Global Healthcare CRO Services Market Overview:
Healthcare CRO Services provide services in form of research facilities outsourced on contract basis to research organizations, academic institutes, and government organizations. These services include drug development, assay development, commercialization, preclinical & clinical research, clinical trials management, and pharmacovigilance. The increasing outsourcing of R&D activities and high failure rate of clinical trials has increased the demand for healthcare CRO services. and may see market size of USD7.28 Million by 2025.
- Increasing R&D Investment in Clinical & Non-Clinical Research Activities
- Increasing Demand Of Outsourcing Analytical Testing And Clinical Trial Services
- Growing Consolidation in the CROs Industry
- Regulatory Pressure on CRO Service Providers
- Untapped Emerging Economies
- Growing Biosimilars and Biologics Market
- Rising Demand for Specialized Testing Services
- Lack Of Skilled Healthcare Professionals
Some of the key players profiled in the report are IQVIA Holdings, Inc. (United States), Laboratory Corporation of America Holdings (United States), Pharmaceutical Product Development, Inc.(United States), Parexel International Corporation (United States), Charles River Laboratories International, Inc. (United States), ICON PLC (Ireland), Medidata Solutions, Inc.(United States), Syneos Health, Inc. (United States), Pharmaron Beijing Co., Ltd. (China), GVK Biosciences Private Limited (India), SGS SA (Switzerland), EPS International Co., Ltd (Japan) and Genscript Biotech (United States). Analyst at AdvanceMarketAnalytics see United States Players to retain maximum share of Global Healthcare CRO Services market by 2025. Considering Market by Therapeutic Areas, the sub-segment i.e. Oncology will boost the Healthcare CRO Services market. Considering Market by End User, the sub-segment i.e. Pharmaceutical and Biopharmaceutical Companies will boost the Healthcare CRO Services market.
In October 2019, ICON acquired Symphony Clinical Research, a global leader in a clinical research company. This acquisition enables ICON to minimize travel burden for patients by providing them access to clinical research studies.
In March 2020, Medidata signed an agreement with Medpace Inc. for integrating Medidata Rave Imaging with Medpace's imaging systems and workflow. The integration is expected to create a seamless platform for capturing, managing, analyzing, and storing images and imaging data for clinical trials.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Healthcare CRO Services market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Healthcare CRO Services market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes New Entrants/Investors, Analysts and Strategic Business Planners, Healthcare CRO Services Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End Use Industry.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.