Market Research Report
Healthcare Contract Research Organization Market Size, Share & Trends Analysis Report By Type (Drug Discovery, Pre-clinical, Clinical), By Service (Clinical Monitoring, Regulatory/Medical Affairs), And Segment Forecasts, 2021 - 2028
|Healthcare Contract Research Organization Market Size, Share & Trends Analysis Report By Type (Drug Discovery, Pre-clinical, Clinical), By Service (Clinical Monitoring, Regulatory/Medical Affairs), And Segment Forecasts, 2021 - 2028|
Published: December 8, 2021
Grand View Research, Inc.
Content info: 120 Pages
Delivery time: 2-10 business days
Healthcare Contract Research Organization Market Growth & Trends
The global healthcare contract research organization market size is expected to reach USD 68.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.6% from 2021 to 2028. The increasing cost of drug development is expected to drive the market demand over the forecast period. Additionally, 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, the growing pressure on the industry players to follow stringent timelines has increased the demand for outsourcing research activities to contract research organizations (CROs). Some government organizations are also outsourcing their clinical trial activities so that they can carry out clinical trials with the required infrastructure, expertise, and minimize their cost and timelines.
However, the COVID-19 pandemic has significantly impacted the CRO market. The worldwide focus on finding a vaccine against coronavirus has had a significant impact on the development of other vaccines and drugs. At the peak of the pandemic, vaccines and treatments for COVID-19 accounted for 30% of all the trials in the U.S. This resulted in other trials being put on hold.
The CRO market is recovering slowly through a hybrid approach. Contract research organizations are playing a significant role in helping sponsors and sites to start clinical trials. Market players have already built powerful tools to support virtual clinical trials. They are ready to rapidly assist sponsors to shift to this new environment and leverage the available tools.
Healthcare Contract Research Organization Market Report Highlights
By type, the clinical segment dominated the market in 2020 with a revenue share of over 75.0% owing to the fact that it comprises four elaborate phases, including human subjects
Based on service, the clinical monitoring segment held the largest revenue share of over 20.0% in 2020. This can be attributed to the increasing number of clinical trials and the need to monitor those studies that are creating more demand for the services
North America held the second-largest revenue in 2020 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 the highest growth over the forecast period due to the reduced cost it offers in comparison to the U.S and other developed economies
China, Japan, and India are projected to witness tremendous growth in the years to come owing to the high prevalence of diseases