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Healthcare Contract Research Organization (CRO) Market Surpass US$ 54.82 Bn by 2026 | CAGR 6.5% - Acumen Research and Consulting

Global Healthcare contract research organization (CRO) Market to reach Around US$ 54.82 Bn by 2026; Increasing preferences for outsourcing activities due to cost and time efficiency and increasing R&D investments to Drive the Market Growth

LOS ANGELES, Jan. 09, 2019 (GLOBE NEWSWIRE) -- The global healthcare contract research organization (CRO) market is anticipated to expand at a stable CAGR above 6.5% during the forecast period 2018 to 2026. According to the report titled “Healthcare contract research organization (CRO) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018-2026”. Increasing preferences for outsourcing activities due to cost and time efficiency and increasing R&D investments have increased the growth of the global healthcare contract research organization (CRO) market. The healthcare contract research organization (CRO) market in the North America is likely to expand at significant CAGR due to numerous advancements in healthcare infrastructure and presence of large number of pharmaceutical and biotechnology organizations in the region.

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Growing clinical trials to boost the growth of the clinical segment

In terms of type, the global healthcare contract research organization (CRO) market is bifurcated into drug discovery, pre-clinical and clinical. Clinical segment accumulated the highest market share in 2017 and anticipated to dominate the market throughout the forecast period. The growth of the market can be attributed to various factors such as increase in clinical trial activities, increased R&D investments of pharmaceutical and biopharmaceutical companies, and rising biologics and biosimilars markets. This is increasing the growth of the clinical segment. Technological advancements in medical devices, adoption of point-of-care (POC) testing and increasing incidence of chronic diseases are the major factors supporting the growth of clinical segment. The clinical segment can further be divided into phase I, phase II, phase III, and phase IV trial services. Phase III segment is expected to show significant growth during the forecast period. Furthermore, pre-clinical segment is also forecasted to grow at considerable pace throughout the forecast period as it involve testing on animals in order to accomplish approval of clinical trial on human subjects.

On the other hand, on the basis of service, the clinical monitoring service segment accumulated the highest revenue share in 2017 owing to the growing health concerns among people and increasing spending on clinical technologies. For relatively recent years, CROs are outsourcing clinical research because of different reasons, for example, cost adequacy, skill, and reduced burden on management. Changing business sector patterns are convincing pharmaceutical organizations to diminish their settled expenses in order to offer effective solutions.

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Development of healthcare infrastructure and improving economic conditions in Asia Pacific to create more opportunities in the market

Geographically, the global healthcare contract research organization (CRO) market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. In 2017, Asia Pacific was the dominant revenue contributing region owing to, improving economic conditions, large and diverse patient pool and development in healthcare infrastructure in various countries such as India, China and Japan. Expanding enthusiasm of the western association to explore new chances and to extend their geological presence are probably going to drive the development of the regional market. Moreover, growing frequency of lifestyle diseases, such as hypertension, mellitus, and diabetes because of increment in stationary way of life and changing dietary propensities is additionally anticipated to feed the development of the market in Asia Pacific. North America is also projected to grow at significant rate over the forecast period due to majority of outsourcing activities, growing per capita expenditure on healthcare industry and increasing focus on minimizing R&D cost. Additionally, North America is leading region to perform large number of clinical trials worldwide. Europe is also projected to grow significantly over the forecast period.

Quintiles, HARTMANN, Pharmaceutical Product Development, Covance, are likely to continue their domination in global healthcare contract research organization (CRO) market.

The company profiling of key players in the global healthcare contract research organization (CRO) market includes company overview, major business strategies and revenues. The key players of the market are Quintiles, LLC (PPD), PAREXEL International Corporation, Medidata Solutions, Pharmaceutical Product Development Charles River Laboratories (CRL), Covance, PRA Health Sciences ICON Plc, and inVentiv Health Inc. Leading industry participant are primarily focusing on strategic collaborations and R&D in order to provide cost and time efficient solutions to clients.

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