Global Healthcare Contract Research Outsourcing Market Size, Share, Growth, Industry Trends and Forecast 2020-2030

The Global Healthcare Contract Research Outsourcing Market held USD 36.9 billion in 2020 and is to grow with a CAGR of 6.4% from 2020-2030. Healthcare and pharmaceutical companies outsource not only drug production but also their clinical trials. With rising privatization of clinical trials, the outsourcing to developed countries is on the increase. Companies in pharmaceutical sector have begun outsourcing R&D activities which are complex and require regular monitoring. Healthcare CROs functions and manages the processes of bringing new products to the market according to the customer's timeline provided. Emerging economies like Japan, India and China are chosen to outsource business. Many healthcare contract research organizations are now forming partnerships to expand their market reach by providing services across a wide market space and strengthening the relationship between client and contractor. IQVIA for instance formed an alliance with Box in 2018. This partnership is intended to assist the company in offering cloud-based content management solutions for healthcare and life science companies. Key players are in the process of purchasing other contract research organizations, in addition to partnerships, to achieve leverage.
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Market Dynamics and Factors :
Increasing investment in R&D programs, growing demand for outsourcing activities due to time and cost constraints in the healthcare sector are key factors expected to drive the healthcare contract research outsourcing market growth in the years to come. Contract research outsourcing collaborations offer state-of-the-art services and therefore government organizations prefer to assign projects to contract research organizations (CROs), thus facilitating market demand. Increasing pressure on drug producers in terms of clinical data management, regulatory environments, and stringent safety standards is expected to drive demand within the healthcare sector for contract research organizations. Models including transactional relationships, Multi-FSP, and alliances are widespread and are widely adopted by drug producers.
Market Segmentation :
Global Healthcare Contract Research Outsourcing Market – By Type
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
Global Healthcare Contract Research Outsourcing Market – By Services
Project Management/Clinical Supply Management
Data Management
Regulatory/Medical Affairs
Medical Writing
Clinical Monitoring
Quality Management/ Assurance
Bio-statistics
Investigator Payments
Others
Global Healthcare Contract Research Outsourcing Market – By Application
Tablets
Injectables
Global Healthcare Contract Research Outsourcing Market – By Geography
North America
U.S.
Canada
Mexico
Europe
U.K.
France
Germany
Italy
Rest of Europe
Asia-Pacific
Japan
China
India
Australia
Rest of Asia Pacific
ROW
Latin America
Middle East
Africa
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Geographic Analysis :
North America dominates the healthcare contract research outsourcing market share with the large demand clinical trials in the region. The region is also a hub of advanced healthcare infrastructure. In addition, growing government support for R&D activities through grants and funds to research institutes and companies has driven this regional market. Additionally, increasing government funding for R&D activities has guided this regional market through grants and funds to research institutes and companies. For example, in January 2015, the U.S. government announced a USD 215.0 million investment for the precision medicine initiative. The investment is for the NIH, the National Institute for Cancer (NCI) and the FDA. Asia Pacific held the largest share of the CRO healthcare market in 2019 and is expected to grow rapidly over the forecast period due to the availability of diverse populations, high prevalence of chronic conditions, easy recruitment and retention of patients and the establishment of regulations according to accepted standards.
Competitive Scenario :
Global healthcare contract research outsourcing market growth is witnessing fierce competition. In terms of healthcare contract research outsourcing market share, certain players gather majority of market share. Key companies are also expanding their manufacturing facilities to cater to growing demand for this drug globally. Key players enhancing the global Healthcare Contract Research Outsourcing market size include Zydus Cadila, Bayer, Laurus Labs, Sun Pharma, Sanofi, Ipca Laboratories Ltd, Novartis AG, Teva Pharmaceutical Industries Ltd and McW Healthcare. Charles River Laboratories International, Inc., for example, purchased WIL Research for close to USD 585 million in 2016. This acquisition is probable to support enhance company foothold in the healthcare sector, particularly in the early stages of drug discovery business.
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How will this Market Intelligence Report Benefit You?
The report offers statistical data in terms of value (US$) as well as Volume (units) till 2030.
Exclusive insight into the key trends affecting the Global Healthcare Contract Research Outsourcing industry, although key threats, opportunities and disruptive technologies that could shape the Global Healthcare Contract Research Outsourcing Market supply and demand.
The report tracks the leading market players that will shape and impact the Global Healthcare Contract Research Outsourcing Market most.
The data analysis present in the Global Healthcare Contract Research Outsourcing Market report is based on the combination of both primary and secondary resources.
The report helps you to understand the real effects of key market drivers or retainers on Global Healthcare Contract Research Outsourcing Market business.
The 2021 Annual Global Healthcare Contract Research Outsourcing Market offers:
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15+ profiles of top producing states, with highlights of market conditions and retail trends
Regulatory outlook, best practices, and future considerations for manufacturers and industry players seeking to meet consumer demand
Benchmark wholesale prices, market position, plus prices for raw materials involved in Global Healthcare Contract Research Outsourcing Market type
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