Transparency Market Research (TMR) has recently published a report on the global healthcare contract research outsourcing (CRO) market. According to the report, the market is likely to register a remarkable CACR of 14.70% during the period from 2012 and 2018.The research study, titled “Healthcare Contract Research Outsourcing Market – Global Industry Analysis, Size, Share, Trends And Forecast 2012 – 2018,” projects this market to rise from a total value of US$25.08 bn in 2011 to an estimated value of US$65.03 bn by the end of the forecast period.
Contract research outsourcing (CRO) is one of the emerging trends in the global healthcare industry. It involves outsourcing of various research activities, previously performed by the manufacturer, to a third-party. A number of drugmakers and companies operating in the pharmaceutical, biotechnology, and medical devices sectors are nowadays outsourcing research activities to contract researchers in order to reduce manufacturing cost without compromising on the quality of the product.
According to the report, the high cost and a great deal of time involved in healthcare research are encouraging enterprises to partner with CROs thus driving the growth of the worldwide healthcare CRO market significantly. In addition to this, the globalization of drug development is likely to provide a substantial boost to this market during the forecast period.
This report has been prepared by analyzing the global market for healthcare CRO on the basis of service, destination research group, and the region. Based on the service, the market has been classified into regulatory services, clinical trial services, and clinical data management services, and medical writing services. Among these, the clinical trial outsourcing service segment dominated the overall market in 2010, attaining a total value of US$14.2 bn. Drug discovery, preclinical, phase I trial, phase II trial, phase III trial, and phase IV trial have been identified as the key sub-segments of the clinical trial services segment in this research study.
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Based on destination research group, the global healthcare CRO market has been categorized into contract research organizations, academic medical centers, and clinical trial laboratories.
The report regionally segments the global healthcare CRO market into North America, Asia, Europe, and the Rest of the World. In 2011, North America led the global market with a whopping share of 64.1% and was closely followed by Europe and Asia. Over the forecast period, the Asia healthcare CRO market is likely to register a significant rise owing to the increasing number of contract research organizations in this region, states the research study.
The competitive landscape prevailing in the global healthcare CRO market has also been analyzed in this research report. According to it, the major players functional in this market are Piramal Life Sciences, Inventiv Health Inc., Medidata Solutions Inc., Icon Plc., Charles River Laboratories International Inc., Parexel International Corp., Pharmaceutical Product Development Inc., Covance Inc., and Quintiles Transnational Corp.