The global healthcare contract research outsourcing market was valued at US$ 30.0 Bn in 2016 and is projected to expand at a cumulative annual growth rate (CAGR) of 6.8% from 2017 to 2025 according to a new report published by Transparency Market Research (TMR) titled “Healthcare Contract Research Outsourcing Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025” the report suggests that increase product pipeline and efforts for optimization is spurring the growth of healthcare contract research outsourcing market in coming years (2017 to 2025). The North America and Europe are projected to dominate the global market owing increase in demand for cost optimization with reduced drug development timelines and flobalization of clinical trials.
The market in Asia Pacific is projected to witness exponential growth rate with more than 8% during the forecast period 2017-2025. The growth of Asia Pacific region is attributed to the huge reduction of drug lag and cost moreover due to its high population growth, Asian countries also show higher disease incidence rates than other regions, thereby providing a viable environment for conducting of clinical trials. The market for healthcare contract research outsourcing in Latin America is likely to grow at moderate growth rate during the forecast period.
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- Complex Regulatory and Growing Regulatory Burden to Fuel Market Growth
The global healthcare contract research outsourcing is projected to be potentially driven by the growing complexity of the regulatory procedures and increasing intervention of the healthcare providers in the drug approval and reimbursement process. The therapeutic expertise and varied regional filing process expertise offered by CROs is further fueling the healthcare contract research outsourcing market. The contract research organizations provides wide range of services and solutions to support regulatory filing at various stages of drug development process.
These services and business solutions offered by the CROs help the healthcare companies to complete simultaneous regulatory submissions in different regions efficiently and effectively. The key players offering the healthcare contract research outsourcing are coming up with the strategic solutions for long term partnership supporting the healthcare companies at various stages of drug development, thereby reducing the overall development cost and thus, improving the cost effectiveness and efficiency of drug development process. Companies are focusing on the expansion of commercial services so as to effectively support the complete product lifecycle.