The global healthcare contract research organizations (CRO) services market is expected to reach US$ 87,859.08 million by 2027 from US$ 43,208.57 million in 2019. The market is estimated to grow with a CAGR of 9.5% from 2020 to 2027. The increasing expenditure in R&D and outsourcing activities, and rising number of clinical trials are the major factors driving the growth of the healthcare contract research organizations (CRO) services market. However, the dearth of skilled professionals is hindering the growth of the market.
Pharmaceutical and biotech companies focus on R&D activities to innovate new molecules and therapeutic platforms to deal with chronic diseases and rare ailments.Additionally, several companies invest extensively in R&D activities to develop different therapeutic applications with strong medical and commercial potential.
According to a data published by European Federation of Pharmaceutical Industries and Associations, in 2018, Europe-based pharmaceutical companies invested about US$ 42,348.4 million for R&D. Additionally, R&D spending by biopharmaceutical companies has increased over the years. For instance, according to a study published by Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of biopharmaceutical companies grew from US$ 49.6 billion in 2012 to US$ 79.6 billion in 2018. Such massive investments in R&Ds are likely to drive the contract research organization services market during the forecast period.
Contract research organizations assist the sponsor companies in terms of research, development, and commercialization of new therapeutic products, especially in pharmaceutical, biopharmaceutical, and medical device industries. Factors such as increasing cost of research and development, increasing complexity of clinical trials, and emphasis on cost optimization are compelling the companies to outsource research activities.
The global healthcare contract research organizations (CRO) services market is segmented on the basis of service type, therapeutic indication, and end user.Based on service type, the market is segmented into early phase development, laboratory services, consulting services, and clinical research services.
The clinical research services segment held the largest share of the market in 2019 and the same segment is anticipated to register the highest CAGR in the market during the forecast period.Based on therapeutic indication, the healthcare contract research organizations (CRO) services market is segmented into oncology, infectious diseases, immunological disorders, respiratory diseases, cardiovascular diseases, neurological disorders, and others.
On the basis of end user, the healthcare contract research organizations (CRO) services market has been segmented into medical device companies, pharmaceutical and biopharmaceutical companies, and others (academic institutes).
Monash Institute of Pharmaceutical Sciences, World Health Organization (WHO), Australian Research Council, European Medical Association, World Trade Organization, and Pharmaceutical Research and Manufacturers of America, and European Federation of Pharmaceuticals Industries Associations are among the essential secondary sources referred to while preparing this report.
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