Introduction
Contract Research Organizations (CRO) are the firms offer research-based services on a contract to many pharmaceutical and biotechnology, medical devices industries. These services includes drug and devices research and development, CMS, preclinical research, clinical trials and so on.
Factors such as increasing investment in R&D programs, preference for outsourcing activities due to time and cost constraints, and patent expiration in the healthcare sector are driving the market demand.
The COVID-19 pandemic has severely impacted the CRO industry. But the worldwide focus on finding a vaccine against coronavirus has had a significant impact on these research organization’s clinical trial services and this service trend is expected to continue till the end of 2021.
Table of Contents
Executive Summary
Scope of the report
Research Methodology
Executive Summary
Introduction
5.1 Parent Market/ TAM
5.2 Market Outline
5.3 Market Segmentation
6.Five Force analysis
7.Market Sizing
8.Market segmentation
9.Geographical Landscape
9.1 APAC
9.2 Europe
9.3 North America
9.4 ROW
10.Growth drivers
10.1 Growing R&D expenditures and outsourcing activities
10.2 Increasing demand of outsourcing analytical testing and clinical trial services
11.Key Market Trends
12.Impact of Covid-19
13.Challenges
14.Customer Insights analysis
15.Major Market Players
15.1 ICON
15.2 Charles River Laboratories (CRL)
15.3 Syneos Health
15.4 IQVIA
15.5 GVK Biosciences Private Limited
15.6 Covance
15.7 Pharmaceutical Product Development
15.8 Pharmaron
15.9 Medidata Solutions
15.10 PRA Health Sciences
16.Recent Developments
17.Future Scope
18.Strategic Recommendations
Market Overview
The Global healthcare contract research organization market is expected to have incremental growth of $55.60 billion during 2020-2025
Growth momentum is expected to accelerate during the forecast period with a 6.75% CAGR.
Clinical research services accounted for the largest share in 2020 due to rapid growth in the geriatric population and the subsequent increase in the prevalence of chronic diseases.
APAC region dominated the global healthcare contract research organization market
Key Trends
The growing biosimilars and biologics market is expected to drive the market in the future.
Rising demand for specialized testing services is expected to create lucrative opportunities in the coming years.
Increasing investment in non-clinical and clinical research activities is expected to propel market growth.
Key Market Players
Some of the key players in the market are ICON, Charles River Laboratories (CRL), Syneos Health, IQVIA, GVK Biosciences Private Limited, Covance.
The market is highly competitive owing to the rise in demand for healthcare CRO coupled with technological advancements, which is likely to boost the entry of new companies. Mergers & acquisitions, strategic alliances, and extensive R&D in the area of Health technologies are some of the collaborative initiatives being undertaken by key companies to increase their market shares.
Growth Drivers and Challenges
Growing R&D expenditures and outsourcing activities are driving the market demand
Increasing demand for outsourcing analytical testing and clinical trial services.