NEW YORK, March 18, 2019 /PRNewswire/ -- Healthcare Contract Research Organization (CRO) Market Analysis Report By Type (Clinical, Drug Discovery, Pre-Clinical), By Service (Clinical Monitoring, Regulatory Affairs), And Segment Forecasts, 2018 - 2025Read the full report: https://www.reportlinker.com/p05741302
The global healthcare contract research organization (CRO) market size market is anticipated to reach USD 54.7 billion by 2025, according to a new study by Grand View Research Inc., rising at a CAGR of over 6.6.% during the forecast period. Increasing drug development cost is projected to propel the market over the forecast period. With growing number of patents expiring, increasing number of partnerships to identify biologics & new compounds, and rising R&D costs, drug makers and sponsor companies are under pressure to replace revenue loss specifically due to generics. This has further made drug development more expensive and complex, thereby augmenting the need for healthcare CRO services.Regulatory framework for drug discovery and development is complex in various countries.Thus, an increasing need for expertise in different areas of drug development is driving the demand for outsourcing services.Drug companies are not only outsourcing production of medicines, but also clinical trials. With increasing privatization of clinical trials, there has been an increase in outsourcing of manufacturing processes to developing countries such as India, China, and Latin American countries.In addition, growing pressure on industry players to follow stringent timelines has increased the demand for outsourcing of research activities.Even government organizations are outsourcing their clinical trial activities to CROs so that they can carry out clinical trials with required infrastructure, expertise, and minimize cost and timelines.In 2015, the Canadian Federal Budget made an investment of USD 1.33 billion for the Canada Foundation for Innovation (CFI).CROs are focusing on continuously improving their portfolio by integrating services with technology.This enables them to save more on time and deliver efficient and desired results to clients.In June 2016, LSK Global Pharma Services Co., Ltd. expanded the use of Medidata Clinical Cloud by Medidata Clinical Solutions, Inc. The former was established in 2000 and conducts clinical trials at both local and global scale. It utilizes Medidata's electronic data capture, unified randomization, and medical coding solution and trial management supply solution.Some of the key players in the market are Quintiles, Covance, Pharmaceutical Product Development, LLC (PPD), Parexel, Charles River Laboratories (CRL), ICON plc, inVentiv Health, and Medidata Solutions.Collaborations and acquisitions are among major strategies adopted by market players to stay ahead.In September 2017, Laboratory Corporation of America Holdings acquired Chiltern in a transaction worth USD 1.2 billion. Chiltern became a part of LabCorp's Covance Drug Development business unit.Further key findings from the study suggest:• Clinical trial services dominated the market in 2017, owing to the fact that it comprises four elaborate phases including human subjects. Increasing complexities in R&D trends are raising the need for expertise, thereby shortening the time required to commercialize the molecule• In January 2016, Charles River Laboratories International, Inc. entered into a definitive agreement to acquire WIL Research for approximately USD 585 million. The acquisition is expected to strengthen Charles River Laboratories ability to partner with global clients• High R&D spending in oncology has also fueled the need for healthcare contract research outsourcing• Asia Pacific was the largest regional market in 2017 and accounted for more than 35.0% due to reduced service cost it offers as compared to the U.S and other developed economies.• Increasing incidence rate of chronic and lifestyle diseases such as cardiac disorders and diabetes coupled with ease in patient recruitment and available expertise for clinical trials have been providing a boost to the market in APAC• China and India are projected to witness tremendous growth in the healthcare contract research outsourcing market owing to presence of a wide patient pool coupled with high disease prevalence rate• North America also commanded a sizeable share in the market in 2017 owing to presence of global players and healthcare giants. In addition, several academic institutes receive grants to undertake these activities. For instance, in July 2015, the University of Toronto received USD 1.5 billion under the Medicine by Design initiative.Read the full report: https://www.reportlinker.com/p05741302
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