Healthcare Contract Research Organization

Healthcare Contract Research Organization

A healthcare contract research organisation is a company that provides research support services to pharmaceutical, biotechnological and medical device companies, such as biopharmaceutical development, clinical development, clinical trial management and regulatory process services.

The global healthcare contract research organisation market is projected to expand significantly with a CAGR of ~9.5. This is attributed towards the rise in investments in pharmaceutical R&D, the increase in no. of clinical trials coupled with advancements in technology are fueling the market growth. Furthermore, the advancement in bioinformatics and the launch of new software products by companies are contributing to the growth of the healthcare contract research organisation market. For instance, in March 2023, Synthego introduced CRISPR discovery partners to streamline CRISPR-driven drug discovery research the ecosystem brings together high-value partners including Arctoris, BrainXell, Curia, PhenoVista, and Pluristyx to offer a coordinated solution for CRISPR-driven drug discovery.

• Based on service type, the market is segmented into pre-clinical trial development services, clinical trial development services, regulatory services and laboratory services. Amongst these, clinical trial development services dominate the 2021 market. This is attributed to the rapid changes in government regulation for drug approval and commercialization globally. For instance, the Government of India have a set of rules for drug release, under the New Drugs and Clinical Trial Rules, 2019 (NDs & CTs Rules, 2019). Additionally, due to the increasing prevalence of chronic diseases coupled with the growing no. of clinical trials in developing countries is also exected to fuel the market growth.
• Based on therapeutic area, the market is segmented into oncology, cardiology, infectious disease Haematology, and others (neurology, gastroenterology & hepatology). Amongst, these the oncology segment is expected to witness significant market growth during the forecast period. This is attributed towards, ongoing research & development for better treatment and therapies management alternatives for cancer and the rising prevalence of cancer cases globally. For instance, according to WHO, International Agency For Research On Cancer, the no. of cancer cases is estimated to increase from 2,18,57,570, in 2020 to 19,292,789 in 2025 globally. Thus the increased prevalence of cancer cases and ongoing research & development would augment the growth of the market in the forecasting period.
• Based on end-use, the market is segmented into pharmaceutical & biopharmaceutical companies, medical devices companies, and academic institutes. Among these pharmaceutical & biopharmaceutical companies, the segment is expected to grow with a significant CAGR during the forecasting period. This is due to the lack of facilities for clinical trials, and regulatory bodies in small-scale and medium-scale pharmaceutical industries. owing to this, they outsource the data for clinical trials and regulatory approvals. This factor is contributing towards the growth of the healthcare contract research organisation market.
• For a better understanding of the market adoption of the healthcare contract research organisation, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, Netherlands, France, Norway, Switzerland, Denmark, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Rest of World. North America dominated the healthcare contract research organisation market in 2021. This is attributed to an increase in focus on developing the more potent and effective drug coupled with the increase no. of clinical trials. These elements are mainly attributed towards the growth of the healthcare contract research organisation market in North America over the forecasted period.
• Some of the major players operating in the market include IQVIA Inc, Labcorp Drug Development-, Syneos Health., Charles River laboratories. , Medpace, Bioagile., Wuxi Apptech., Parexel International Corporation. , Worldwide Clinical Trial, Ergomed plc