PUBLISHER: The Business Research Company | PRODUCT CODE: 1427843
PUBLISHER: The Business Research Company | PRODUCT CODE: 1427843
Healthcare Contract Research Organization (CRO) services encompass the outsourced support and specialized expertise provided to the pharmaceutical, biotechnology, and medical device sectors by dedicated businesses. These entities seek assistance from contract research organizations for a range of research-related tasks, including data management, conducting clinical trials, and preparing regulatory submissions.
The primary categories of healthcare CRO services include early-phase development, clinical development services, laboratory services, and consulting services. Early-phase development denotes the initial stage of a project or enterprise, involving the investigation, testing, and validation of theories or hypotheses to establish the foundation for future development and progress. These services find application in various therapeutic areas such as oncology, CNS disorders, cardiovascular diseases, metabolic diseases, infectious diseases, diabetes, and others. Multiple end-users, including pharmaceutical companies, medical device companies, and academic institutes, engage in the utilization of these services.
The healthcare CRO services market research report is one of a series of new reports from The Business Research Company that provides healthcare CRO services market statistics, including healthcare CRO services industry global market size, regional shares, competitors with a healthcare CRO services market share, detailed healthcare CRO services market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare CRO services industry. This healthcare CRO services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The healthcare cro services market size has grown strongly in recent years. It will grow from $56.8 billion in 2023 to $61.61 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth witnessed in the historical period can be ascribed to the heightened emphasis on regulatory and medical affairs services provided by CROs, the globalization of clinical trials, the escalating complexity of clinical trials, the digital transformation in clinical trials, and the rising prevalence of chronic diseases.
The healthcare cro services market size is expected to see strong growth in the next few years. It will grow to $85.73 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The anticipated growth in the forecast period can be attributed to the ascent of biologics and cell and gene therapies, a heightened focus on rare diseases, emphasis on cost-effectiveness and speed, an increasing demand for real-world data, a focus on patient-centricity, and the growth of the biopharmaceutical pipeline. Major trends in the forecast period include the integration of artificial intelligence (AI), incorporation of machine learning (ML), considerations of environmental, social, and governance (ESG) factors, and the escalation of research and development (R&D) investments by pharmaceutical companies.
The anticipated growth in the healthcare CRO services market is expected to be propelled by the increase in healthcare expenditures. Healthcare expenditures encompass all costs associated with providing health services, family planning activities, nutrition programs, and emergency aid with a focus on health. The rise in healthcare spending, along with the growing demand for healthcare CRO services and their role in supporting clinical trials and studies, contributes to a larger pool of financing for medical research and development. For instance, as of February 2023, according to the Centers for Medicare and Medicaid Services, a federal agency in the United States, the country spent $4.3 trillion in 2021, equivalent to $12,914 per person, on healthcare. This reflected a 2.7% increase from the previous year, and healthcare spending accounted for 18.3% of the nation's GDP. Therefore, the upsurge in healthcare expenditures is a driving force behind the growth of the healthcare CRO services market.
The increasing number of clinical trials is expected to further boost the growth of the healthcare CRO services market. Clinical trials are scientific studies involving human participants designed to assess the safety and effectiveness of new medical interventions, such as drugs, therapies, devices, or procedures. Contract research organizations (CROs) play a vital role in the clinical trial process by providing various services that assist pharmaceutical and biotechnology companies in designing, conducting, and managing their studies efficiently. For instance, according to a report from Xtalks, a Canada-based web news and information network, there were 452,604 clinical studies registered on ClinicalTrials.gov as of May 2023, representing a significant increase from the over 365,000 registered trials recorded in early 2021. Therefore, the growth in clinical trials is contributing to the expansion of the healthcare CRO services market.
Major players in the healthcare CRO services market are adopting a strategic partnership approach to provide advanced Proteomics CRO services to biopharmaceutical and biomarker clients on a global scale. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits and success. In January 2023, Bruker Corporation, a US-based manufacturer of scientific instruments, formed a partnership with Biognosys AG, a Switzerland-based healthcare CRO services provider. The collaboration between Bruker and Biognosys is expected to create unique synergies, combining Biognosys' extensive range of proprietary proteomics services, software, and kits with Bruker's innovative timsTOF platform. This strategic partnership will result in the establishment of Biognosys' inaugural laboratory for advanced proteomics CRO services in the United States.
Major companies in the healthcare CRO services market are also innovating by developing products such as clinical trial monitoring solutions to expand their customer bases, boost sales, and increase revenue. A clinical trial monitoring solution is a comprehensive system or set of tools designed to oversee and manage various aspects of clinical trials. For example, in April 2022, Tata Consultancy Services (TCS), an India-based information technology (IT) services and consulting company, introduced a Risk-Based Monitoring solution. This innovative solution utilizes advanced statistical algorithms to proactively identify and address study and site risks in biopharmaceutical and Contract Research Organizations (CROs). Using data science, the solution accurately predicts outcomes related to site workload and risks, enabling stakeholders to implement informed monitoring strategies. The Risk-Based Monitoring solution provides unprecedented insights into missing data, enhancing data quality, consistency, and early detection of trends. With the potential for up to a 30% efficiency gain in site monitoring, the solution's automation streamlines processes, reduces site workload, ensures compliance, and accelerates product speed-to-market.
In July 2021, ICON PLC, an Ireland-based clinical research organization, completed the acquisition of PRA Health Sciences for $12 billion. Through this acquisition, ICON plc aimed to enhance operations to transform clinical trials and expedite the commercial success of biopharma clients in developing essential pharmaceuticals and medical devices. Additionally, the acquisition allowed ICON plc to focus on leveraging data, utilizing technology, and reaching diverse patient populations to expedite the development of new drugs. PRA Health Sciences Inc. is a US-based contract research organization (CRO) that offers data solutions and outsourced clinical development services.
Major companies operating in the healthcare cro services market report are Laboratory Corporation of America Holdings., IQVIA Inc., Icon Plc., PPD Inc., Wuxi Apptec Co. Ltd., Syneos Health Inc., Parexel International Corporation, Charles River Laboratories International Inc., Covance Inc., Medpace Inc., Pharmaron Beijing Co. Ltd., BioClinica Inc., Chiltern International Ltd., Evotec SE, PSI CRO AG, Premier Research Group Ltd., Worldwide Clinical Trials Inc., Caidya, BioTelemetry Inc., Syngene International Limited, Novotech CRO, Celerion, GVK Biosciences Private Limited, Synteract Inc., Veristat LLC., ACM Global Laboratories, ClinTec Luxembourg SA, Clinlogix LLC
North America was the largest region in the healthcare CRO services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare cro services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the healthcare cro services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The healthcare CRO services market includes revenues earned by entities by providing services such as discovery studies, pre-clinical services, analytical testing, and related pharmacovigilance and drug safety, data management, and biostatistics. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Healthcare CRO Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on healthcare cro services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for healthcare cro services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The healthcare cro services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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