Healthcare Contract Research Organization Market Size Is Expected To Reach USD 2.94 Billion By 2030


 San Francisco, 9 Jan 2024: The Report Healthcare Contract Research Organization Market Size, Share & Trends Analysis Report By Type (Drug Discovery, Pre-clinical, Clinical), By Services (Clinical Monitoring, Data Management), By Region, And Segment Forecasts, 2023 - 2030

The global healthcare contract research organization market size is expected to reach USD 80.5 billion by 2030 and is projected to expand at a CAGR of 7.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing cost of drug development is expected to drive market demand over the forecast period. Also, rising clinical trials cost and challenges pertaining to patient recruitment have led biopharmaceutical companies to turn to regions like Central and Eastern Europe, Asia Pacific, Latin America, and the Middle East for cost savings and quick patient recruitment.

In addition, growing pressure on industry players to follow stringent timelines has increased the demand for outsourcing research activities to contract research organizations(CRO)s. Some government organizations are also outsourcing their clinical trial activities so that they can carry out clinical trials with the required infrastructure and expertise and minimize their cost and timelines.

The CRO market was temporarily affected by the ongoing pandemic, as it led to the closure of clinical trial sites. However, owing to the significant demand for treatments, the clinical trial sites were reopened with certain measures and precautions to avoid the spread of the virus. Moreover, the worldwide focus on finding a vaccine against coronavirus has had a significant impact on the development of vaccines & drugs for COVID-19. This is expected to have a positive impact on the market.

Over the past 5 years, the number of mergers and acquisitions significantly increased. Several large mergers have been witnessed since 2016 till 2023. Moreover, the trend of large transactions seems to be picking up since 2021, as in March 2022, M&B Sciences Inc, acquired Clara Health, which expanded M&B Sciences’ access to digital technology-based clinical trials. Moreover, in December 2021, Thermo Fisher announced the acquisition of pharmaceutical services giant PPD, and in February 2021, ICON plc announced the acquisition of PRA Health Sciences. An era of consolidation has been witnessed around analytical technologies and software solutions used in the biopharmaceutical and pharmaceutical companies’ services space. Hence, the aforementioned factors supported the market’s growth.

Access Research Report of Healthcare Contract Research Organization Market @ https://www.grandviewresearch.com/industry-analysis/healthcare-contract-research-outsourcing-market

Healthcare Contract Research Organization Market Report Highlights

  • Based on type, the clinical segment has dominated the global healthcare CRO market in 2022, with the largest share of 76.2% owing to the fact that it comprises four elaborate phases, including human subjects. The significant demand for new treatments has further contributed to the growth of the segment
  • Among services, the clinical monitoring segment was the largest in terms of market share at 20.2% in 2022
  • North America held a significant market share of 24.8% in 2022 due to the presence of several global players who invest a major part of their revenue in research activities
  • Asia Pacific is anticipated to witness lucrative growth of 9.5% over the forecast period due to the reduced cost it offers in comparison to the western economies
  • China, Japan, and India are projected to witness tremendous growth in the contract research organization market owing to high disease prevalence

List of Key Players in the Healthcare Contract Research Organization Market 

  • ICON Plc
  • Charles River Laboratories
  • Syneos Health
  • IQVIA Inc.
  • GVK Biosciences Private Limited
  • Laboratory Corporation of America Holdings
  • Thermo Fisher Scientific Inc.
  • Parexel International Corporation
  • Medidata Solutions, Inc.
  • Pharmaron GMBH
  • SGS SA
  • KCR S.A.
  • CTI Clinical Trial & Consulting
  • PSI
  • Worldwide Clinical Trials
  • Wuxi AppTec
  • Advanced Clinical
  • Pharm-Olam, LLC
  • Caidya

Access Press Release of Healthcare Contract Research Organization Market @ https://www.grandviewresearch.com/press-release/global-healthcare-cro-market

 

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