Healthcare Contract Research Organization Market 2030: The Impact of AI and Machine Learning
Healthcare Contract Research Organization Market Growth & Trends
The global healthcare contract research organization market size is expected to reach USD 80.61 billion by 2030, registering a CAGR of 7.0% during the forecast period, according to a new report by Grand View Research, Inc. The increasing cost of drug development is expected to drive market demand over the forecast period. Also, rising clinical trials cost 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.
In addition, growing pressure on industry players to follow stringent timelines has increased the demand for outsourcing research activities to contract research organizations(CRO)s. Some government organizations are also outsourcing their clinical trial activities so that they can carry out clinical trials with the required infrastructure and expertise and minimize their cost and timelines.
Gather more insights about the market drivers, restrains and growth of the Global Healthcare Contract Research Organization Market
The CRO market was temporarily affected by the ongoing pandemic, as it led to the closure of clinical trial sites. However, owing to the significant demand for treatments, the clinical trial sites were reopened with certain measures and precautions to avoid the spread of the virus. Moreover, the worldwide focus on finding a vaccine against coronavirus has had a significant impact on the development of vaccines & drugs for COVID-19. This is expected to have a positive impact on the market.
Over the past 5 years, the number of mergers and acquisitions significantly increased. Several large mergers have been witnessed since 2016 till 2023. Moreover, the trend of large transactions seems to be picking up since 2021, as in March 2022, M&B Sciences Inc, acquired Clara Health, which expanded M&B Sciences’ access to digital technology-based clinical trials. Moreover, in December 2021, Thermo Fisher announced the acquisition of pharmaceutical services giant PPD, and in February 2021, ICON plc announced the acquisition of PRA Health Sciences. An era of consolidation has been witnessed around analytical technologies and software solutions used in the biopharmaceutical and pharmaceutical companies’ services space. Hence, the aforementioned factors supported the market’s growth.
Healthcare Contract Research Organization Market Report Highlights
- Based on type, the clinical segment has dominated the global healthcare CRO market in 2023, with the largest share of 76.2% owing to the fact that it comprises four elaborate phases, including human subjects. The significant demand for new treatments has further contributed to the growth of the segment
- Among services, the clinical monitoring segment was the largest in terms of market share at 20.23% in 2023
- North America held a significant market share of 24.8% in 2022 due to the presence of several global players who invest a major part of their revenue in research activities
- Asia Pacific is anticipated to witness lucrative growth of 6.1% during the forecast period, due to the reduced cost it offers in comparison to the western economies
- China, Japan, and India are projected to witness tremendous growth in the contract research organization market owing to high disease prevalence.
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Healthcare Contract Research Organization Market Segmentation
Grand View Research has segmented the global healthcare contract research organization market on the basis of type, services, and region:
Healthcare Contract Research Organization Type Outlook (Revenue, USD Billion, 2018 - 2030)
- Drug Discovery
- Target Validation
- Lead Identification
- Lead Optimization
- Pre-clinical
- Clinical
- Phase I Trial Services
- Phase II Trial Services
- Phase III Trial Services
- Phase IV Trial Services
Healthcare Contract Research Organization Services Outlook (Revenue, USD Billion, 2018 - 2030)
- 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
- Others
Healthcare Contract Research Organization Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Sweden
- Norway
- Denmark
- Switzerland
- Belgium
- Netherlands
- Austria
- Asia Pacific
- Japan
- China
- India
- South Korea
- Australia
- Thailand
- Taiwan
- Indonesia
- Malaysia
- Singapore
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Kuwait
- Egypt
- Iran
- Israel
Order a free sample PDF of the Healthcare Contract Research Organization Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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