Healthcare Contract Research Organization Market (By Type: Drug Discovery, Pre-clinical, Clinical; By Service: Project Management/Clinical Supply Management, Data Management, Regulatory/Medical Affairs, Medical Writing, Clinical Monitoring, Quality Management/ Assurance, Bio-statistics, Investigator Payments, Laboratory, Patient and site Recruitment, Technology, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 20212030

The global Healthcare Contract Research Organization market size is expected to be worth around US$ 76.0 billion by 2030, according to a new report by Vision Research Reports.

The global Healthcare Contract Research Organization market size was valued at US$ 49.6 billion in 2020 and is anticipated to grow at a CAGR of 16.6% during forecast period 2021 to 2030.

Growth Factors

The increasing cost of drug development is expected to drive market demand over the forecast period. Also, rising cilical trials cost and challenges pertaining to patient recruitment have led biopharmacetical companies to turn to regions like Central and Eastern Europe, Asia Pacific, Latin America, and Middle East for cost savings and quick patient recruitment.

In addition, growing pressure on industry players to follow stringent timelines has increased the demand for outsourcing research activities to Contract Research Organizations (CROs). Some government organizations are also outsourcing their clinical trial activities so that they can carry out clinical trials with the required infrastructure, expertise, and minimize their cost and timelines.

However, the COVID-19 pandemic has significantly impacted the CRO market. The worldwide focus on finding a vaccine against coronavirus has had a significant impact on the development of other vaccines and drugs. At the peak of the pandemic, vaccines and treatments for COVID-19 accounted for 30% of all the trials in the U.S. This resulted in other trials being put on hold.

Report Highlights

Based on type, the clinical segment dominated the market and accounted for the largest revenue share of 86.7% in 2020. The share is attributed to the rising number of biologics, the need for personalized medicines, and orphan drugs, and the demand for advanced technologies. Factors such as technological evolution, globalization of clinical trials, and demand for CROs to conduct clinical trials are further projected to drive growth.

Outsourcing of Phase III clinical trials to healthcare CROs generated the highest revenue in 2020 due to the fact that they are one of the most expensive stages of a clinical trial; approximately 90.0% of the expenses occurred during the clinical development of a drug stems from this phase.

The segment of preclinical studies is projected to witness a rapid growth rate of 10.3% during the forecast period. Increase in the number of preclinical trials involving large molecules and the increasing need to curb R&D expense is expected to contribute to the growing demand for quality preclinical CRO, thereby contributing to market growth.

The segment of clinical monitoring led the healthcare Contract Research Organization (CRO) market and accounted for more than 28.0% share of revenue in 2020. It is also anticipated to maintain its position over the forecast period. This may be attributed to the increasing number of clinical trials and the need to monitor those studies that are creating more demand for the services.

Clinical research is being outsourced to CROs over the past decade due to various reasons such as cost-effectiveness and technical expertise. The introduction of smart analytics and real-time data acquisition devices are estimated to improve clinical monitoring data in the healthcare sector. Real-time data acquisition related to drug safety and toxicity enables early identification of trial errors and enables timely rectifications such as trial re-design or termination, thereby propelling segment growth.

The regulatory/medical affairs segment is anticipated to witness the fastest growth rate of 21.1% over the forecast period. The outsourcing for regulatory affairs is expanding rapidly due to the increase in R&D activities, clinical trial applications, product registration, and drug pipeline. The increasing demand to obtain approval for new products, maintain compliance, and doing more with less is projected to support the market growth.

Asia Pacific dominated the healthcare (Contract Research Organization) market with the largest revenue share of 52.0% in 2020. The region is also anticipated to grow at a rapid pace over the forecast period. This may be attributed to the high prevalence of chronic conditions, availability of diverse populations, easy patient recruitment and retention, and the establishment of regulations as per accepted standards.

Key Players

• IQVIA Holdings Inc.

• Covance Inc.

• Pharmaceutical Product Development, LLC

• Parexel International Corporation

• Charles River Laboratories International, Inc.

• ICON, plc

• Medidata Solutions, Inc.

• Syneos Health

• Pharmaron

• GVK Biosciences Private Limited

• Wuxi AppTec

• MEDPACE HOLDINGS, INC.

• PRA Health Sciences

• CTI Clinical Trial & Consulting

Market Segmentation

• Type Outlook 

  • Drug Discovery

    • Target Validation

    • Lead Identification

    • Lead Optimization

  • Pre-clinical

  • Clinical

    • Phase I Trial Services

    • Phase II Trial Services

    • Phase III Trial Services

    • Phase IV Trial Services

• Service Outlook 

  • Project Management/Clinical Supply Management

  • Data Management

  • Regulatory/Medical Affairs

  • Medical Writing

  • Clinical Monitoring

  • Quality Management/ Assurance

  • Bio-statistics

  • Investigator Payments

  • Laboratory

  • Patient and site Recruitment

  • Technology

  • Others

• Regional Outlook

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Spain

    • Italy

    • Switzerland

    • Belgium

    • Netherlands

    • Austria

  • Asia Pacific

    • India

    • China

    • Taiwan

    • Japan

    • Korea (Republic)

    • Australia

    • Indonesia

    • Malaysia

    • Singapore

    • Thailand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

    • Chile

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Iran

    • Israel

    • Egypt

The Healthcare Contract Research Organization market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Healthcare Contract Research Organization market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Healthcare Contract Research Organization market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Healthcare Contract Research Organization market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Healthcare Contract Research Organization market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Healthcare Contract Research Organization capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Healthcare Contract Research Organization by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Healthcare Contract Research Organization market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Healthcare Contract Research Organization market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Healthcare Contract Research Organization market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Healthcare Contract Research Organization industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Healthcare Contract Research Organization market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Healthcare Contract Research Organization market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Healthcare Contract Research Organization market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Healthcare Contract Research Organization market. These factors have benefited the growth of the global market for Healthcare Contract Research Organization. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Healthcare Contract Research Organization. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Healthcare Contract Research Organization are as follows:

• History Year: 2017-2020

• Base Year: 2021

• Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.