The healthcare contract research organizations (CRO) services market is expected to reach US$ 87,859.08 million by 2027 from US$ 43,208.57 million in 2019.
The healthcare contract research organizations (CRO) services market is expected to reach US$ 87,859.08 million by 2027 from US$ 43,208.57 million in 2019. The market is estimated to grow with a CAGR of 9.5% from 2020 to 2027.
Contract research organization (CRO) provides support services to the pharmaceutical, biotechnology, and medical device companies throughout the development of the product. Pharmaceutical and biotechnology companies and the medical device industry require various testing services such as preclinical services, clinical research services, analytical testing services, bio analytical testing services, and regulatory services. CROs are specifically designed to perform these testing services to reduce the in-house cost and time of the companies, required to conduct the extensive range of testing services to comply with the national and international regulatory standards. The global healthcare contract research organizations (CRO) services market is driven by factors such as the increasing expenditure in R&D and outsourcing activities and rising number of clinical trials. However, dearth of skilled professionals hampers the market growth. Additionally, rising biosimilars and biologics market are creating growth opportunities for the market players.
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Company Profiles of Healthcare Contract Research Organizations (CRO) Services Market
- Charles River Laboratories Inc.
- IQVIA Inc.
- Laboratory Corporation of America Holdings
- Parexel International Corporation
- Icon Plc.
- Pra Health Sciences
- Syneos Health
- Medpace
- Wuxi Apptec
- PPD Inc.
Rising Number of Clinical Trials
Clinical trials play an important role in drug approvals and its efficacy over diseases. The studies help in understanding best medical approaches in certain therapeutic areas. The healthcare systems across the world are observing rapid increase in the number of clinical trials. Factors such as growing demand for novel drugs and medical equipment, increasing prevalence of chronic conditions, and growth in funding programs to conduct clinical trials are likely to propel the number of clinical trials across the world. The following table summarizes growth in the number of clinical trials conducted since 2017.
Number of registered Studies For Clinical Trials
|
Year First Posted |
Start Of Year |
During Year |
End Year |
|
2017 |
23,667 |
5,827 |
29,494 |
|
2018 |
29,494 |
4,659 |
34,153 |
|
2019 |
34,153 |
6,522 |
40,675 |
|
2020 |
40,675 |
2,706 |
43,381 |
Source: Clinical Trials.gov and the Insight Partners Analysis
The management of these clinical trials requires extended research facilities, dedicated resources, and sufficient financial requirements. These prerequisites of clinical trials generate a lucrative environment to prefer contract research organization for the execution of clinical studies.
Based on service type, the healthcare contract research organizations (CRO) services market is segmented into early phase development, laboratory services, consulting services, and clinical research services. In 2019, the clinical research services segment accounted for the largest share of the market. Growth of this segment is attributed to the increasing clinical trials and growing R&D investment.
Based on therapeutic application, the healthcare contract research organizations (CRO) services market is segmented into oncology, infectious diseases, immunological disorders, respiratory diseases, cardiovascular diseases, neurological disorders, and others. The oncology segment held the largest share of the market in 2019 and the same segment is estimated to register the highest CAGR in the market during the forecast period.
Based on End user, the global healthcare contract research organizations (CRO) services market is segmented into medical device companies, pharmaceutical and biopharmaceutical companies, and others (academic institutes). In 2019, pharmaceutical and biopharmaceutical companies held a major share in the market and the same segment is anticipated to register the highest CAGR in the market during the forecast period.
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