Australia & New Zealand Healthcare CROs Market Size, Share & Trends Analysis Report By Phase Type (Drug Discovery, Preclinical, Clinical), By Service, By Application, By End-use, By Country, And Segment Forecasts, 2023 - 2030

Australia & New Zealand Healthcare CROs Market Size, Share & Trends Analysis Report By Phase Type (Drug Discovery, Preclinical, Clinical), By Service, By Application, By End-use, By Country, And Segment Forecasts, 2023 - 2030

Australia & New Zealand Healthcare CROs Market Growth & Trends

The Australia & New Zealand healthcare CROs market size is expected to reach USD 2.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.5% from 2023 to 2030. The rising costs associated with drug development are anticipated to drive the demand. As clinical trial costs continue to increase and challenges related to patient recruitment persist, biopharmaceutical companies are increasingly turning to countries such as Australia, New Zealand, China, and India in search of cost savings and efficient patient recruitment. As a result, the market is expected to benefit from this trend over the forecast period.

R&D tax credits are available in both countries. According to the April 2021 update from Brandon Capital Partners, a key Australasian life sciences venture capital firm, the R&D tax incentive given to international sponsors in Australia can lead to savings in costs of up to 43.5%, in comparison to New Zealand's 15%. In addition, the article stated that the Australian government projected that its tax credit helped the clinical trial sector reach a value of USD 1 billion, which would eventually boost the Australia and New Zealand contract research organizations industry’s growth.

The growing adoption of digital health technologies, such as telemedicine, wearables, and AI, is impacting drug development & clinical trials, creating new opportunities for contract research organizations. Australia is one of the leading countries to conduct decentralized clinical trials; according to Novotech, During the COVID-19 pandemic, Australia demonstrated significant progress in online care platforms. From March 2020 to April 2021, more than 56 million telehealth services were provided to around 13.6 million patients. In addition, the government's recent 2021-2022 Federal Budget allocated an additional USD 204.6 million to telehealth, bringing the total investment to USD 3.6 billion.

Australia & New Zealand Healthcare CROs Market Report Highlights

• Based on phase type, the clinical segment dominated the market in 2022, with the largest share of 76.4%, because it comprises four elaborate phases, including human subjects. The significant demand for new treatments has further contributed to the growth of the segment
• The regulatory/medical affairs service segment is expected to register the fastest CAGR of 15.6% over the forecast period
• The oncology application segment accounted for the largest market share of 40.2% owing to the increasing incidence of cancer, advancements in oncology research, and the growing demand for targeted therapies
• Pharmaceutical & Biopharmaceutical companies by end-use segment is expected to register the fastest CAGR of 11.7% over the forecasted period