Healthcare CRO Services Market Scope
Healthcare CRO Services provide services in form of research facilities outsourced on contract basis to research organizations, academic institutes, and government organizations. These services include drug development, assay development, commercialization, preclinical & clinical research, clinical trials management, and pharmacovigilance. The increasing outsourcing of R&D activities and high failure rate of clinical trials has increased the demand for healthcare CRO services.
According to AMA, the Global Healthcare CRO Services market is expected to see growth rate of 20.3% Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Healthcare CRO Services market throughout the predicted period.
IQVIA Holdings, Inc. (United States), Laboratory Corporation of America Holdings (United States), Pharmaceutical Product Development, Inc.(United States), Parexel International Corporation (United States), Charles River Laboratories International, Inc. (United States), ICON PLC (Ireland), Medidata Solutions, Inc.(United States), Syneos Health, Inc. (United States), Pharmaron Beijing Co., Ltd. (China) and GVK Biosciences Private Limited (India) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are SGS SA (Switzerland), EPS International Co., Ltd (Japan) and Genscript Biotech (United States).
Segmentation Overview
The study have segmented the market of Global Healthcare CRO Services market by Type (Early Phase Development Services {Discovery Studies, Chemistry, Manufacturing & Control, Preclinical Services (Pharmacokinetics /Pharmacodynamics, Toxicology Testing, Other), Clinic Research Services {Phase I, Phase II, Phase III, Phase IV}, Laboratory Services {Bioanalytical Testing, Analytical Testing (Physical Characterization, Stability Testing, Batch Release Testing, Raw Material Testing, Other Analytical Testing)}, Consulting Services and Data Management Services) and Region with country level break-up.
On the basis of geography, the market of Healthcare CRO Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Growing Consolidation in the CROs Industry
Market Growth Drivers:
Increasing R&D Investment in Clinical & Non-Clinical Research Activities and Increasing Demand Of Outsourcing Analytical Testing And Clinical Trial Services
Challenges:
Lack Of Skilled Healthcare Professionals
Restraints:
Regulatory Pressure on CRO Service Providers
Opportunities:
Untapped Emerging Economies, Growing Biosimilars and Biologics Market and Rising Demand for Specialized Testing Services
Market Leaders and their Expansionary Development Strategies
In October 2019, ICON acquired Symphony Clinical Research, a global leader in a clinical research company. This acquisition enables ICON to minimize travel burden for patients by providing them access to clinical research studies.
In March 2020, Medidata signed an agreement with Medpace Inc. for integrating Medidata Rave Imaging with Medpace's imaging systems and workflow. The integration is expected to create a seamless platform for capturing, managing, analyzing, and storing images and imaging data for clinical trials.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Healthcare CRO Services Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End Use Industry
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.