Global Healthcare Contract Research Organization (CRO) Market To Be Worth Around $54.82 Billion by 2026: Acumen Research and Consulting
Global healthcare contract research organization (CRO) market projected to grow at CAGR around 6.5% over the forecast period and reach around US$ 54.82 Bn in 2026.
According to the report, the global healthcare contract research organization (CRO) market will continue to be influenced by a range of macroeconomic and regulatory factors. Increasing preferences for outsourcing activities due to cost and time efficiency and increasing R&D investments have boosted the growth of the global healthcare contract research organization (CRO) market. Global healthcare contract research organization (CRO) market can be segmented into type, service and geography.
By type, clinical segment accounted for the largest share of the healthcare CRO market in 2017
Clinical is expected to be the leading segment of the global healthcare contract research organization (CRO) market during the forecast period, owing to the growing clinical trial activities and rising R&D investments on biopharmaceutical companies. Rise in awareness towards health problems among the patients is also propelling the demand for healthcare CRO services. clinical segment is anticipated to expand at considerable CAGR throughout the forecast period from 2018 to 2026. Moreover, the rising number of clinical trials on ethical consent and human subjects is helping to increase in outsourcing research activities which further fueling the growth of the segment. Technological advancements in healthcare equipment, adoption of enhanced health care technologies and increasing incidence of chronic diseases are the major factors supporting the growth of clinical segment. Furthermore, pre-clinical segment is anticipated to grow at significant pace during the forecast period owing to the growing adoption of pre-clinical trials as in this trial in order to accomplish the clinical trial on human subjects, testing should be done on animals first. In terms of service, due to growing health consciousness and increasing spending on advanced clinical technologies, clinical monitoring service segment is forecasted to accumulate noticeable market share in 2026.
North America to continue to hold largest share in the overall market
Geographically, the global healthcare contract research organization (CRO) market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Owing to the improving economic conditions, large and diverse patient pool and development in healthcare infrastructure Asia Pacific is accounted for largest market share in year 2017 and anticipated to continue its dominance over the forecast period. Growing incidences of lifestyle diseases including hypertension, mellitus, and diabetes due to changing dietary propensities is also anticipated to boost the growth of the Asia Pacific market. North America is projected to grow significantly throughout the forecast period owing to the presence of large number of market players and increasing spending on healthcare industry. Large number of outsourcing activities and clinical trials in the region is supplementing the growth of the domestic market. Rising investments by several pharmaceutical and biopharmaceutical drugs manufacturing companies and enhanced research infrastructure are supporting the growth of the Europe healthcare CRO market. Europe is expected to show considerable growth throughout the forecast period. Whereas, Middle East and Africa and Latin America also anticipated to contribute a noteworthy share in the global market due to rising awareness and increase spending capacities of populace in health related concerns.Aside from these locales, Latin America is another essential market. This is because of enhancing research framework and developing interest of pharmaceutical and biopharmaceutical drugs in the region. Brazil holds the biggest offer in the Latin American market, because of the expanding R&D exercises in the nation.
Charles River Laboratories (CRL), Covance are forecasted to accumulated large market shares
The market is very focused with several players working in similar geologies, with modest solutions differentiation. The company profiling of key players in the global healthcare contract research organization (CRO) market includes company overview, major business strategies and revenues. The key players of the market are 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. Industry participant battle on the basis of price, new innovated product launch, and expanding market presence. Due to ongoing technological advancements in healthcare industry, the leading players in the market are heavily investing in outsourcing research activities.
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