Market Research Report
Global Healthcare Contract Research Market Research and Forecast, 2019-2025
|Published by||Orion Market Research Pvt Ltd||Product code||839588|
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|Global Healthcare Contract Research Market Research and Forecast, 2019-2025|
|Published: May 6, 2019||Content info:||
Global Healthcare Contract Research Organizations (CRO) Market, Size, Share & Trends Analysis Report, By Services (Drug Discovery & Development, Pre-Clinical Services, Clinical Services, Risk Management & Pharmacovigilance, and Others Services), By Therapeutic Area (Cardiology, Autoimmune Diseases, Oncology, Neurology, Respiratory Diseases and Others) and Forecast, 2019-2025
Healthcare CRO market has significant scope in pharmaceutical, biotechnology, and medical device industry since it reduces cost and time for clinical trial and drug development. CROs offers capabilities, for the growth of drug development, which includes pre-clinical R&D, clinical trials, monitoring and management, data management and analysis, study design, bio-statistical analysis, post-marketing surveillance, consulting, regulatory and safety assessment, and other services. The pharmaceutical companies, increasingly outsourcing critical functions, such as manufacturing and research. Use of CROs to lead clinical trials and develop new medications has been increased over the years.
Moreover, the major factors that are contributing towards the growth of the healthcare CRO market include rising demand for CRO, from pharmaceutical, biopharmaceutical, and medical device industries. Additionally, increasing outsourcing of R&D programs, rising R&D expenditures and growing number of clinical trials will drive the healthcare CRO market in near future. The CRO collaborations with government agencies and non-profit health organizations allows to expand clinical service providers, new drug development process and offers advanced healthcare outcomes. The CRO is considered as more affordable for companies to track new medications, however, pre-pursuing a drug approval is too expensive, and usually occurred as guaranteed approval for large markets. The presence of CROs is more cost-effective and allows companies to develop small drugs for niche audiences.
There are various companies involved in healthcare CRO market which includes Lambda Therapeutic Research, Ltd., PAREXEL International Corp., Pharmaceutical Product Development (PPD), LLC, Pharmaron Beijing Co., Ltd., LabCorp, and Syneos Health. Merger & acquisition, geographical expansion, finding a new market or innovate in their core competency in order to expand individual market share is a key strategy adopted by major market players. For instance, in July 2017, LabCorp acquired Chiltern International, Ltd., which allows the company to strengthen its position as a global life sciences company with diagnostics and drug development businesses. The acquisition supports achieving a significant global scale. Chiltern International, Ltd., becomes the company's Covance Drug Development business unit and expected to expand Covance offerings through focusing high-growth emerging and mid-market biopharma segments. The strategy of the company is to quickly offer innovative oncology medicine to a patient, that enables to improve patient outcomes. Geographically, the market is divided into North America, Europe, Asia-Pacific and Rest of the World (RoW). Asia-Pacific demonstrates considerable potentials for collaborative and outsourced R&D in drug development, biotechnology, and medical devices. The increasing government initiatives, to promote the pharmaceutical sector, as it outsources the clinical development process to specialized CRO in the region enables to expand the CRO market.
The market study of the global healthcare CRO market is incorporated by extensive primary and secondary research conducted by a research team at OMR. Secondary research has been conducted to refine the available data to break down the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macroeconomic factors. Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings the authenticity of our reports.
The report is intended for research organizations, dental laboratories, investment companies, government organizations for overall market analysis and competitive analysis. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models delivering insights into the market for better business decisions.