Healthcare Contract Research Organization Market: Phase III Clinical Trial Segment To Exhibit A Lucrative Growth Rate Of 6.5%

Healthcare Contract Research Organization Industry Overview

The global healthcare contract research organization market size is expected to reach USD 74.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.5% from 2022 to 2030. The increasing cost of drug development is expected to drive market demand over the forecast period. Also, rising clinical trial costs and challenges pertaining to patient recruitment have led biopharmaceutical companies to turn to regions like Central and Eastern Europe, Asia Pacific, Latin America, and the Middle East for cost savings and quick patient recruitment.

Healthcare Contract Research Organization Market Segmentation

Grand View Research has segmented the global healthcare Contract Research Organization (CRO) market on the basis of type, service, and region:

Based on the Type Insights, the market is segmented into Drug Discovery, Pre-clinical and Clinical.

• The clinical services segment dominated the market for healthcare contract research organizations and held the highest revenue share of 76.4% in 2021.
• This growth is owing to the rising number of biologics, recent epidemic events leading to the demand for new treatments, the need for personalized medicines and orphan drugs, and the demand for advanced technologies.
• The preclinical studies segment is projected to witness a rapid growth of 8.1% during the forecast period.

Based on the Service Insights, the market is segmented into Project Management/Clinical Supply Management, Data Management, Regulatory/Medical Affairs, Medical Writing, Clinical Monitoring, Quality Management/ Assurance, Bio-statistics, Investigator Payments, Laboratory, Patient and Site Recruitment, Technology and Others.

• The clinical monitoring segment dominated the market for healthcare contract research organizations and accounted for the largest revenue share of 20.6% in 2021.
• This may be attributed to the increasing number of clinical trials & the need to monitor those studies that are creating more demand for these services.
• The regulatory/medical affairs segment is anticipated to witness the fastest growth rate of 10.8% in the Healthcare Contract Research Organization (CRO) market over the forecast period.
• The increasing demand to obtain approval for new products, maintain compliance, and do more with less is projected to support the growth of the segment.

Healthcare Contract Research Organization Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Key Companies Profile & Market Share Insights

In addition to offering improved services, healthcare contract research organizations are in the process of collaborating to promote their services at a global level.

Some prominent players in the Healthcare Contract Research Organization market include

• IQVIA
• LabCorp
• Thermo Fisher Scientific
• PAREXEL International Corporation
• Charles River Laboratories (CRL)
• ICON plc
• Medidata Solutions
• Syneos Health
• Pharmaron
• GVK Biosciences Private Limited

Order a free sample PDF of the Healthcare Contract Research Organization Market Intelligence Study, published by Grand View Research.