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15-Jan-2021

Healthcare Contract Research Outsourcing Market Revenue to Worth Over US$ 229.2 Billion by 2027, Owing to Increasing Investment in Biological Therapies

Drug manufacturing process is an important part of the pharmaceutical and medical device industries where novel drugs and devices are discovered through Research and Development (R&D). Clinical trials form the key part of pharmaceutical drug and medical device development and in the current scenario clinical trials are conducted across multiple locations in various geographies. Clinical trials are complex, which propel companies to opt for contract research outsourcing. Contract research outsourcing is handled by different research groups such as:

  • Contract research organizations (CROs)
  • Academic medical centers (AMCs)
  • Clinical trial laboratories (CTLs)

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Statistics:

The global healthcare contract research outsourcing market is estimated to account for US$ 229.2 Bn in terms of value by the end of 2027.

Global Healthcare Contract Research Outsourcing Market: Drivers

Increasing investment in biological therapies is expected to propel growth of the global healthcare contract research outsourcing market over the forecast period. For instance, in April 2020, i2O Therapeutics, a Harvard-launched biotech company developing a platform for oral delivery of injectable biological drugs, raised US$ 4 million in seed funding led by Sanofi Ventures and JDRF T1D Fund.

Global Healthcare Contract Research Outsourcing Market: Opportunities

Increasing prevalence of chronic disorders is expected to offer lucrative growth opportunities for players in the market. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.

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Global Healthcare Contract Research Outsourcing Market: Restraints

Genetic and disease profile variations is expected to hamper growth of the market. Outsourcing of clinical trials to diverse geographies poses a challenge in terms of genetic and disease profiles of the patient population in those countries. Variations in disease profiles sometimes do not support similar study in all the geographies. Moreover, difference in drug response towards an indication hinders the smooth process of clinical evaluation of that drug in all the outsourced geographies simultaneously. Thus, pharmaceutical companies prefer outsourcing the clinical trials to a particular geography, which is expected to limit growth of the market.

Key Takeaways:

The global healthcare contract research outsourcing market was valued at US$ 74.7 Bn in 2019 and is forecast to reach a value of US$ 229.2 Bn by 2027 at a CAGR of 15.1% between 2020 and 2027. The growth of the market is attributed to increasing number of clinical trials for development of novel drug products.

Clinical trials segment held dominant position in the global healthcare contract research outsourcing market in 2019, accounting for 50.1% share in terms of value. The growth of the segment is attributed to increasing investment in biological therapies for treatment of chronic diseases

Market Trends

Major players in the market are focused developing products to aid in effective compliance to regulatory guidelines. For instance, October 2019, Medidata Solutions launched Study Site Analytics that offers sites with access to standardized performance metrics from sponsors and CROs.

Major players in the market are focused on sharing information about COVID-19 prevalence, symptom progression, and treatment outcomes through various projects. For instance, in April 2020, IQVIA launched its COVID Active Research Experience Project at helpstopcovid19.com.

Global Healthcare Contract Research Outsourcing Market: Competitive Landscape 

Major players operating in the global healthcare contract research outsourcing market include IQVIA, Covance, Inc., Pharmaceutical Product Development Inc., Parexel International Corporation, Charles River Laboratories International Inc., Icon, Plc, Medidata Solutions, Inc., Inventiv Health, Inc. (Pharmanet Development Group Inc.), Medpace Holdings, Inc., and Piramal Life Sciences.

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Global Healthcare Contract Research Outsourcing Market: Key Developments  

March 2020: IQVIA and Quest Diagnostics, through its joint venture Q2 Solutions, collaborated with the University of Texas Medical Branch to develop a novel assay for COVID-19 tests for rapid development of a Coronavirus vaccine

January 2020: LabCorp, a life sciences company, launched its focused and coordinated suite of cell and gene therapy development solutions from Covance Inc.

Segmentation

Scope of the report

  • Healthcare Contract Research Outsourcing Market, By Service Type:
    • Safety Syringes
      • Clinical Trials
        • Drug Discovery
        • Preclinical
        • Phase I
        • Phase II
        • Phase III
        • Phase IV
      • Regulatory services
      • Medical writing
      • Clinical data management
      • Others
  • Healthcare Contract Research Outsourcing Market, By End User:
    • CROs
    • Clinical Trial Laboratories
    • AMCs
  • Healthcare Contract Research Outsourcing Market, By Region:
    • North America
      • By Service Type:
        • Clinical Trials
          • Drug Discovery
          • Preclinical
          • Phase I
          • Phase II
          • Phase III
          • Phase IV
        • Regulatory services
        • Medical writing
        • Clinical data management
        • Others
      • By End User
        • CROs
        • Clinical Trial Laboratories
        • AMCs
      • By Country:
        • U.S.
        • Canada
    • Latin America
      • By Service Type:
      • By End-User
      • By Country:
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • By Service Type:
      • By End-User
      • By Country:
        • Germany
        • U.K.
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Service Type:
      • By End-User
      • By Country:
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • By Service Type:
      • By End-User
      • By Country:
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • By Service Type:
      • By End-User
      • By Country:
        • South Africa
        • Central Africa
        • North Africa
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Last Updated: 15-Jan-2021