According to the new research report published by The Insight Partners, titled “Healthcare Contract Research Organizations (CRO) Services Market Forecast to 2027- Covid-19 Impact and Global Analysis by Service Type, Therapeutic Indication, and End User” the market is expected to reach US$ 87,859.08 million in 2027 from US$ 43,208.57 million in 2019; it is estimated to grow at a CAGR of 9.5% from 2020 to 2027. The report highlights trends prevailing in the market, and the factors driving and hindering the market growth. The growth of the global healthcare contract research organizations (CRO) services market is attributed to the increasing number of clinical trials and increasing expenditure in R&D and outsourcing activities. However, dearth of skilled professionals is the major factor hindering the market growth.
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Oncology Segment to Grow at Faster CAGR during 2019–2027
the global healthcare contract research organizations (CRO) services market is segmented into oncology, infectious diseases, immunological disorders, respiratory diseases, cardiovascular diseases, neurological disorders, and others. In 2019, the others segment held largest share of the market. However, the oncology segment is estimated to register the highest CAGR during the forecast period. Increasing development of new drug offer lucrative opportunities for the growth of oncology segment.
Impact of COVID-19 Pandemic on healthcare contract research organizations (CRO) services market
The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future.
Some of the companies competing in healthcare contract research organizations (CRO) services market are
- Charles River Laboratories Inc.
- IQVIA Inc.
- Laboratory Corporation of America Holdings
- Parexel International Corporation
- Icon Plc.
- Pra Health Sciences
- Syneos Health
- Medpace
- Wuxi Apptec
- PPD Inc
Contract research organization (CRO) provides support services to the pharmaceutical, biotechnology, and medical device companies throughout the development of the product. Pharmaceutical& biotechnology companies and the medical device industry require various testing services such as preclinical services, clinical research services, analytical testing services, bio analytical testing services, and regulatory services. CROs are specifically designed to perform these testing services to reduce the in-house cost and time of the companies, required to conduct the extensive range of testing services to comply with the national and international regulatory standards. The growth of the global healthcare contract research organizations (CRO) services market is attributed to the increasing number of clinical trials and increasing expenditure in R&D and outsourcing activities. However, dearth of skilled professionals is the major factor hindering the market growth.
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