The market is estimated to grow at a CAGR of 9. 9% during 2020–2027. The healthcare contract research organizations (CRO) services market is growing primarily due to the growing number of clinical trials and increasing expenditure in R&D and outsourcing activities in the North America region.
New York, Aug. 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Healthcare Contract Research Organizations Services Market to 2027 - Service Type ; Therapeutic Indication ; End User (Medical Device Companies, Pharmaceutical and Biopharmaceutical Companies, Others, and Country" - https://www.reportlinker.com/p05953805/?utm_source=GNW
Factors such as stringent regulations for approval of drugs damage the growth of the market. Additionally, rising biosimilars and biologics market and globalization of clinical studies are likely to fuel the growth of the healthcare contract research organizations (CRO) services market during the forecast period.
Contract research organization (CRO) provides support services to the pharmaceutical, biotechnology, and medical device companies throughout the development of the product.Pharmaceutical& biotechnology companies and the medical device industry require various testing services such as preclinical services, clinical research services, analytical testing services, bio analytical testing services, and regulatory services.
CROs are specifically designed to perform these testing services to reduce the in-house cost and time of the companies, required to conduct the extensive range of testing services to comply with the national and international regulatory standards.
Exponentially developing healthcare infrastructure and increasing adoption of advanced technologies by several countries have led to the globalization of clinical studies during the past decade.Additionally, economic globalization in developed countries play a key role in globalization.
For instance, according to a study published in the International Journal of Clinical Trials in 2016, the number of countries, which serve as clinical study locations outside the US, has doubled in the last 10 years.
Furthermore, according to a data published by clinicaltrails.gov, as of June 2020, an estimated 61.0% of the total studies were recruited at out of the US locations. Factors such as cost optimization, infrastructure availability, patient recruitment rate, government regulations, and market potential offer a major contribution for the transition from US to other countries. Globalization of these clinical studies has opened new avenues and market potential for CROs.
North America is witnessing the growing number of COVID-19 cases.Due to the outbreak of COVID-19 pandemic there is an increased need for therapeutic or vaccine for this highly contagious viral disease.
Hence, more COVID-19 clinical trials are being planned and initiated, whereas, the large number of clinical trials in US for non- COVID-19 indications are being delayed. Therefore, it is likely to affect the healthcare contract research organizations (CRO) services market owing to the above mention points.
Based on service type, the healthcare contract research organizations (CRO) services market is further segmented into early phase development, laboratory services, consulting services, and clinical research services.Early phase development market is further categorized into discovery studies, chemistry, marketing & manufacturing, and preclinical market.
The laboratory services segment is further sub segmented as bio-analytical testing and analytical testing.The clinical research services segment is further bifurcated into phase I, phase II, phase III, and phase IV.
In 2019, the clinical research segment accounted for the largest share of the market. Growth of this segment is attributed to the increasing clinical trials and growing R&D investment.
A few of the significant secondary sources associated with the North America Healthcare contract research organizations (CRO) services market report World Health Organization (WHO), National Institutes of Health (NIH), National Cancer Institute, Centers for Disease Control and Prevention (CDC), Asthma and Allergy Foundation of America (AAFA), and others.
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