Rise in R&D investment and significant increase in cancer incidence across the globe have boosted the growth of the global healthcare CRO services market. However, dearth of skilled healthcare professionals hampers the market growth. On the contrary, various growth opportunities in emerging economies would further propel the market growth.
According to the report published by Allied Market Research, the global healthcare CRO services market size is expected to reach $66,036.80 million by 2026, registering a CAGR of 6.9% from 2019 to 2026, in terms of value. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Significant increase in R&D for the development of drugs & medical devices and increase in private biotechnology organizations are the major factors driving the growth of healthcare CRO services market. Moreover, surge in healthcare expenditure and rise in government initiatives toward promoting R&D in the field of biotechnology propels the healthcare CRO services market growth. However, penetrating competition in the market and dearth of skilled professionals are the major factors anticipated to hamper the growth of healthcare CRO services market. Moreover, rise in the biotech and pharmaceutical sector in developing economies is expected to create lucrative opportunities in the future.
Onkar Sumant, a Manager, Healthcare at Allied Market Research, stated, Growth in R&D in the biotechnology and pharmaceutical sector across the globe and rise in adoption by key players to enter into contracts with CRO service providers is anticipated to drive the healthcare CRO services market growth.
North America held the lion’s share
Based on geography, the market across North America held the largest share in 2018, contributing to nearly half of the total revenue, owing to rise in biotechnology and pharmaceutical research by industry giants in the region. However, the global healthcare CRO services market across Asia-Pacific is anticipated to manifest the fastest CAGR of 7.4% during the study period, due to rise in demand for healthcare CRO services.
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Major market players
- IQVIA
- ICON
- PRA Health Sciences
- Evotec
- Syneos
- Medpace
- Charles River
- Labcorp
- Syngene
- Biotelemetry
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