The healthcare contract research (CRO) outsourcing market refers to the practice of pharmaceutical and biotechnology companies outsourcing various research and development activities to third-party service providers. This allows these companies to focus on core competencies, reduce costs, and speed up the drug development process.
The global healthcare CRO market has grown rapidly in recent years, driven by factors such as the increasing complexity of clinical trials, a growing demand for more cost-effective drug development, and the need for more efficient and faster drug approvals. The market is expected to continue to grow in the coming years, driven by technological advances, increasing demand for personalized medicine, and the growth of the biopharmaceutical industry.
Some of the major players in the healthcare CRO market include Charles River Laboratories, IQVIA, PPD, Inc. Clinical trials have become increasingly complex and time-consuming, which is creating a growing demand for CRO services. In addition, pharmaceutical and biotech companies are looking to reduce costs and speed up the drug development process, which is further driving the demand for CRO services.
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Key segments covered by the healthcare contract research outsourcing industry investigation
- By service:
- Clinical Trial Services
- preclinical
- Clinical
- regulatory services
- Management of clinical and biometric data
- Electronic data capture
- Electronic patient-recorded results
- Others
- medical writing
- Pharmacovigilance
- Site management protocol
- Others
- Clinical Trial Services
- By Therapeutic Area:
- Oncology/Hematology
- CNS
- CV/Metabolic
- Respiratory
- Infectious diseases
- Immunology
- rare diseases
- Medical devices
- Others
- For the end user:
- Pharmaceutical companies
- biotech companies
- medical device companies
- Academic institutions and government agencies
- By region:
- North America
- Europe
- Pacific Asia
- Latin America
- THAT
Key points of the market study
- The global healthcare contract research outsourcing market is expected to reach $63.09 billion by 2028.
- Clinical trial services are expected to account for the largest share of the global market during the forecast period.
- The North American market has a 43.1% share.
Key companies profiled
- Sineo Health
- PAREXEL international
- PLC ICON
- carlos river
- IQVIA
- medical rhythm
- Pharmaceutical Product Development, LLC.
winning strategy
Leading companies are investing in product development and strategic partnerships to expand differentiated product portfolios and gain a strong foothold in the global marketplace. Major market participants are also focusing on launching new items and services to expand their product lines.
In addition, a growing number of companies in the pharmaceutical, biotechnology, and medical device industries are outsourcing research activities to hire researchers to reduce manufacturing and production costs without sacrificing the quality of the final product.
For example,
- In December 2020, IQVIA and Servier, an independent international pharmaceutical company, collaborated to innovate their R&D clinical development practices and help their long-term R&D performance.
- In July 2021, QPS, a contract research organization, partnered with Medigen Vaccine Biologics Corporation to complete the necessary toxicology testing to begin development of a COVID-19 vaccine.
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More valuable information 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 2021-2028.
The study reveals essential market information on the basis of service (clinical trial services, regulatory services, biometrics and clinical data management, medical writing, pharmacovigilance, site management protocol, and others), therapeutic area (oncology/hematology, CNS , CV/metabolic, respiratory, infectious, immunology, rare diseases, medical devices, and others) and end-users (pharmaceutical companies, biotech companies, medical device companies, academic institutions, and government organizations), in five major regions (South America North, Europe, Asia Pacific, Latin America and MEA).
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