Fact.MR, a market research and competitive intelligence provider, has conducted a comprehensive analysis on the healthcare contract research outsourcing market, which is expected to rise at a CAGR of 6.6% over the forecast period.
Healthcare Contract Research Outsourcing Market to Top Valuation of US$ 63 Bn by 2028 Due To the Large Demand for Preclinical CRO Services and Solutions
“Rise in the number of clinical trials and increasing funding for R&D of various diseases are key factors expected to offer lucrative growth opportunities for healthcare contract research outsourcing service providers in the market,” says a Fact.MR analyst
Fact.MR, a market research and competitive intelligence provider, has conducted a comprehensive analysis on the healthcare contract research outsourcing market, which is expected to rise at a CAGR of 6.6% over the forecast period (2021 to 2028).
Pharmaceutical and medical device industries are gradually shifting from an integrated process model to an outsourcing one, in which, companies outsource operations such as clinical trials, medical writing, and regulatory processes to contract research outsourcing firms.
The global healthcare contract research outsourcing market is expected to rise due to rising costs and time necessary for drug development. Contract research outsourcing (CRO) collaborations provide cutting-edge services, and therefore, government agencies prefer to contract projects to CROs, allowing the market to develop.
CRO services have become more prevalent in the healthcare industry. There have been substantial advancements in the healthcare field, including research, drugs, and drug distribution, among other things. Healthcare contract research outsourcing services are therefore becoming increasingly popular.
Furthermore, pharmaceutical and biotechnological businesses are increasing the outsourcing of research and development activities that require complicated and regular monitoring; these factors are supporting market expansion.
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Key Takeaways from Market Study
- Global healthcare contract research outsourcing market to reach US$ 63.09 Bn by 2028.
- Clinical trial services projected to account for highest share of global market over forecast period.
- Market in North America holds share of 43.1%.
Key Segments Covered in Healthcare Contract Research Outsourcing Industry Research
Healthcare Contract Research Outsourcing Market by Service:
Clinical Trial Services
- Preclinical
- Clinical
Regulatory Services
Clinical Data Management & Biometrics
- Electronic Data Capture
- Electronic Patient Recorded Outcomes
- Others
Medical Writing
Pharmacovigilance
Site Management Protocol
Others
Healthcare Contract Research Outsourcing Market by Therapeutic Area:
- Oncology/Hematology
- CNS
- CV/Metabolic
- Respiratory
- Infectious Diseases
- Immunology
- Rare Diseases
- Medical Devices
- Others
Healthcare Contract Research Outsourcing Market by End User:
- Pharmaceutical Companies
- Biotechnology Companies
- Medical Device Companies
- Academic Institutes & Government Organizations
Healthcare Contract Research Outsourcing Market by Region:
- North America Healthcare Contract Research Outsourcing Market
- Europe Healthcare Contract Research Outsourcing Market
- Asia Pacific Healthcare Contract Research Outsourcing Market
- Latin America Healthcare Contract Research Outsourcing Market
- MEA Healthcare Contract Research Outsourcing Market
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Winning Strategy
Key companies are investing in product development and strategic collaborations to extend distinct product portfolios and acquire a strong position in the global market. Major market participants are also concentrating on launching new items and services in order to broaden their product lines.
Moreover, an increasing number of firms in pharmaceutical, biotechnology, and medical device industries are outsourcing research activities to contract researchers to reduce manufacturing and production costs without sacrificing end-product quality.
For instance,
- In December 2020, IQVIA and Servier, an independent international pharma business, partnered to innovate their R&D clinical development procedures and assist their long-term R&D performance.
- In July 2021, QPS, a contract research organization, teamed with Medigen Vaccine Biologics Corporation, to complete the toxicological tests needed to begin developing a COVID-19 vaccine.
These techniques are projected to have a beneficial impact on the growth of the healthcare contract research industry.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global healthcare contract research outsourcing market, presenting historical demand data (2017-2020) and forecast statistics for the period of 2021-2028.
The study divulges essential insights on the market on the basis of service (clinical trial services, regulatory services, clinical data management & biometrics, medical writing, pharmacovigilance, site management protocol, and others), therapeutic area (oncology/hematology, CNS, CV/metabolic, respiratory, infectious diseases, immunology, rare diseases, medical devices, and others), and end user (pharmaceutical companies, biotechnology companies, medical device companies, academic institutes & government organizations), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
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Fact.MR’s Domain Knowledge in Healthcare
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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