Outsourcing Research Activities And Growing Health Awareness Boost The Healthcare Contract Research Organization (Cro) Market

Author : Acumen Research and Consulting

Among the various segments of the global healthcare contract research organization (CRO) market which include type, service and geography; the clinical segment on the basis of type has come out as the leading segment of this market. There has been a rise in R&D investments on biopharmaceutical companies along with an increase in clinical trial activities. Outsourcing research activities is at a rise given the rising number of clinical trials on ethical consent and human subjects ultimately pushing growth of this segment. Other factors such as technological advancements in healthcare equipment, adoption of enhanced health care technologies and increasing incidence of chronic disease are also important factors contributing to the growth of the clinical segment

The geographical segmentation of the global healthcare contract research organization (CRO) market can be done into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Out of these the leading regional market has been Asia- Pacific market.
Many regulatory and macroeconomic factors have continuously been influencing the global healthcare contract research organization (CRO) market. Outsourcing activities saves time and cost which is causing an inclination towards them. Furthermore, investment in research and development activities is also on a rise.

As a consequence, it is expected that in the forecast period of 2018 to 2026, the global healthcare contract research organization (CRO) market will reach a market value of US$ 54.82 billion, growing at a CAGR of around 6.5%.

Here are some more points to help explain about the global healthcare contract research organization (CRO) market:

  • Clinical segment is estimated to expand at considerable CAGR throughout the forecast period.
  • Asia Pacific is accounted for largest market share in year 2017 and anticipated to continue its dominance over the forecast period owing to the improving economic conditions, large and diverse patient pool and development in healthcare infrastructure. Furthermore this regional market is anticipated to get a boost from growing incidences of lifestyle diseases including hypertension, mellitus, and diabetes due to changing dietary propensities.
  • Considerable growth is expected from Europe as well.
  • enhancing research framework and developing interest of pharmaceutical and biopharmaceutical drugs in the region is pushing the growth of the Latin America market of healthcare contract research organization (CRO).
  • The key players operating in the healthcare contract research organization (CRO) market include Quintiles, LLC (PPD), PAREXEL International Corporation, Medidata Solutions, Pharmaceutical Product Development Charles River Laboratories (CRL), Covance,PRA Health Sciences ICON Plc, and inVentiv Health Inc.

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