Global Healthcare CRO 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 CRO Market Overview
The global Healthcare CRO market is projected to grow at a considerable rate on account of the increased funding on research and development programs in the near future. Contract research outsourcing solutions deliver cutting-edge services; hence government agencies select to delegate projects to Contract Research Organizations (CROs), allowing the market to develop.
Several significant advancements in the field of disease study and drug development have played an important role in the growth of the global Healthcare CRO market. In the current situation, there is an uptick in the number of medical and pharmaceutical research institutes. This is because of the increasing need for developing new lines of treatment for chronic diseases and disorders. Therefore, the global Healthcare CRO market is anticipated to accrue enormous growth opportunities in the years to come. Moreover, the presence of a seamless industry for clinical trial and testing has played a crucial role in the growth of the global Healthcare CRO market.
Furthermore, governments and public-sector organizations have made huge investments towards improved medical research. Due to growing investment dynamics, the global Healthcare CRO market is expected to expand at a high growth level in the coming period. Additionally, the presence of an ever-expanding pharmaceutical industry also supports the growth of the global Healthcare CRO market. Besides, the need for innovative services within the healthcare sector has also boosted demand within the global Healthcare CRO market steadily.
Covid-19 Impact on Healthcare CRO Market
In addition, the current Healthcare CRO Market study offers a detailed analysis of the current COVID-19 pandemic impact on the market growth and its influence on the future growth of the Healthcare CRO Market. The recently published report demonstrates the elevation in the demand for the healthcare sector. The healthcare manufacturers have experienced long term as well as short term effect which includes supply shortages, panic buying, and stocking, regulation changes as short-term whereas approval delays and possible trend variations in consumption could be perceived as long-term impacts of COVID-19 on the health and pharmaceutical market.
The increasing need for a cure has pushed vaccine research and manufacturers to the limit. In addition to this, panic conditions have already spurred the demand for many healthcare products and services which are discussed in detail in this report. Moreover, the impact of COVID-19 on overall market revenue for the base year 2020 and its projection up to 2027 is provided in detail in this report.
Healthcare CRO Market Segment Overview
Based on Type, the Clinical segment has the largest share of the global Healthcare CRO market in 2020. The share is attributed to the increasing number of biologics, the need for personalized medicines, and orphan drugs, and the demand for advanced technologies. In addition, factors such as technological development, globalization of clinical trials, and demand for CROs to conduct clinical trials are contributing to the growth of this segment. According to Service, Clinical Monitoring is the largest segment in the Healthcare CRO market. The increasing number of clinical trials and the need to monitor those studies are creating more demand for the services.
Healthcare CRO Market, By Type
Phase I Trial Services
Phase II Trial Services
Phase III Trial Services
Phase IV Trial Services
Healthcare CRO Market, 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
Healthcare CRO Market Regional Overview
Regionally, North America holds a substantial share of the global Healthcare CRO market in 2020. The increasing government support for R&D activities through grants and funds to research institutes and companies has boosted the growth of the market in this region. Likewise, the market for Healthcare CRO in the Asia Pacific has been expanding owing to the increasing outsourcing of medical services to India and China. Additionally, other factors such as the high incidence of chronic conditions, increasing population, and easy patient recruitment and retention are further support to the market’s development in this region.
Healthcare CRO 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 CRO Market Competitor overview
Some key developments and strategies adopted by manufacturers in Healthcare CRO are highlighted below. · In August 2021, Indoco Remedies Ltd announced the receipt of GCP & GLP accreditation from the UK MHRA (Medicines and Healthcare Products Regulatory Agency) for its Clinical Research Organisation - AnaCipher, located at Hyderabad for the virtual inspection carried out from 4th – 7th May and 10th - 11th May, 2021.
Healthcare CRO 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 · Pharmaron · GVK Biosciences Private Limited · Wuxi AppTec · MEDPACE HOLDINGS, INC. · PRA Health Sciences · CTI Clinical Trial & Consulting
Healthcare CRO Market Study Global Market Analysis, Insights and Forecast, 2020-2027
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Industry SWOT Analysis
4.5. Porters Five Forces Analysis
5. Global Healthcare CRO Market Analysis (USD Billion), Insights and Forecast, 2020-2027
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Type
5.2.1. Drug Discovery
184.108.40.206. Target Validation
220.127.116.11. Lead Identification
18.104.22.168. Lead Optimization
22.214.171.124. Phase I Trial Services
126.96.36.199. Phase II Trial Services
188.8.131.52. Phase III Trial Services
184.108.40.206. Phase IV Trial Services
5.3. Market Analysis, Insights and Forecast – By Service