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Healthcare Contract Research Outsourcing Market projected to see huge profits during the forecast period

Market Overview:

The Global Healthcare Contract Research Outsourcing Market held USD 36.9 billion in 2020 and is to grow with a CAGR of 6.4% from 2020-2030. Healthcare and pharmaceutical companies outsource not only drug production but also their clinical trials. With rising privatization of clinical trials, the outsourcing to developed countries is on the increase. Companies in pharmaceutical sector have begun outsourcing R&D activities which are complex and require regular monitoring. Healthcare CROs functions and manages the processes of bringing new products to the market according to the customer’s timeline provided. Emerging economies like Japan, India and China are chosen to outsource business. Many healthcare contract research organizations are now forming partnerships to expand their market reach by providing services across a wide market space and strengthening the relationship between client and contractor. IQVIA for instance formed an alliance with Box in 2018. This partnership is intended to assist the company in offering cloud-based content management solutions for healthcare and life science companies. Key players are in the process of purchasing other contract research organizations, in addition to partnerships, to achieve leverage.

Market Dynamics and Factors:

Increasing investment in R&D programs, growing demand for outsourcing activities due to time and cost constraints in the healthcare sector are key factors expected to drive the healthcare contract research outsourcing market growth in the years to come. Contract research outsourcing collaborations offer state-of-the-art services and therefore government organizations prefer to assign projects to contract research organizations (CROs), thus facilitating market demand. Increasing pressure on drug producers in terms of clinical data management, regulatory environments, and stringent safety standards is expected to drive demand within the healthcare sector for contract research organizations. Models including transactional relationships, Multi-FSP, and alliances are widespread and are widely adopted by drug producers.

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Market Segmentation:

Based on the type, the healthcare contract research outsourcing industry is segmented into drug discovery, pre-clinical and clinical. Drug discovery has been further segmented into target validation, lead optimization and lead identification. Clinical has been further segmented into phase I, phase II, phase III and phase IV trial services. On the basis of services, the market is segmented into project management, regulatory/medical affairs, investigator payments, data management, clinical monitoring, quality management/ assurance, medical writing, bio-statistics, and others. Geographical breakdown and analysis of each of the aforementioned segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographic Analysis:

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North America dominates the healthcare contract research outsourcing market share with the large demand clinical trials in the region. The region is also a hub of advanced healthcare infrastructure. In addition, growing government support for R&D activities through grants and funds to research institutes and companies has driven this regional market. Additionally, increasing government funding for R&D activities has guided this regional market through grants and funds to research institutes and companies. For example, in January 2015, the U.S. government announced a USD 215.0 million investment for the precision medicine initiative. The investment is for the NIH, the National Institute for Cancer (NCI) and the FDA. Asia Pacific held the largest share of the CRO healthcare market in 2019 and is expected to grow rapidly over the forecast period due to the availability of diverse populations, high prevalence of chronic conditions, easy recruitment and retention of patients and the establishment of regulations according to accepted standards.

Competitive Scenario:

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Global healthcare contract research outsourcing market growth is witnessing fierce competition. In terms of healthcare contract research outsourcing market share, certain players gather majority of market share. Key companies are also expanding their manufacturing facilities to cater to growing demand for this drug globally. Key players enhancing the global Healthcare Contract Research Outsourcing market size include Zydus Cadila, Bayer, Laurus Labs, Sun Pharma, Sanofi, Ipca Laboratories Ltd, Novartis AG, Teva Pharmaceutical Industries Ltd and McW Healthcare. Charles River Laboratories International, Inc., for example, purchased WIL Research for close to USD 585 million in 2016. This acquisition is probable to support enhance company foothold in the healthcare sector, particularly in the early stages of drug discovery business.

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