The global healthcare contract research organization market size was valued at USD 42.3 billion in 2021 and is expected to reach USD 74.7 billion by 2030, registering a CAGR of 6.5% from 2022 to 2030. Factors including the uptrend in R&D investments, an increase in the preference for outsourcing services due to cost & time constraints, and the expiration of patents in the healthcare sector are primarily propelling the market growth. Furthermore, the collaborations in contract research outsourcing offer state-of-the-art services that are preferred widely by government organizations, thereby driving the market demand.
Asia Pacific held the largest market share in the global healthcare CRO market, accounting for a share of around 42.7% in 2021. The region is also projected to expand at the fastest pace in the forecast period. This can be attributable to the growth in incidences of chronic health conditions, a diverse population, and the development of promising regulations as per the recognized standards. Moreover, the favorable initiatives undertaken by government organizations to decrease the time for approval of drugs are also supplementing the market growth. For instance, India’s Department of Pharmaceuticals conscripted new rules in October 2021 to decrease the time needed for the approval of new products by over 50% in two years, in order to augment the R&D activities in the country. These initiatives are expected to further supplement regional growth.
The global players in the market are focusing on entering into strategic collaborations for promoting their services across the globe. For instance, IQVIA entered into a collaboration with Servier, an international pharmaceutical firm, in December 2020, to revamp their R&D clinical development processes. Also, these players are revolutionizing their offerings by implementing virtual connectivity since the pandemic. These developments are opportunistic for market growth in the upcoming years.
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Healthcare Contract Research Organization Market Report Highlights
• Based on type, the clinical healthcare CRO led the market in 2021, accounting for a revenue share of over 76.4%. The segment covers four intricate phases, including human subjects. The mounting demand for new treatments has primarily contributed to the growth of the segment
• Based on service, the clinical monitoring segment dominated the global market in 2021. The surging number of clinical trials and the increasing need for monitoring studies generate immense demand for these services.
• Asia Pacific dominated the global market and accrued a revenue share of around 42.7% in 2021. This can be attributable to the growth in incidences of chronic health conditions, a diverse population, and the development of promising regulations as per the recognized standards
• Countries such as India, China, and Japan are estimated to depict noteworthy growth in the market in the forecast period, owing to the rise in prevalence of various chronic diseases in these countries
Healthcare Contract Research Organization Market Report Segments
Healthcare Contract Research Organization Type Outlook (Revenue, USD Million, 2018 - 2030)
• Drug Discovery
• Target Validation
• Lead Identification
• Lead Optimization
• Phase I Trial Services
• Phase II Trial Services
• Phase III Trial Services
• Phase IV Trial Services
Healthcare Contract Research Organization Service Outlook (Revenue, USD Million, 2018 - 2030)
• Project Management/Clinical Supply Management
• Data Management
• Regulatory/Medical Affairs
• Medical Writing
• Clinical Monitoring
• Quality Management/ Assurance
• Investigator Payments
• Patient and site Recruitment
Healthcare Contract Research Organization Application Outlook (Revenue, USD Million, 2018 - 2030)
• Central nervous system (CNS)
• Infectious diseases
Healthcare Contract Research Organization End-use Outlook (Revenue, USD Million, 2018 - 2030)
• Pharmaceutical & Biopharmaceutical Companies
• Medical Device Companies
Healthcare Contract Research Organization Regional Outlook (Revenue, USD Million, 2018 - 2030)
• North America
• Asia Pacific
• Korea (Republic)
• Latin America
• Middle East & Africa
• South Africa
• Saudi Arabia
List of Key Players in Healthcare Contract Research Organization Market
• ICON Plc
• Charles River Laboratories (CRL)
• Syneos Health
• IQVIA HOLDINGS INC.
• GVK Biosciences Private Limited
• Laboratory Corporation of America Holdings
• Thermo Fisher Scientific Inc.
• PAREXEL INTERNATIONAL CORPORATION
• Medidata Solutions, Inc.
• SGS SA
• KCR S.A.
• CTI Clinical Trial & Consulting
• PSI CRO AG
• Worldwide Clinical Trials
• Wuxi AppTec
• Advanced Clinical
• Pharm-Olam, LLC