Healthcare Contract Research Organization Industry is Projected to Achieve a Global Market Size of US$ 79 Bn by 2032, Reports Fact.MR
Fact.MR predicts the global sales of healthcare contract research organizations to surpass US$ 79 Bn by registering a positive CAGR of 6% in the forecast period 2022-2032. Rising cases of epidemics and biologics along with demand for real-time data acquisition of clinical trials of healthcare contract research organizations.
Historically, from 2015 to 2021, the global sales of healthcare contract research organizations to reach US$ 40 Bn by the end of the aforementioned period. A CAGR of 5.2% was registered in the said historical timeframe. Moreover, the onset of COVID-19 affected the demand for healthcare contract research organizations due to the restriction on movements. On the other hand, the pandemic increased the demand for accelerating the process for approving drugs and medicines. Thus, the demand for healthcare contract research organizations are escalating.
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Furthermore, increase in epidemics along with the demand for personalized medicines is augmenting the demand for healthcare contract research organizations. In addition, technological advancements and regulations by government are driving the demand for healthcare contract research organizations.
Key Takeaways from the Market Study
- By service, clinical monitoring expected to hold more than 20% market share for healthcare contract research organizations.
- By type, clinical services expected to hold more than 70% market share for healthcare contract research organizations.
- Healthcare contract research organization industry expected to possess nearly 25% market share throughout North America.
- Healthcare contract research organization industry expected to possess nearly 40% market share throughout Asia Pacific
- Global healthcare CRO market likely to be valued at US$ 44 Bn by 2022-end
“Initiatives by government to cut down on the time of medicine and drug approval along with continuous research and development is driving the demand for healthcare contract research organizations.” opines a Fact.MR study
- In January 2021, Charles River expanded their vaccine manufacturing capacities in Ireland. This benefited AstraZeneca as Charles River provided testing and deployment of drug makers COVID-19 vaccine.
- In October 2021, Syneos Health announced the acquisition StudyKIK. The company is focusing on developing better connection between patients. The acquisition will help the company to deliver technology enabled and insight powered solutions.
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More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global healthcare contract research organization market, presenting historical demand data (2015-2021) and forecast statistics for the period of 2022-2032.
The study indulges essential insights on the market on the basis of type (drug discovery, pre-clinical and full healthcare contract research organization) and service (project management/clinical supply management, data management, regulatory/medical affairs, medical writing, clinical monitoring, quality management/assurance, bio-statistics, investigator payments, laboratory, patient and site recruitment, technology and others) and across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Key Segments Covered in Healthcare Contract Research Organization Industry Report
· By Type :
- Pre-Clinical Healthcare Contract Research Organization
- Healthcare Contract Research Organization for Drug Discovery
- Lead Identification
- Target Validation
- Lead Optimization
- Clinical Healthcare Contraction Research Organization
- Phase I Trial Services
- Phase II Trial Services
- Phase III Trial Services
- Phase IV Trial Services
- Full Healthcare Contract Research Organization
· By Service :
- Healthcare CRO for Project Management/Clinical Supply Management
- Healthcare CRO for Quality Management/ Assurance
- Healthcare CRO for Bio-statistics
- Healthcare CRO for Regulatory/Medical Affairs
- Healthcare CRO for Medical Writing
- Healthcare CRO for Investigator Payments
- Healthcare CRO Services for Laboratory
- Healthcare CRO for Data Management
- Healthcare CRO for Clinical Monitoring
- Healthcare CRO for Patient and Site Recruitment
- Healthcare CRO for Technology
- Healthcare CRO for Other Services
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