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Healthcare Contract Research Outsourcing Market Driven By Rising Healthcare Costs And Reducing Productivity

MarketResearch.biz delivers in-depth insights in its upcoming report titled “Global Healthcare Contract Research Outsourcing (CRO) Market Trends, Applications, Analysis, Growth, and Forecast to 2027”. The report offers in-depth insights, revenue details, and other vital information regarding the global contract research outsourcing (CRO) market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the global contract research outsourcing (CRO) market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global contract research outsourcing (CRO) market report has been segmented on the basis of services, destination research group and region.

Contract research outsourcing (CRO) is one of the emerging trends in the global healthcare industry. CRO involves outsourcing of various research activities, previously performed by the manufacturer to a third-party researcher. Moreover, the high cost of having an in-house healthcare research facility not only takes effort, but also time and money. This is creating a demand for healthcare contract research outsourcing (CRO). Furthermore, increasing number companies operating in the pharmaceutical, biotechnology, and medical devices sectors are nowadays outsourcing research activities to contract researchers in order to cut manufacturing and production costs without compromising on the quality of end product.

Rising healthcare costs and reducing productivity are key factors driving growth of the global healthcare contract research outsourcing (CRO) market. In addition, emergence of biological therapies, decreasing R&D for new drugs, and patent expires on exclusive drugs are all factors contributing to growth of the global healthcare contract research outsourcing (CRO) market.

However, variations in regulatory guidelines, long duration for approval process of new drugs and quality issues within the performed research are key restraints for growth of the global healthcare contract research outsourcing (CRO) market. In addition, unforeseen costs and congeniality issues with third party researchers are factors hampering growth of the global healthcare contract research outsourcing (CRO) market.

Increasing incidence of clinical trials being conducted in emerging countries and outsourcing activities by major players to save time and reduce costs are key opportunities for growth of the global healthcare contract research outsourcing (CRO) market.

The market in North America dominated the global contract research outsourcing (OCT) market in terms of revenue share, owing to highest number of trials undertaken and research outsourced in the region. The market in Europe held the second largest market share of the global contract research outsourcing (OCT) market, followed by Asia Pacific. The Asian CRO market is expected to grow at a rapid rate due to the increasing quest of global companies to explore new avenues and to expand their respective business enterprise. Moreover, growing incidence rate of “Western” diseases such as hypertension, diabetes mellitus and dyslipidemia due to change in sedentary life style and dietary pattern is further expected to propel growth of the global healthcare contract research outsourcing (CRO) market.

Global Healthcare Contract Research Outsourcing Market Segmentation:

Global healthcare contract research outsourcing (CRO) market segmentation by service:

Clinical trial services drug discovery services
Preclinical Services
Phase I trial services
Phase II trial services
Phase III trial services
Phase IV trial (post marketing surveillance) services
Regulatory services
Medical writing services
Clinical data management (CDM) service
Others

Global healthcare contract research outsourcing (CRO) market segmentation by destination research group:

Contract research organizations (CROS)
Clinical trial laboratories
Academic medical canters (AMCs)

Global healthcare contract research outsourcing (CRO) market segmentation by region:

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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Key Players:

Piramal Life Sciences
Inventiv Health Inc
Medidata Solutions Inc
Icon Plc.
Charles River Laboratories International Inc
Parexel International Corp.
Pharmaceutical Product Development Inc
Covance Inc.
Quintiles Transnational Corp.
LabCorp