Healthcare contract research organizations (CRO) market has been growing significantly owing to the rising R&D programs in healthcare and growing demand for CRO in pharmaceutical, medical and other healthcare industries. The global healthcare CRO market assists primarily to the pharmaceutical, biotechnology, and medical device industries. The drug manufacturers outsource therapeutic and other product development services which optimize the utility of flexible cost structure and prevents to maintain redundant development capabilities, globally. The CROs in therapeutic, regulatory, and clinical domain enables to cut total cost of development of a new product. The CRO provide an array of value-added services to biopharmaceutical companies and play a key role in the drug development process. These services incorporate all phases of the drug development growth including compound selection, discovery, preclinical research, clinical testing, post-approval functions such as commercialization, safety assessment, monitoring, and consulting, among other services. The CROs supports biopharmaceutical companies to manage and curb the cost of drug development process takes less time to market, as compared to in-house R&D at biopharmaceutical companies.
Moreover, there are various companies contributing into the growth of the healthcare CRO market which includes Lambda Therapeutic Research, Ltd., PAREXEL International Corp., Pharmaceutical Product Development (PPD), LLC, Pharmaron Beijing Co., Ltd., LabCorp, and Syneos Health. Merger & acquisition, partnership & collaboration, and geographical expansion are a key strategy in order to expand individual market share. In June 2018, Syneos Health collaborated to Elligo Health Research to accelerate research. The collaboration support to evolve clinical trial and quickly provides biopharmaceutical therapies to market. The Syneos Health, CRO combines a wide range of integrated outsourcing solutions for clinical development and commercialization.
Geographically, the market is divided into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America is expected to grow significantly owing to the increasing prevalence of chronic diseases, and advanced pharmaceutical and biopharmaceutical products in the region. The CRO supports drug manufacturers to discover and approve drugs by supporting in the clinical stages. It covers activities such as data research, project management, tests, trials, clinical, post-approval activities. According to the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA), it takes about 10-15 years to develop a drug, which boosted the demand for CRO in healthcare. CRO services are increasingly adopted by small, medium and large-sized pharma companies. The larger pharma companies are focusing on long-term strategic alliances, for wide service offering such as health economics and outcomes research, market access, and pharmacovigilance. The data collection for a clinical trial is usually manual, paper-based, repetitive, and often inaccurate. The automated smart device, which is based on data collection saves money & time and enhances decision-making capabilities. HCL Technologies, Ltd. offers smart clinical trials with remote patient monitoring, which is the next generation cutting-edge solution for patient engagement in the healthcare ecosystem. Through the solution, the CROs can offer pharma firms to prevent delay in drug development process. The solution utilizes technology such as sensory technology in the form of patient wearables, mobility, cloud platforms, and edge analytics to increase the efficiency and success of clinical trials, and improve patient engagement.
Research Methodology:
The market study of the global Healthcare Contract Research Organizations Market is incorporated by extensive primary and secondary research conducted by a research team at OMR. Secondary research has been conducted to refine the available data to break down the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macroeconomic factors. Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings the authenticity of our reports.
Secondary Sources Include:
- Financial reports of companies involved in the market
- Authentic public databases such as the IBEF, IFPMA, and others
- Whitepapers, research-papers and news blogs
- Company websites and their product catalog.
The report is intended for research organizations, contract manufacturers, hospitals, research institutes, dental laboratories, investment companies, government organizations for overall market analysis and competitive analysis. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models delivering insights into the market for better business decisions.
Market Segmentation:
- Global Healthcare CRO Market Research and Analysis by Service
- Global Healthcare CRO Market Research and Analysis by Therapeutic Area
The Report Covers:
- Comprehensive research methodology of the global healthcare CRO market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the global healthcare CRO market.
- Insights about market determinants which are stimulating the global healthcare CRO market.
- Detailed and extensive market segments with regional distribution of forecast revenues.
- Extensive profiles and recent developments of market players.
