Drivers
Advancements in healthcare sector
The development of an integrated clinical trial and testing sector has aided the worldwide healthcare contract research organization market’s expansion. In addition, the desire for novel healthcare services has fueled the growth of global healthcare contract research organization market. Thus, this factor is driving the healthcare contract research organization market growth.
Restraints
Lack of skilled personnel
The healthcare and medical sectors need good quality of skilled professionals. But there is lack of such personnel. The operation of various medical devices and gadgets require skillful professionals as they are risky to operate. As a result, lack of skilled personnel is hindering the growth and development of global healthcare contract research organization market.
Opportunities
Growing applications of healthcare contract research organizations in clinical trials management
The growing trend of clinical trials is paving way for the growth of global healthcare contract research organization market. The majority of trials published in the Western Pacific region was 17,323, while the majority of trials published in South East Asia was 9.466 in 2021, as per the World Health Organization. Thus, the number of clinical trials is growing at a rapid pace. As a result, growing applications of healthcare contract research organizations in clinical trials management is supporting the growth of the market.
Challenges
Growing concerns regarding data security
While outsourcing the business process, the main concern that market players face is regarding data privacy and data security. In 2016, 35% of 112 inspections found violations. To be eligible to organize their studies, contract research organizations must meet long list of conditions. In addition, its quite risky to share information and data with contract research organizations. Thus, growing concerns regarding data security is the biggest challenge for the expansion of worldwide healthcare contract research organization market.
Report Highlights
- On the basis of service, clinical monitoring segment holds the largest market share in the global healthcare contract research organization market. Since few years, clinical research has been outsourced to contract research organizations for a variety of factors, including technical domain knowledge and cost effectiveness. Thus, this factor is driving the segment growth.
- On the basis of type, clinical segment holds the largest market share in the global healthcare contract research organization market. The growth of the segment is expected to be fueled by variables such as globalization of clinical trials, technological advancements, and the surge in demand for healthcare contract research organization to execute clinical trials.
Recent Developments
- As a result of the recent worldwide COVID-19 pandemic, PRA Health Sciences announced the extension of its Mobile Health Platform for clinical monitoring in March 2020. The organization took this step to give virtual research assistance to COVID-19 pandemic funders.
- IQVIA partnered with Servier, the pharmaceutical firm in December 2020 to innovate their research and development clinical development procedures and assist their long term research and development achievement.
Some of the key players in the healthcare contract research organization market include:
- QVIA
- LabCorp
- Charles River Laboratories
- WuXiAppTec
- Syneos Health
- Parexel International
- PPD
- ICON Plc
- Medpace Holdings
- SGS
- PSI CRO AG
- Axcent Advanced Analytics
- BIO Agile Therapeutics
- Firma Clinical Research
- Acculab Life Sciences
Market Segmentations:
By Service
- Data Management
- Clinical Supply Management/Project Management
- Medical Writing
- Clinical Monitoring
- Patient & Site Recruitment
- Bio-Statistics
- Regulatory & Medical Affairs
- Investigator Payments
- Technology
- Laboratory
- Quality Management
- Others
By Type
- Pre-Clinical
- Clinical
Phase I Trial Services
Phase II Trial Services
Phase III Trial Services
Phase IV Trial Services
- Drug Discovery
- Target Validation
- Lead Identification
- Lead Optimization
Regional Segmentations:
- North America (U.S. and Canada)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
- Latin America (Brazil and Rest of Latin America)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
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Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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