Global Healthcare Contract Research Organization (CRO) Market is expected to reach USD 51.3 billion by 2024. Healthcare Contract Research Organization (CRO) is also termed as clinical research organization is a company that helps conduct research for a sponsor company like medical device, pharmaceutical, and biotechnology. The research may include pre-clinical research to post marketing research activities. The Healthcare CRO Market is estimated to grow at a significant CAGR of 6.5% over the future period as the scope and its applications are rising enormously across the globe.
Rising investment in research & development sector from pharmaceutical industries and development of drugs for the treatment of several chronic diseases like neurological disorder, immunological disorders, and metabolic disorders are documented as major factors of Healthcare Contract Research Organization (CRO) Market that are estimated to enhance the growth in the years to come. However, strict policy for the approval of biopharmaceutical and pharmaceutical drugs are the factors that may restrain overall market in coming years. Healthcare Contract Research Organization (CRO) Market is segmented based on type, service, and region.
Clinical, drug discovery, and pre-clinical are the types that could be explored in Healthcare Contract Research Organization (CRO) in the forecast period. The clinical segment includes four phases of trial services. On the other hand, drug discovery includes lead optimization, target validation, and lead identification. The clinical sector is estimated to lead the overall market with the largest share in the coming years. Pre-clinical trials comprise testing on animals before sanctioning on a human.
The market may be categorized based on services like technology, project management/clinical supply management, patient and site recruitment, data management, laboratory, regulatory/medical affairs, investigator payments, medical writing, bio-statistics, clinical monitoring, and quality management/ assurance. The clinical monitoring sector accounted for the largest market share of Healthcare Contract Research Organization (CRO) and is estimated to lead the overall market in the coming years. This may be because of relaxation of load on management, cost-efficient, and expertise. Also, the regulatory affairs sector is estimated to grow at fastest pace in the coming years.
Globally, North America accounted for the largest market share of Healthcare Contract Research Organization (CRO) and is estimated to lead the overall market in the coming years. The reason behind the overall market growth could be huge number of trials subcontracted and started in the region. The United States is a measure consumer of Healthcare Contract Research Organization (CRO) in this region. This may be because of the U.S. government initiative by funding and supporting R&D activities.
Instead, Europe and the Asia Pacific are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at fastest pace with the highest CAGR over 7% in the foremost period. The aspects that may be ascribed to the growth comprise patient recruitment ease, rising interest in western organization for new opportunities, and availability of diverse population. The developing countries like India and China are the major consumer of Healthcare Contract Research Organization (CRO) in the region.
The key players of Healthcare Contract Research Organization (CRO) Market are Theorem Clinical Research, Quintiles, Medidata Solutions, Covance, inVentive Health, Pharmaceutical Product Development, ICON plc, Parexel, and Charles River Laboratories (CRL). These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.
No comments:
Post a Comment