Global Healthcare Contract Research Outsourcing Market Analysis, Growth Drivers and Opportunities till 2025

ALBANY, USA, 2018-Apr-06 — /EPR Network/ —The global healthcare contract research outsourcing market is rising with increasing complex regulatory process & growing regulatory burden. The global healthcare contract research outsourcing market was valued over US$ 30 Bn in 2016 and is projected to witness cumulative annual growth rate (CAGR) of over 6% from 2017 to 2025 to surpass the value of US$ 54 Bn by 2025. The global market is witnessing relatively higher growth owing to globalization of clnical trials, increasing efforts for optimization of costs and development time for drug development and rise in varied services and solutions offered by the CROs.

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Healthcare companies often outsource drug development functions to contract research organizations to efficiently and effectively use the development capabilities internationally. The clinical, therapeutic and regulatory expertise of CROs helps to improve the complete cost of development and accelerate time to market for a new product. CROs have become larger and enormously more diversified across various therapeutic areas and functions, expanding their penetration. CROs are anticipated to expand geographically and add competencies in emerging therapeutic areas, while boosting their current services beyond traditional clinical capabilities, including post-approval, commercial, informatics, among other auxillary offerings where low  outsourced penetration observed, further enhancing the demand for CROs, driving greater outsourcing demand. The healthcare contract research outsourcing market is projected to witness strong growth during the forecast period driven by increase in funding of small to midsized pharmaceutical, biotechnology, and medical devices companies leading the companies to opt for CRO services with focus on niche market. Small pharmaceutical companies are also looking for advancement in product development through CRO services due to rise in demand for innovative products and patent expiration. Also outsourcing improves the global reach with respect to drug development with minimum maintenance cost, as CROs are well-versed with regulatory requirements of various regions to fuelling the expansion of healthcare contract research outsourcing market.

Global Healthcare Contract Research Outsourcing Market: Key Segments

On the basis of services, the healthcare contract research outsourcing market is categorized into clinical trial services, regulatory services, clinical data management & biometrics, medical writing, pharmacovigilance, site management protocol and others. On the basis of therapeutic area the healthcare contract research outsourcing market is categorized into oncology/hematology, CNS, CV/metabolic, respiratory, infectious diseases, immunology, rare diseases, medical devices and others. In terms of end users, the healthcare contract research outsourcing market is segmented into hospitals, home care and clinics.

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On the basis of geography, the healthcare contract research outsourcing market is segmented into North America, Europe, Asia Pacific and Rest of the world. North America comprises the U.S. and Canada. Europe comprises Germany, France, U.K., Spain, Italy and Rest of Europe. Asia-Pacific comprises China, India, Japan, Australia and New Zealand and Rest of Asia Pacific. The competition matrix section included in the report is likely to assist the existing players to increase their market shares and new companies to establish their presence in the healthcare contract research outsourcing market.

Companies Mentioned in Report

The report also profiles major players in the healthcare contract research outsourcing market based on various attributes such as company overview, financial overview, SWOT analysis, key business strategies, product portfolio, and recent developments. Key companies profiled in the report include Syneos Health, PAREXEL International, ICON PLC, PRA Health Sciences, Inc., Charles River, Laboratory Corporation of America Holdings (Covance), IQVIA, Medpace, Pharmaceutical Product Development, LLC.

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