Overview and Scope
Healthcare CRO services refer to the outsourced support and expertise offered to the pharmaceutical, biotechnology, and medical device sectors by specialized businesses. These companies receive help from contract research organization (CRO) with various research-related tasks, including managing data, conducting clinical trials, and submitting documents to regulatory bodies.
Sizing and Forecast
The healthcare cro services market size has grown strongly in recent years. It will grow from $56.8 billion in 2023 to $61.61 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to increased focus on regulatory and medical affairs services by cros, globalization of clinical trials, growing complexity of clinical trials, digital transformation in clinical trials, increased chronic diseases.
The healthcare cro services market size is expected to see strong growth in the next few years. It will grow to $85.73 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to rise of biologics and cell and gene therapies, increased focus on rare diseases, focus on cost-effectiveness and speed, growing demand for real-world data, focus on patient-centricity, biopharmaceutical pipeline growth. Major trends in the forecast period include integration of artificial intelligence (ai), integration of machine learning (ml), environmental, social, and governance (esg) considerations, rising r&d investments by pharmaceutical companies .
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Segmentation & Regional Insights
The healthcare cro services market covered in this report is segmented –
1) By Service Type: Early Phase Development, Clinical Development Services, Laboratory Services, Consulting Services
2) By Therapeutic Area: Oncology, CNS Disorder, Cardiovascular Disease, Metabolic Disease, Infectious Disease, Diabetes, Other Therapeutic Areas
3) By End User: Pharmaceutical Companies, Medical Device Companies, Academic Institutes
North America was the largest region in the healthcare CRO services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare cro services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in healthcare expenditures is expected to propel the growth of the healthcare CRO services market going forward. Health expenditures refer to all costs associated with providing health services, family planning activities, nutrition programs, and emergency help focusing on health. A larger pool of financing for medical research and development is made possible by rising healthcare spending, increasing demand for healthcare CRO services, and their ability to assist clinical trials and studies. For instance, in February 2023, according to the Centers for Medicare and Medicaid Services, a US-based federal agency, in 2021, the United States spent 4.3 trillion dollars, or $12,914 per person, on health care, a 2.7 % increase compared with the previous year. Further, spending on healthcare accounted for 18.3 % of the country’s GDP. Therefore, the rise in healthcare expenditures is driving the growth of the healthcare CRO services market.
Key Industry Players
Major companies operating in the healthcare CRO services market report are Laboratory Corporation of America Holdings., IQVIA Inc., Icon Plc., PPD Inc., Wuxi Apptec Co. Ltd., Syneos Health Inc., Parexel International Corporation, Charles River Laboratories International Inc., Covance Inc., Medpace Inc., Pharmaron Beijing Co. Ltd., BioClinica Inc., Chiltern International Ltd., Evotec SE, PSI CRO AG, Premier Research Group Ltd., Worldwide Clinical Trials Inc., Caidya, BioTelemetry Inc., Syngene International Limited, Novotech CRO, Celerion, GVK Biosciences Private Limited, Synteract Inc., Veristat LLC., ACM Global Laboratories, ClinTec Luxembourg SA, Clinlogix LLC
The healthcare cro services market report table of contents includes:
1. Executive Summary
2. Healthcare CRO Services Market Characteristics
3. Healthcare CRO Services Market Trends And Strategies
4. Healthcare CRO Services Market – Macro Economic Scenario
5. Global Healthcare CRO Services Market Size and Growth
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31. Healthcare CRO Services Market Other Major And Innovative Companies
32. Global Healthcare CRO Services Market Competitive Benchmarking
33. Global Healthcare CRO Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Healthcare CRO Services Market
35. Healthcare CRO Services Market Future Outlook and Potential Analysis
36.Appendix
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