Healthcare CRO Services market Had a Sizeable Impact in 2020 and Predicted to Achieve Double-Digit CAGR By 2026
Pune, Maharashtra, India, September 11 2020 (Wiredrelease) Allied Analytics –:The Global Healthcare CRO services market size is expected to reach $66,036.80 million by 2026, registering a CAGR of 6.9% from 2019 to 2026, in terms of value.
CRO is an organization or a group that provides services including clinical trials and early phase development of drugs or a medical device other organizations or companies on a contract basis. These organizations provide support to the pharmaceutical and biotechnology industries in the form of outsourced pharmaceutical research services. These organizations or companies contract CROs for conducting clinical trials to explicit the need of hiring permanent staff. Further, contracting with CROS effectively reduces the time it takes to conduct a trial in-house leading to significant cost savings. Several companies prefer such organizations to conduct research on behalf of them for cost savings.
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The clinical research services segment dominated the market
Based on service type, the clinical research services segment held the largest share in 2018, accounting for more than two-fifths of the global healthcare CRO services market. Moreover, the segment is expected to reach 7.3% from 2019 to 2026, owing to remarkable rise in clinical trials and development of various drugs and novel molecules for the treatment of several diseases.
The pharmaceutical companies segment held the largest market share
Based on end-user, the pharmaceutical companies dominated the global healthcare CRO services market in 2018, accounting for nearly half of the market and is expected to manifest the largest CAGR of 7.1% during the forecast period. This is due to increased research conducted by pharmaceutical companies to develop novel products for treatment of various chronic diseases.
North America held the lion’s share
Based on geography, the market across North America held the largest share in 2018, contributing to nearly half of the total revenue, owing to rise in biotechnology and pharmaceutical research by industry giants in the region. However, the global healthcare CRO services market across Asia-Pacific is anticipated to manifest the fastest CAGR of 7.4% during the study period, due to rise in demand for healthcare CRO services.
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Major market players
IQVIA, ICON, PRA Health Sciences, Evotec, Syneos, Medpace, Charles River, Labcorp, Syngene, Biotelemetry
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