Healthcare CRO Services Market by Type (Early Phase Development, Clinical Development Services, Laboratory Services, and Consulting Services), Therapeutic Area (Oncology, CNS Disorder, Cardiovascular Disease, Metabolic Disease, Infectious Disease, Diabetes, and Others), and End-User (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, and Academic Institutes): Global Opportunity Analysis and Industry Forecast, 2019–2026
The global healthcare contract research organization (CRO) services market was valued at $38,996.9 million in 2018 and is expected to reach $66,036.6 million by 2026, registering a CAGR of 6.9% from 2019 to 2026. Contract research organizations (CROs) are outsourcing companies or groups that conduct specific and focused R&D clinical trials for the pharmaceutical or biotech industry. They possess well-experienced professionals that offer preclinical, clinical, and regulatory activities for drug and medical devices development, and their commercialization. These organizations can range from international full-service groups to small or niche service providing groups. In addition, CROs provide the experience of moving a novel drug, molecule, or a drug from its nascent phase to marketing approval, without any involvement of a sponsor for these services.
Surge in R&D for the development of novel drugs and medical devices and rise in healthcare expenditure are the major factorsthat drive the market growth. Moreover, CROs help in saving time and extra cost of manufacturers as it reduces the time to conduct a trial compared to the time taken for doing the same trials in-house, whichleadsto significant cost savings. However, penetrating competition in the market and dearth of skilled professionals are the major factors anticipated to hamper the market growth. Moreover, rise in the biotech and pharmaceutical sector in developing economies is expected to create lucrative opportunities for the market.
The market is segmented on the basis of service type, therapeutic area, end-users, and region. By service type, it is categorized into early phase development, clinical development services, laboratory services, and consulting services. By therapeutic area, it is segmented into oncology, CNS disorder, cardiovascular disease, metabolic disease, infectious disease, diabetes, and others. By end-users it is segmented into pharmaceutical & biopharmaceutical companies, medical device companies, and academic institutes. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS - The study provides an in-depth analysis of the market along with the current trends and future estimations to elucidate the imminent investment pockets.
- It offers a quantitative analysis from 2018 to 2026, which is expected to enable the stakeholders to capitalize on prevailing market opportunities.
- Comprehensive analysis of all geographical regions is provided to determine the prevailing opportunities.
- Key players are profiled, and their strategies are analyzed thoroughly to understand the competitive outlook of the global market.
KEY MARKET SEGMENTS
By Service Type • Early Phase Development
• Clinical Research Services
• Laboratory Services
• Consulting Services
By End-User • Pharmaceutical Companies
• Medical Device Companies
• Academic Institutes
By Region • North America
o Rest of Europe
• Asia Pacific
o Rest of Asia-Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
LIST OF KEY PLAYERS PROFILED IN THE REPORT • IQVIA
• PRA Health Sciences
• Syneos Health
• Charles River
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United Arab Emirates
Medical Technology Density
Health Provider Density
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