The global healthcare contract research outsourcing market is rising with increasing complex regulatory process & growing regulatory burden. The global healthcare contract research outsourcing market was valued over US$ 30 Bn in 2016 and is projected to witness cumulative annual growth rate (CAGR) of over 6% from 2017 to 2025 to surpass the value of US$ 54 Bn by 2025.
The global market is witnessing relatively higher growth owing to globalization of clinical trials, increasing efforts for optimization of costs and development time for drug development and rise in varied services and solutions offered by the CROs.
Asia Pacific Market Poised to Witness Highly Promising Rate of Growth
Geographically, the global healthcare contract research outsourcing market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America dominated the global market and is projected to slightly lose its market share by the end of 2025. The Market in the North America is primarily driven by the advanced infrastructure of clinical research sites, and effective government incentive programs in United States.
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Moreover increased access to specialized technologies and therapeutics expertise is projected to fuel the expansion of clinical trial services in the United States during the forecast period. Asia Pacific region is projected to be fastest growing region in global healthcare contract research outsourcing market during the forecast period. In Asia Pacific region, China and India dominated the Healthcare CRO market and India is estimated to grow at exponential CAGR during the forecast period
The North America and Europe are projected to dominate the global market owing increase in demand for cost optimization with reduced drug development timelines and globalization of clinical trials. The market in Asia Pacific is projected to witness exponential growth rate with more than 8% during the forecast period 2017-2025.
The growth of Asia Pacific region is attributed to the huge reduction of drug lag and cost moreover due to its high population growth, Asian countries also show higher disease incidence rates than other regions, thereby providing a viable environment for conducting of clinical trials. The market for healthcare contract research outsourcing in Latin America is likely to grow at moderate growth rate during the forecast period.
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Complex Regulatory and Growing Regulatory Burden to Fuel Market Growth
The global healthcare contract research outsourcing is projected to be potentially driven by the growing complexity of the regulatory procedures and increasing intervention of the healthcare providers in the drug approval and reimbursement process. The therapeutic expertise and varied regional filing process expertise offered by CROs is further fueling the healthcare contract research outsourcing market.
The contract research organizations provides wide range of services and solutions to support regulatory filing at various stages of drug development process. These services and business solutions offered by the CROs help the healthcare companies to complete simultaneous regulatory submissions in different regions efficiently and effectively. The key players offering the healthcare contract research outsourcing are coming up with the strategic solutions for long term partnership supporting the healthcare companies at various stages of drug development, thereby reducing the overall development cost and thus, improving the cost effectiveness and efficiency of drug development process. Companies are focusing on the expansion of commercial services so as to effectively support the complete product lifecycle.
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The companies like Syneos Health, IQVIA, PRA Health Sciences, Inc., ICON PLC, and Laboratory Corporation of America Holdings etc. Other global players operating in the market PAREXEL International, Charles River, Medpace and Pharmaceutical Product Development, LLC are adopting the strategy acquisition and collaboration with parallel companies to expand its service and strengthen its geographic presence in international market.
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