Healthcare Contract Research Organization Market to Witness Growth 16.6% by 2030

The global Healthcare Contract Research Organization Market size was estimated at US$ 49.6 billion in 2020 and is anticipated to grow at a CAGR of 16.6% during forecast period 2021 to 2030.

The global Healthcare Contract Research Organization market size is expected to be worth around US$ 76.0 billion by 2030, according to a new report by Vision Research Reports.

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.

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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.

Report Highlights

Based on type, the clinical segment dominated the market and accounted for the largest revenue share of 86.7% in 2020. The share is attributed to the rising number of biologics, the need for personalized medicines, and orphan drugs, and the demand for advanced technologies. Factors such as technological evolution, globalization of clinical trials, and demand for CROs to conduct clinical trials are further projected to drive growth.

Outsourcing of Phase III clinical trials to healthcare CROs generated the highest revenue in 2020 due to the fact that they are one of the most expensive stages of a clinical trial; approximately 90.0% of the expenses occurred during the clinical development of a drug stems from this phase.

The segment of preclinical studies is projected to witness a rapid growth rate of 10.3% during the forecast period. Increase in the number of preclinical trials involving large molecules and the increasing need to curb R&D expense is expected to contribute to the growing demand for quality preclinical CRO, thereby contributing to market growth.

The segment of clinical monitoring led the healthcare Contract Research Organization (CRO) market and accounted for more than 28.0% share of revenue in 2020. It is also anticipated to maintain its position over the forecast period. This may be attributed to the increasing number of clinical trials and the need to monitor those studies that are creating more demand for the services.

Clinical research is being outsourced to CROs over the past decade due to various reasons such as cost-effectiveness and technical expertise. The introduction of smart analytics and real-time data acquisition devices are estimated to improve clinical monitoring data in the healthcare sector. Real-time data acquisition related to drug safety and toxicity enables early identification of trial errors and enables timely rectifications such as trial re-design or termination, thereby propelling segment growth.

The regulatory/medical affairs segment is anticipated to witness the fastest growth rate of 21.1% over the forecast period. The outsourcing for regulatory affairs is expanding rapidly due to the increase in R&D activities, clinical trial applications, product registration, and drug pipeline. The increasing demand to obtain approval for new products, maintain compliance, and doing more with less is projected to support the market growth.

Asia Pacific dominated the healthcare (Contract Research Organization) market with the largest revenue share of 52.0% in 2020. The region is also anticipated to grow at a rapid pace over the forecast period. This may be attributed to the high prevalence of chronic conditions, availability of diverse populations, easy patient recruitment and retention, and the establishment of regulations as per accepted standards.

Key Players

• IQVIA Holdings Inc.
• Covance Inc.
• Pharmaceutical Product Development, LLC
• Parexel International Corporation
• Charles River Laboratories International, Inc.
• ICON, plc
• Medidata Solutions, Inc.
• Syneos Health
• Pharmaron
• GVK Biosciences Private Limited
• Wuxi AppTec
• MEDPACE HOLDINGS, INC.
• PRA Health Sciences
• CTI Clinical Trial & Consulting

Market Segmentation

• Type Outlook
  • Drug Discovery
    • Target Validation
    • Lead Identification
    • Lead Optimization
  • Pre-clinical
  • Clinical
    • Phase I Trial Services
    • Phase II Trial Services
    • Phase III Trial Services
    • Phase IV Trial Services
• Service Outlook
  • Project Management/Clinical Supply Management
  • Data Management
  • Regulatory/Medical Affairs
  • Medical Writing
  • Clinical Monitoring
  • Quality Management/ Assurance
  • Bio-statistics
  • Investigator Payments
  • Laboratory
  • Patient and site Recruitment
  • Technology
  • Others
• Regional Outlook
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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