Kenneth Research has evaluated the current market opportunities in Healthcare Contract Research Outsourcing Market in the healthcare industry for the forecast period 2022-2031, which also includes the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players, along with the worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa, has also been provided in the report.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Healthcare Contract Research Outsourcing Market products.
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Moreover, the median health expenditure per capita recorded in the high-income, upper-middle income, and low & lower-middle income countries, recorded to be over USD 2,000, USD 400, and USD 100 respectively. Additionally, in the same year, the spending on health in high-income countries and in the low- and middle-income countries comprised approximately 8.2% and 6.3% of the GDP respectively.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Global Healthcare Contract Research Outsourcing Market is estimated to reach $58.9 billion by 2025; growing at a CAGR of 6.9% from 2017 to 2025. Healthcare contract research outsourcing offers support to the medical device, biotechnology, and pharmaceutical industries in the form of research services outsourced. Healthcare contract research outsourcing services includes clinical research commercialization, biologic assay development, clinical trials management, biopharmaceutical development, pharmacovigilance, and preclinical research, among others. Healthcare companies normally outsource drug development functions to contract research organizations to competently use the development capabilities globally. The therapeutic, clinical, and regulatory expertise of CROs help to enhance the whole rate of development as well as fast-track time to market for a new product.
Major factors driving the global healthcare contract research outsourcing market are increase in number of clinical trials, growing outsourcing activities to save cost & time, and growing R&D expenditure. However, strong competition in the CRO services market may hamper the market growth. Furthermore, growth in demand for specialized testing services would unfold with numerous growth opportunities in the forecasted year.
Major segments of the global healthcare contract research outsourcing market are service, therapeutic area, end user, and geography. The service segment comprises regulatory service, medical writing, pharmacovigilance, site management protocol, clinical trial service, clinical data management & biometrics and other services. Therapeutic area contains respiratory, infectious diseases, oncology/hematology, immunology, rare diseases, CNS, CV/metabolic, medical devices and other therapeutic area. Further, market is bifurcated by end use into biotechnology companies, medical device companies, pharmaceutical companies and academic institutes & government organizations.
Geographically, the global healthcare contract research outsourcing market is categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated into U.S., Canada, and Mexico whereas Europe segment consist of UK, Russia, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into China, Japan, South Korea, India, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
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The major players competing in the market are Pharmaceutical Product Development, LLC, Charles River, Laboratory Corporation of America Holdings, IQVIA, Medpace, Syneos Health, PAREXEL International Corporation, Envigo, ICON plc, and PRA Health Sciences, among others.
The key takeaways from the report
The report will provide detailed analysis of Global Healthcare Contract Research Outsourcing Market with respect to major segments such as service, therapeutic area, and end user
The report will include the qualitative and quantitative analysis with market estimation over 2016 – 2025 and compound annual growth rate (CAGR) between 2017 and 2025
Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Global Healthcare Contract Research Outsourcing Market has been included in the report
Profile of the key players in the Global Healthcare Contract Research Outsourcing Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Healthcare Contract Research Outsourcing Market
Service Segments
Regulatory Service
Medical Writing
Pharmacovigilance
Site Management Protocol
Clinical Trial Service
Clinical Data Management & Biometrics
Other Services
Therapeutic Area Segments
Respiratory
Infectious Diseases
Oncology/Hematology
Immunology
Rare Diseases
CNS
CV/Metabolic
Medical Devices
Other Therapeutic Areas
End User Segments
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Biotechnology Companies
Medical Device Companies
Pharmaceutical Companies
academic institutes & government organizations
Geographical Segments
North America
U.S.
Canada
Mexico
Europe
UK
Russia
Germany
France
Italy
Rest of Europe
Asia-Pacific
India
China
Japan
South Korea
Rest of Asia-Pacific
RoW
South America
Middle East
Africa
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