Global Healthcare Contract Research Organization 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], By Service (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) and opportunities and forecast 2020-2027.
Healthcare Contract Research Organization Market Overview
The global healthcare contract research organization (CRO) market is expected to rise by increased funding for research and development programs. Several key advancements in the field of disease study and drug development have played an important role in the market’s growth. As well, in the current time, it is observed that tremendous growth in the medical and pharmaceutical research institutes. This is owing to the pressing need to develop new lines of treatment for chronic diseases and disorders. This key fact remarkably contributes to the growth of the global healthcare contract research organization (CRO) market in the coming years.
Furthermore, the investment for the global healthcare contract research organization (CRO) market has improved in recent times. Governments and public-sector organizations have made large investments towards improved medical research. This prime fact further boosts the market’s development in the forecast period.Healthcare Contract Research Organization Market Segment Overview
Based on the type, the clinical trial services segment dominated the market in 2020 and accounted for the largest revenue share in the market. This is because it comprises four elaborate phases, including human subjects. Additionally, important factors such as the increasing need for innovative services within healthcare and the presence of a seamless industry for clinical trial and testing have played a curial role in the growth of the global healthcare contract research organization (CRO) market. Additionally, it is important to ensure the safety of research during drug development. This key fact will contribute to the market’s expansion in the forthcoming years.
Healthcare Contract Research Organization Market, By Type
- Drug Discovery
- Target Validation
- Lead Identification
- Lead Optimization
- Phase I Trial Services
- Phase II Trial Services
- Phase III Trial Services
- Phase IV Trial Services
Healthcare Contract Research Organization Market, By Service
· Project Management/Clinical Supply Management
· Data Management
· Regulatory/Medical Affairs
· Medical Writing
· Clinical Monitoring
· Quality Management/ Assurance
· Investigator Payments
· Patient and Site Recruitment
· OthersHealthcare Contract Research Organization Market Regional Overview
In terms of region, North America held a significant revenue share in 2020. This can be attributed to the presence of several global players, who invest a major part of their revenue in research activities. Likewise, the market for healthcare contract research organizations (CRO) in the Asia Pacific has been expanding owing to the increasing outsourcing of medical services to India and China.
Healthcare Contract Research Organization Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)Healthcare Contract Research Organization Market Competitor overview
Some key developments and strategies adopted by manufacturers in Healthcare Contract Research Organization are highlighted below.
· In July 2021, Think Research Corporation, a company focused on transforming healthcare through digital health software solutions, announced that it has entered into a definitive share purchase agreement to acquire all of the issued and outstanding shares of Bio Pharma Services Inc., a leading contract research organization ("CRO") to pharmaceutical companies globally. This transaction is expected to nearly double the Company's pro forma 2021 revenue and presents significant new technology-driven revenue synergies for the combined entity.Healthcare Contract Research Organization Market, 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
· GVK Biosciences Private Limited
· Wuxi AppTec
· MEDPACE HOLDINGS, INC.
· PRA Health Sciences
· CTI Clinical Trial & Consulting