Market Research Report
Healthcare Contract Research Organization Market Size, Share & Trends Analysis Report By Type (Drug Discovery, Pre-Clinical, Clinical), By Service (Clinical Monitoring, Data Management), And Segment Forecasts, 2020 - 2027
|Published by||Grand View Research, Inc.||Product code||639957|
|Published||Content info||100 Pages
Delivery time: 2-3 business days
|Healthcare Contract Research Organization Market Size, Share & Trends Analysis Report By Type (Drug Discovery, Pre-Clinical, Clinical), By Service (Clinical Monitoring, Data Management), And Segment Forecasts, 2020 - 2027|
|Published: February 12, 2020||Content info: 100 Pages||
The global healthcare contract research organization market size is expected to reach USD 62.1 billion by 2027, according to a new study by Grand View Research Inc. registering a CAGR of 6.6% over the forecast period. Increasing cost of drug development is expected to drive market demand over the forecast period. Rising cost of clinical trials and challenges pertaining to patient recruitment have led biopharmaceutical companies to turn to regions like Central and Eastern Europe, Asia Pacific, Latin America, and Middle East for cost savings and quick patient recruitment.
The alarming rise in incidence rate of chronic as well as infectious diseases such as cancer and Alzheimer's is anticipated to spur demand for effective and safe treatment options. For instance, according to WHO, chronic diseases such as respiratory disorders, diabetes, cancer, cardiovascular diseases, and other life-threatening diseases are likely to account for about 73.0% of global deaths and about 60.0% of global disease burden by 2020. This is compelling an increasing number of healthcare companies to turn to contract research organizations (CROs) for the numerous benefits they offer.
In addition, growing pressure on industry players to follow stringent timelines has increased the demand for outsourcing research activities to contract research organizations. Some government organizations are also outsourcing their clinical trial activities to CROs so that they can carry out clinical trials with the required infrastructure, expertise, and minimize their cost and timelines. For instance, in 2015, the Canadian Federal Budget made an investment of USD 1.33 billion for the Canada Foundation for Innovation (CFI).
Key players in the market include IQVIA, Covance, Pharmaceutical Product Development, LLC (PPD), PAREXEL, Pharmaron, Syneos Health, Charles River Laboratories (CRL), ICON plc, Medidata Solutions, and GVK Biosciences Private Limited.