North America to Grab the Lion’s Share in the Healthcare Contract Research Organization Market

Introduction

Contract research organizations are companies that provide research-based services on contract to the pharmaceutical, biotechnology, and medical device industries and government organizations. The services provided include preclinical and clinical research services, post-marketing surveillance, and laboratory services. Rapid technological advancements and growing globalization have compelled the biotech and Pharma companies to outsource their research activities, further driving the market growth.

The demand for healthcare contract research organization (CRO) has been increasing at a significant rate due to advancements in the drug development domain. The surging number of medical and pharmaceutical research institutes to develop new drugs for the treatment of chronic diseases drive market growth. Apart from this, growing investments by the government and public-sector organizations to improve clinical research and the presence of rapidly expanding pharmaceutical industries provide an impetus to the market growth.

 Key Highlights

• The healthcare contract research organization (CRO) market was valued at USD 40,056.5 million in 2019 and is expected to grow with a CAGR of 7.2% on account of increasing investment in R&D activities by pharmaceutical companies.
• The clinical research services segment dominated the Healthcare CRO market in 2019. The Phase III trials segment is projected to register the highest growth rate during the forecast period.
• The drug discovery segment is expected to grow at the fastest rate owing to the rising prevalence of cardiovascular and CNS-related diseases and patent expiration of blockbuster drugs.
• The oncology segment accounted for the largest market share due to an increasing number of clinical trials to address the rising prevalence of cancer across the globe.
• North America leads the healthcare contract research organization market. The region performs the highest number of clinical research activities supported by government grants and funds.

Competitive Players

Key Players

• Charles River Laboratories International
• Clinipace Ltd
• CMIC Holdings
• EPS International
• ICON Ltd
• IQVIA
• Medpace
• Parexel International
• PRA Health Sciences
• Synteract

Recent Developments

Recent Development

• In February 2019, Pharmaceutical Product Development (PPD) LLC. collaborated with Happy Lie Tech, a China-based AI company that collects real-time evidence during clinical research services.

Segmentation

Healthcare Contract Research Organization Market Segmentation

By Type of Services

• Drug discovery
• Preclinical research
• Clinical research
• Laboratory services

By Therapeutic Area

• Oncology
• Cardiovascular
• Infectious diseases
• Neurology

By End-User

• Pharmaceutical industries
• Biotech Industries
• Medical device industries
• Academic institutions