According to a new report Global Healthcare CRO Services Market, published by KBV research, The Global Healthcare CRO Services Market size is expected to reach $57.1 billion by 2025, rising at a market growth of 6.8% CAGR during the forecast period. Growing investment in R&D projects, preference for outsourcing activities due to time and cost constraints and the expiration of patents in the healthcare sector are key factors expected to drive the market in the years to come.
During 2019, clinical services dominated the market and included Phase I, Phase II, Phase III, and Phase IV testing facilities. The outsourcing of Phase III trials to healthcare contract research organizations created the highest revenue in 2019 because they are one of the most costly phases of a clinical trial. This phase accounts for around 90.0 percent of the expenditures incurred during clinical drug development.
Owing to the largest number of trials conducted and outsourced in the world, the North America market for healthcare contract research organizations retained a large share in 2019. Additionally, government funding for R&D activities has powered this regional market through grants and funds to research institutes and companies.
Some of the factors responsible for the rapid growth of the Asian market are the growing desire of healthcare enterprises in developed economies to seek new markets and extend their geographical footprint. In addition, the growing incidence of lifestyle diseases such as diabetes mellitus, hypertension, and obesity as a result of an increasingly sedentary lifestyle and evolving dietary habits is expected to fuel market growth in the coming years.
Structural Insights: https://www.kbvresearch.com/healthcare-cro-services-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of IQVIA Holdings, Inc., Laboratory Corporation of America Holdings (Covance, Inc.), Pharmaceutical Product Development, Inc., Parexel International Corporation (Pamplona Capital Management), Charles River Laboratories International, Inc., ICON PLC, Dassault Systemes SE (Medidata Solutions, Inc.), Syneos Health, Inc., Pharmaron Beijing Co., Ltd., and GVK Biosciences Private Limited.
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