Healthcare Contract Research Organization Market size is expected to reach USD 74.7 billion by 2030

 Healthcare Contract Research Organization Industry Overview

The global healthcare contract research organization market size was valued at USD 42.3 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 6.5% from 2022 to 2030. The increasing investment in R&D programs, preference for outsourcing activities due to time and cost constraints, and patent expiration in the healthcare sector are key factors anticipated to drive the market in the coming years. Contract research outsourcing collaborations offer cutting-edge services and thus government organizations prefer assigning projects to CROs, thereby facilitating the market growth.

 

Gather more insights about the market drivers, restrains and growth of the Global Healthcare Contract Research Organization Market

 

Increasing pressure on drug developers pertaining to clinical data management, regulatory environments, and stringent safety standards are the factors expected to drive demand for contract research organizations within the healthcare sector. Healthcare and pharmaceutical companies are not only outsourcing the production of medicines but also their clinical trials. With increasing clinical trial privatization, there is a surge in outsourcing to developing countries. Many healthcare contract research organizations are now enhancing their global research network in order to provide better services to their customers. For instance, in September 2020, ICON announced the launch of Accellacare, a global research network offering patients easier and faster access to innovative treatments, thus providing customers the option to deploy decentralized trials

 

For instance, in July 2021, a contract research organization, QPS, partnered with Medigen Vaccine Biologics Corporation for completing the toxicology studies required to start the development of a vaccine against COVID-19. Such strategies are likely to have a positive impact on the growth of the market for healthcare contract research organizations. However, issues related to the intellectual property rights, and service quality issues of contract research organizations are likely to restrain the growth of the market for healthcare contract research organizations to some extent.

 

Browse through Grand View Research's Medical Devices Industry Research Reports

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Market Share Insights

  • March 2021: Sanofi and Translate Bio, a clinical-stage messenger RNA therapeutics company, announced the initiation of a preclinical study for MRT5500, an mRNA vaccine candidate against SARS-CoV-2 that causes COVID-19. Hence, the aforementioned factors will significantly support segmental growth.
  • December 2020: IQVIA collaborated with Servier, an independent international pharma company, to reinvent their processes of R&D clinical development as well as support their long-term R&D success.

 

Key Companies Profile

Some of the prominent players in the healthcare contract research organization market include:

  • 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.
  • Pharmaron
  • SGS SA
  • KCR S.A.

Order a free sample PDF of Healthcare Contract Research Organization Market Intelligence Study, published by Grand View Research.

 

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