SEATTLE, May 26, 2021, (MEDGADGET) — The medical device and pharmaceutical industries are gradually shifting from an integrated process model to an outsourcing model, in which businesses outsource processes like regulatory processes, clinical trials, and medical writing to contract research outsourcing firms.
The global healthcare contract research outsourcing market was estimated at US$ 74.7 billion in 2019 and is expected to grow at a CAGR of 15.1 percent to US$ 229.2 billion by 2027.
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Drivers:
More time and high cost required for drug improvement is expected to impel development of the worldwide healthcare contract research outsourcing market over the forecast period. For example, the expense of medication advancement was US$ 2.6 billion, which included normal cash based expenses of US$ 1.4 billion and time expenses of US$ 1.2 billion, as per an investigation by the Tufts Center for the Study of Drug Development distributed in the Journal of Health Economics in May 2019.
Furthermore, the growing number of patent expirations is expected to help the market expand. For example, the patents on Boehringer Ingelheim’s Atrovent HFA (ipratropium hfa), which is used to treat chronic obstructive pulmonary disease, and AstraZeneca’s Bydureon (exenatide), which is used to treat type 2 diabetes, are set to expire in May and October 2020, respectively.
Statistics:
In terms of region, North America dominated the global healthcare contract research outsourcing market in 2019, accounting for 57.0 percent of the market, led by Europe and Asia Pacific.
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Restraints:
Changes in approval process and regulatory guidelines in various nations is expected to impede development of the market. Dominant part of the clinical trials and other exploration measures are moved to different nations at the same time. These destination nations have various rules and administrative cycles identified with medications, documenting and clinical preliminaries. The conduction of multi-area preliminaries of a solitary medication in various methods in various nations represents a test to drug organizations as they need to follow a totally extraordinary system in every country. In this way, an organization likes to limit moving to a destination country.
In spite of the fact that research outsourcing is an expense saving choice, it very well might be a significant danger for quality and adequacy. As the research outsourcing is identified with regulatory functions, medical writing and clinical trials, it is required to guarantee satisfactory output. The research outsourcing rethought are as yet not dealt with up to essential guidelines and subsequently there is a worry in certain segments of the business to re-appropriate.
Opportunities:
Clinical trials are projected to increase, providing lucrative growth opportunities for market players. For example, the number of clinical trials performed in the United States increased from 30,978 in 2018 to 32,523 in 2019, according to the National Library of Medicine.
Furthermore, growing funding for Research & Development for discovery of treatment of various diseases is expected to help the market expand. For example, the Kansas state government awarded The University of Kansas Cancer Center an additional US$ 5 million grant for cancer research in April 2020.
Market Trends/Key Takeaways:
Contract research Organizations (CROs) offer adaptable value plans of action that permit pharmaceutical companies to pick and pay for a specific examination measure advantageously. This plan of action framework is a significant appealing section of CROs and works with reevaluating. Nonetheless, contingent upon the exploration interaction, area, hazard, and different components, the valuing models of CROs change and this occasionally exceeds the spending restriction of drug organizations.
To widen their product range, major players in the industry are focusing on collaboration and alliance strategies. Medidata, for example, announced a research collaboration between the Medidata Institute and Project ALS for R&D in amyotrophic lateral sclerosis disease in February 2020.
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Key Developments:
In March 2020, Medidata Solutions, a software-as-a-service provider, partnered with Medpace Holdings, Inc. to combine its imaging systems and workflow with Medidata Rave imaging for clinical trials.
In April 2020, At c19trials.com, IQVIA unveiled the latest technology-enabled COVID-19 Study Matching Tool, an online platform that matches individuals with unique COVID-19 studies to help clinical research projects move faster.
Table of Contents
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Service Type
- Market Snippet, By End User
- Market Snippet, By Region
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Impact Analysis
- Key Highlights
- PEST Analysis
- Technological Advancements
- Regulatory Scenario
- Mergers and Acquisitions
- Market Dynamics
- Healthcare Contract Research Outsourcing Market, By Service Type, 2019 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, 2017 – 2027
- Segment Trends
- Clinical Trials
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Drug Discovery
- Preclinical
- Phase I
- Phase II
- Phase III
- Phase IV
- Regulatory services
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Medical writing
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Clinical data management
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Introduction
- Healthcare Contract Research Outsourcing Market, By End User, 2019 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, By Region, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, For Regions, 2017–2026
- CROs
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Clinical Trial Laboratories
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- AMCs
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Introduction
- Healthcare Contract Research Outsourcing Market, By Region, 2019 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, By Region, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, For Regions, 2017–2026
- North America
- Market Size and Forecast, By Service Type, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By End User, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- U.S.
- Canada
- Latin America
- Market Size and Forecast, By Service Type, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By End User, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Europe
- Market Size and Forecast, By Service Type, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By End User, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- Market Size and Forecast, By Service Type, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By End User, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of APAC
- Middle East
- Market Size and Forecast, By Service Type, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By End User, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- GCC
- Israel
- Rest of Middle East
- Africa
- Market Size and Forecast, By Service Type, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By End User, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- South Africa
- Central Africa
- North Africa
- Introduction
- Competitive Landscape
- Company Profiles
- Section
- References
- Research Methodology
- About us and Sales Contact
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