How Healthcare Contract Research Outsourcing is Revolutionizing the Pharmaceutical Industry: Trends, Challenges

The global market for healthcare contract research outsourcing is projected to grow at a CAGR of 6.6%. Healthcare contract research outsourcing generated US$ 38.4 billion in revenue in 2020; by the end of 2028, it is anticipated to generate US$ 63.09 billion. The Healthcare Contract Research Outsourcing (CRO) market refers to the outsourcing of various clinical research services by biopharmaceutical, medical device, and other healthcare companies to specialized third-party service providers. CROs offer a range of services such as clinical trial management, regulatory affairs, data management, and medical writing.

The global healthcare CRO market has been witnessing significant growth in recent years, driven by factors such as increasing R&D expenditures by pharmaceutical and biotech companies, growing demand for outsourcing of clinical trials and research activities, and the need to reduce drug development timelines and costs The North American region dominates the healthcare CRO market, accounting for a significant share of the global revenue due to the presence of major pharmaceutical and biotech companies, increasing R&D investments, and a favorable regulatory environment. However, the Asia-Pacific region is expected to witness the fastest growth in the market due to the increasing adoption of clinical outsourcing by the region’s biopharmaceutical industry, growing healthcare infrastructure, and lower costs of conducting clinical trials.

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Key Takeaways from Market Study

• Global healthcare contract research outsourcing market to reach US$ 63.09 Bn by 2028.
• Clinical trial services projected to account for highest share of global market over forecast period.
• Market in North America holds share of 43.1%.

Winning Strategy

Key companies are investing in product development and strategic collaborations to extend distinct product portfolios and acquire a strong position in the global market. Major market participants are also concentrating on launching new items and services in order to broaden their product lines.

Moreover, an increasing number of firms in pharmaceutical, biotechnology, and medical device industries are outsourcing research activities to contract researchers to reduce manufacturing and production costs without sacrificing end-product quality.

For instance,

• In December 2020, IQVIA and Servier, an independent international pharma business, partnered to innovate their R&D clinical development procedures and assist their long-term R&D performance.
• In July 2021, QPS, a contract research organization, teamed with Medigen Vaccine Biologics Corporation, to complete the toxicological tests needed to begin developing a COVID-19 vaccine.

Key Companies Profiled

• Syneos Health
• PAREXEL International
• ICON plc
• Charles River
• IQVIA
• Medpace
• Pharmaceutical Product Development, LLC.

Key Questions Covered in the Healthcare Contract Research Outsourcing Market

1. What is the current size of the global healthcare CRO market, and what is its expected growth rate in the coming years?
2. What are the key drivers and restraints influencing the healthcare CRO market, and how are they expected to evolve in the future?
3. What are the most commonly outsourced services in the healthcare CRO market, and which segments are expected to grow the fastest?
4. Which geographical regions are expected to experience the highest growth in the healthcare CRO market, and why?

Overall, the healthcare CRO market is a dynamic and growing sector of the healthcare industry, playing a crucial role in the drug development process and helping to bring new treatments and therapies to market faster and more efficiently

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global healthcare contract research outsourcing market, presenting historical demand data (2017-2020) and forecast statistics for the period of 2021-2028.

The study divulges essential insights on the market on the basis of service (clinical trial services, regulatory services, clinical data management & biometrics, medical writing, pharmacovigilance, site management protocol, and others), therapeutic area (oncology/hematology, CNS, CV/metabolic, respiratory, infectious diseases, immunology, rare diseases, medical devices, and others), and end user (pharmaceutical companies, biotechnology companies, medical device companies, academic institutes & government organizations), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).