The global healthcare contract research outsourcing market is gaining significantly from the increased outsourcing of research activities to contract research organizations. The high amount of time and cost incurred in healthcare research is encouraging pharmaceutical and biotechnology companies to outsource these activities. The rise in clinical data management, medical writing, and regulatory services is also projected to provide a considerable boost to this market in the coming years.
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Broadly, the global market for healthcare contract research outsourcing is studied on the basis of the service, the destination research group, and the geography. Based on service, the market is classified into clinical trials, medical writing, clinical data management (CDM), and regulatory services. By destination research group, contract research organizations, academic medical centers (AMCs), and clinical trial laboratories are identified as the key segments of this market. Geographically, the market registers a presence across North America, Asia, Europe, and the Rest of the World.
The research report provides a complete overview of the global market for healthcare contract research outsourcing taking its current as well as historical performance in consideration. Key trends, driving forces, challenges, opportunities, and growth potential of this market have also been examined in this study.
Overview of Global Healthcare Contract Research Outsourcing Market
Contract research outsourcing has been a defining trend in the global medical and healthcare industry. A number of medical devices manufacturers and companies functioning in the pharmaceutical and the biotechnology industries are increasingly entering into partnerships with contract research organizations to outsource research activities in a bid to cut production costs without decreasing the quality of products.
Clinical trials have been registering a higher demand among the services provided through healthcare contract research outsourcing. The trend is expected to remain the same over the next few years. Within the clinical trial segment, drug discovery and preclinical trials are reporting widespread adoption worldwide.
North America has emerged as the leading regional market for healthcare contract research outsourcing across the world. In 2011, it acquired a share of nearly 65% in the overall market. Over the forecast period, Asia, although currently in the nascent stage, is likely to present promising growth opportunities, thanks to the rising number of contract research organizations in this region.
Despite all the advantages of healthcare contract research outsourcing, drugmakers and other enterprises operating in the pharmaceutical, biotechnology, and medical devices show apprehension about partnering with healthcare contract research outsourcing providers due to concerns over data security. This factor may impact the growth of the healthcare contract research outsourcing market negatively in the coming years.
Companies Mentioned in the Research Report
The leading players in the global market for healthcare contract research outsourcing are Covance Inc., Icon Plc., Parexel International Corp., Inventiv Health Inc., Pharmaceutical Product Development Inc., Medidata Solutions Inc., Charles River Laboratories International Inc., Piramal Life Sciences, and Quintiles Transnational Corp.
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