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Healthcare Contract Research Organization Market Size 2023-2032

Prathamesh

The global healthcare contract research organization market was valued at USD 50 billion in 2022 and is expected to hit over USD 89.96 billion by 2032, expanding growth at a CAGR of 6.10% from 2023 to 2032.

The rising prevalence of various chronic diseases and rapidly growing geriatric population is boosting the demand for the various new and innovative life-saving drugs across the globe. Thus, the rising burden of diseases is fueling the investments by the top pharmaceutical companies in the research & development of various drugs and diagnostic devices, which is driving the growth of the healthcare CRO market.

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The specialized research services along with various other services offered by the healthcare CROs such as data management, clinical supply management/project management, medical writing, clinical monitoring, patient & site recruitment, bio-statistics, and regulatory & medical affairs is boosting the demand for the healthcare CRO services. The outsourcing of activities helps the clients to save time and costs, which is a major factor that drive the healthcare CRO market across the globe. During the pandemic in 2020, the healthcare CRO market has witnessed a rapid surge in the revenues as the top pharma companies were heavily investing the research and development of the drugs and vaccines for the COVID-19 disease.

Report Highlights

Regional Snapshot

North America dominated the global healthcare contract research organization market in 2020. The presence of top pharmaceutical companies along with the growing number of CROs in the region has significant contributions in the growth of the market. According to the Pharmaceutical Research and Manufacturers Association (PhRMA), the maximum research and developmental activities occur in US and US also holds the patent and intellectual property rights of the majority of the new developed drugs. The healthcare CRO market is supported by the favorable government regulations and the active participation of the US FDA in the clinical trials and approvals has exponentially driven the growth of the North America healthcare CRO market in the past decade.

On the other hand, Asia Pacific is estimated to be the most opportunistic market during the forecast period. Asia Pacific is known due to the presence of several top healthcare CROs in the countries like India, China, and South Korea. The availability of expert research professionals at cheap costs attracts the pharmaceutical companies to invest in the region. Moreover, the rising burden of diseases is fueling the demand for the drug discovery services of the CROs in the region, which is further expected to drive the growth of the Asia Pacific healthcare CRO market in the forthcoming years.

Scope of the Healthcare Contract Research Organization (CRO) Market

Report Coverage Details
Market Size US$ 89.96 Billion by 2032
Growth Rate CAGR of 6.10% from 2023 to 2032
Largest Market North America
Fastest Growing Market Asia Pacific
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered Service, Type, Region

Healthcare Contract Research Organization (CRO) Market Dynamics

Driver

Growing investments in the pharmaceutical research and development activities

Majority of the biopharmaceutical, biosimilar, and medical device companies are investing heavily in the research & development of innovative drugs and medical devices across the globe. The research and development intensive pharmaceutical industry, is heavily investing for the clinical trials, drug discovery, data management, and various other services offered by the CROs to develop new drugs. It is estimated that the global pharmaceutical research and development expenditure increased from around US$135 billion in 2012 to US$185 billion in 2019. Therefore, the increasing investments by the pharmaceutical companies is the most prominent driver of the global healthcare CRO market.

Restraint

Demand for faster results may hamper the research quality

The healthcare CROs faces extensive pressure to produce desired results from their clients. The costly the research projects and activities may loss its credibility due to the increased pressure of producing results in a short span of time. This may hamper the growth of the market during the forecast period.

Opportunity

Rapidly growing biologics industry

The development of innovative drugs for curing various non-communicable diseases in the biologic industry has gained rapid traction. The rising prevalence of the chronic diseases across the globe is offering the biologics industry a lucrative growth opportunity, which compels them to increasing invest in the research activities and outsource these activities to the specialized healthcare CROs. This is creating a huge growth opportunity for the healthcare CRO market players.

Challenge

Lack of skilled and experienced professionals

The healthcare CRO industry faces a shortage of skilled and experienced professionals. The recruitment and retention of the skilled scientists in a contract research organization is a major challenge faced by the healthcare CRO market players that has a negative impact on the market.

Read Also: AI in Pharmaceutical Market Size, Share, Report By 2032

Some of the prominent players in the market include:

Segments Covered in the Report

By Service

By Type

By Application

By End-use

By Geography

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