Report Id: SNS/HC/1523 | May 2022 | Region: Global | 125 Pages
Report Scope & Overview:
Healthcare Contract Research Organization Market Size was valued at USD 48.15 billion in 2022 and is expected to reach USD 80.89 billion by 2030, and grow at a CAGR of 6.7% over the forecast period 2023-2030.
Increased financing for research and development programmes is expected to drive the global healthcare contract research organisation (CRO) market in the near future. Furthermore, due to cost and time restrictions, a proclivity for outsourcing work, as well as patent expiration in the healthcare industry. Government agencies seek to delegate projects to Contract Research Organizations (CROs) because contract research outsourcing solutions provide cutting-edge services, allowing the industry to expand.
Increased pressure on drug makers to handle clinical data, regulatory frameworks, and demanding safety requirements are projected to fuel demand for contract research firms in the healthcare sector. Not only do healthcare and pharmaceutical firms outsource medicine manufacture, but they also outsource clinical studies. Outsourcing to developing countries is on the rise as clinical trial privatisation grows. In order to deliver better services to their consumers, many healthcare contract research businesses are expanding their global research network.
Investments in pharmaceutical research and development are increasing.
Demands for speedier findings may compromise the quality of study.
The biologics sector is rapidly expanding.
Professionals who are knowledgeable and experienced are in short supply.
IMPACT OF COVID-19
The healthcare CRO market has been badly damaged by the global lockdown, which has resulted in the cancellation and suspension of new and continuing research operations. Because they have a minimal financial cushion to sustain losses, several CROs, such as IQVIA and Parexel, are operating with high financial leverage. The pharmaceutical behemoths, on the other hand, are working feverishly to find a vaccine for the treatment of COVID-19, which is propelling the market forward.
By Service Type
Due to the rising demand for clinical trials for the development of novel pharmaceuticals and innovative medical devices, the clinical development services category accounted for 44 percent of the market share in 2021 and is predicted to rise at a significant rate in the future. During the projected period, this segment is expected to increase at the quickest pace of percent.
By Therapeutic Type
Due to rising demand for clinical trials for the development of novel pharmaceuticals and innovative medical devices, the clinical development services category accounted for 44 percent of the market share in 2021 and is predicted to rise at a significant rate in the future. During the projected period, this segment is expected to increase at the quickest pace percent.
Some of the major key players are as follows: Charles River Laboratories (CRL), GVK Biosciences Private Limited, IQVIA HOLDINGS INC, ICON Plc, LabCorp., Medidata Solutions, Inc., Pharmaron, Syneos Health, Thermo Fisher Scientific, PAREXEL INTERNATIONAL CORPORATION, and other players.
KEY MARKET SEGMENTATION:
By Service Type
Early Phase Development
Clinical development services
By Therapeutic Type
By End User
Medical Device Companies
In 2021, North America dominated the global market for healthcare contract research organizations. The presence of leading pharmaceutical corporations in the region, as well as the expanding number of CROs, has had a substantial impact on the market's growth. The bulk of research and development efforts take place in the United States, according to the Pharmaceutical Research and Manufacturers Association (PhRMA), and the United States also maintains the patent and intellectual property rights to the majority of newly discovered pharmaceuticals. The rise of the North American healthcare CRO industry has been fueled by favorable government laws and the active participation of the US FDA in clinical studies and approvals over the last decade.
Asia Pacific, on the other hand, is expected to be the most promising market during the projection period. The presence of multiple major healthcare CROs in countries like India, China, and South Korea has made Asia Pacific well-known. Pharmaceutical businesses are attracted to the region because of the low cost of qualified research professionals. Furthermore, the increased prevalence of disorders is boosting demand for CRO drug discovery services in the region, which is likely to propel the Asia Pacific healthcare CRO market forward in the approaching years.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2022||US$ 48.15 Billion|
|Market Size by 2030||US$ 80.89 Billion|
|CAGR||CAGR of 6.7% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Service Type (Early Phase Development, Laboratory Services, Clinical development services, Consulting Services)
• By Therapeutic Type (Oncology, CNS Disorder, Infectious Disease, Cardiovascular Disease, Metabolic Disease, Diabetes, Others)
• By End User (Pharmaceutical companies, Medical Device Companies, Academic Institutes)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Charles River Laboratories (CRL), GVK Biosciences Private Limited, IQVIA HOLDINGS INC, ICON Plc, LabCorp., Medidata Solutions, Inc., Pharmaron, Syneos Health, Thermo Fisher Scientific, PAREXEL INTERNATIONAL CORPORATION, and other players.|
|DRIVERS||• Investments in pharmaceutical research and development are increasing.|
|RESTRAINTS||• Demands for speedier findings may compromise the quality of study.|
Frequently Asked Questions (FAQ) :
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
220.127.116.11 United Kingdom
18.104.22.168 South Korea
22.214.171.124 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Healthcare Contract Research Organization Market Segmentation By Service Type
8.1 Early Phase Development
8.2 Laboratory Services
8.3 Clinical development services
8.4 Consulting Services
9. Healthcare Contract Research Organization Market Segmentation, By Therapeutic Type
9.2 CNS Disorder
9.3 Infectious Disease
9.4 Cardiovascular Disease
9.4 Metabolic Disease
10. Healthcare Contract Research Organization Market Segmentation, By End User
10.1 Pharmaceutical companies
10.2 Medical Device Companies
10.3 Academic Institutes
11. Regional Analysis
11.2 North America
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 GVK Biosciences Private Limited
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Charles River Laboratories (CRL)
12.3 GVK Biosciences Private Limited
12.4 IQVIA HOLDINGS INC
12.5 ICON Plc
12.7 Medidata Solutions, Inc.
12.9 Syneos Health
12.10 Thermo Fisher Scientific
12.11 PAREXEL INTERNATIONAL CORPORATION
13. Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share Analysis
13.3 Recent Developments
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.