The global healthcare contract research outsourcing market was valued at US$ 30.0 Bn in 2016 and is projected to expand at a cumulative annual growth rate (CAGR) of 6.8% from 2017 to 2025 according to a new report published by Transparency Market Research (TMR) titled “Healthcare Contract Research Outsourcing Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025” the report suggests that increase product pipeline and efforts for optimization is spurring the growth of healthcare contract research outsourcing market in coming years (2017 to 2025).
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The North America and Europe are projected to dominate the global market owing increase in demand for cost optimization with reduced drug development timelines and flobalization of clinical trials. The market in Asia Pacific is projected to witness exponential growth rate with more than 8% during the forecast period 2017-2025. The growth of Asia Pacific region is attributed to the huge reduction of drug lag and cost moreover due to its high population growth, Asian countries also show higher disease incidence rates than other regions, thereby providing a viable environment for conducting of clinical trials. The market for healthcare contract research outsourcing in Latin America is likely to grow at moderate growth rate during the forecast period.
Complex Regulatory and Growing Regulatory Burden to Fuel Market Growth
The global healthcare contract research outsourcing is projected to be potentially driven by the growing complexity of the regulatory procedures and increasing intervention of the healthcare providers in the drug approval and reimbursement process. The therapeutic expertise and varied regional filing process expertise offered by CROs is further fueling the healthcare contract research outsourcing market. The contract research organizations provides wide range of services and solutions to support regulatory filing at various stages of drug development process. These services and business solutions offered by the CROs help the healthcare companies to complete simultaneous regulatory submissions in different regions efficiently and effectively. The key players offering the healthcare contract research outsourcing are coming up with the strategic solutions for long term partnership supporting the healthcare companies at various stages of drug development, thereby reducing the overall development cost and thus, improving the cost effectiveness and efficiency of drug development process. Companies are focusing on the expansion of commercial services so as to effectively support the complete product lifecycle
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Regulatory Services in Healthcare Contract Research Outsourcing is Projected to be Highly Lucrative Segment
Clinical trials are most common outsourced services by the healthcare companies. Due to the globalization of the clinical trials and the lack of therapeutic expertise in the for new drug development in unexplored niche market. However the outsourcing of regulatory services is growing due to the increased stringency of the regulatory bodies, complex regulatory process and changing regulatory requirements according to the region.
Oncology/Hematology segment in Healthcare Contract Research Outsourcing Leads the Market
The report offers the detailed segmentation by therapeutic area of healthcare contract research outsourcing into oncology/hematology, CNS, CV/metabolic, respiratory, infectious diseases, immunology, rare diseases, medical devices and others. The oncology/hematology therapeutic segment is poised to account for leading share of the market during the forecast period 2017-2025. The factors attributed to higher share of oncology/hematology therapeutic segment includes huge unmet treatment needs, robust product pipeline, increased competition and increasing incidence of oncology. The various benefits available with outsourcing of oncology/hematology related services has led to key share of the segment in global market.
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Key trend of acquisition and collaboration among the leading players to expand the services and increase geographic presence has been observed in last few years.
The report also provide profiles of leading players operating in global healthcare contract research outsourcing market. Syneos Health, IQVIA, PRA Health Sciences, Inc., ICON PLC, and Laboratory Corporation of America Holdings etc. are some of the leading players operating in the global healthcare contract research outsourcing market accounting for significant market share. Companies operating in the CRO industry are aiming to expand their service offerings and increase their geographic presence by means of strategic acquisition and collaboration with leading players in respective domains and geography. In January 2017, INC Research Holdings, Inc. merged with inVentiv Health, Inc. expanding its business offerings in phase I-IV services. Other prominent players operating in the global healthcare contract research outsourcing include market PAREXEL International, Charles River, Medpace and Pharmaceutical Product Development, LLC.
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