Rising number of clinical trials across the globe, high healthcare inquiry & development investments, and increasing inquiry outsourcing activities are driving contract inquiry outsourcing market revenue growth
The global Contract Inquiry Outsourcing (CRO) market size is expected to reach USD 104.69 Billion in 2028 and register a revenue CAGR of 10.2% over the forecast period, according to the latest report by Reports and Data. Rising number of clinical trials across the globe, high healthcare inquiry & development budget, especially in developed countries, and increasing outsourcing activities are driving contract inquiry outsourcing market revenue growth.
CRO offers a wide range of support services such as project management, clinical trial data management, database design and build, preclinical inquiry, biopharmaceutical development, data entry and validation, biologic assay development, medicine and disease coding, safety and efficacy summaries, and others. CROs are hired to conduct clinical trials and provide inquiry support for development of safe and efficient drugs and vaccines.
Pharmaceutical companies are planning on reducing overall expenses, for which they need to reduce inquiry staff and save costs on in-house R&D infrastructure. Outsourcing inquiry work to CROs can help to increase success rate and accelerate drug discovery, resulting in higher profits. Increasing investments and focus on healthcare R&D by major healthcare companies, and development of novel drugs and therapies are boosting contract inquiry outsourcing market revenue growth.
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Market Dynamics:
Growth in the historic period resulted from the rapid growth in the elderly population, strong economic growth in emerging markets, decline in oil prices, and health insurance reforms globally. Factors that negatively affected growth in the historic period were low healthcare access, shortages of skilled human resources, difficulty in manufacturing biologics, and regulatory changes.
Going forward, faster economic growth, technological developments and the increasing prevalence of diseases due to rising busy and sedentary lifestyles will drive the growth. Factors that could hinder the growth of this market in the future are rising interest rates, increasing awareness of alternative therapies and natural remedies, government provisions in healthcare services, and stringent government regulations.
Regional Outlook:
North America is the largest market for healthcare, followed by Asia-Pacific, Western Europe and then the other regions. Due to favorable regulations and policies in these regions, healthcare industry is rapidly growing. As the market in developed countries is nearly saturated, market players have shifted their focus toward the developing regions, especially the emerging economies of Asia Pacific.
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Competitive Outlook:
The prominent factors favoring market growth include increasing launches and initiatives by the market players to provide rapid treatment for addressing the diseases of the patients in the healthcare industry. Market-trend-based strategies for the healthcare market include increasing the adoption of bundled payments, using digital tools, increasing collaborations across industries and companies, focusing on the development of new medicines, and adopting hybrid imaging technology. Players adopted strategies in the healthcare industry include acquiring companies in similar industries to expand their presence and focusing on offering quality products and services.
The competitive landscape section of the report discusses in detail the company overview, product and services portfolio, business expansion plans, production and manufacturing capacity, financial standing, and global market position. It further sheds light on the recent mergers and acquisitions, collaborations, partnerships, corporate and government deals, agreements, and product launches.
Top companies operating in the market and profiled in the report include:
Charles River Laboratories, Parexel International, IQVIA, Labcorp Drug Development, PRA Health Sciences, Syneos Health, Thermo Fisher Scientific, Inc., ICON plc, Medidata Solutions, and Medpace Holdings, Inc.
Further, the report segments the Contract Inquiry Outsourcing (CRO) market on the basis of product types, applications, end-use industries, and technology among others. The report offers insights into key factors influencing the revenue growth of the segment and provides information about lucrative investment opportunities to stakeholders, investors, and clients.
Contract Inquiry Outsourcing (CRO) Market Segmentation:
Product Type Outlook (Revenue, USD Billion; 2018–2028)
- Early Phase Development Services
- Clinic Inquiry Services (CRS)
- Laboratory Services
- Consulting Services
- Others
Therapeutic Area Outlook (Revenue, USD Billion; 2018–2028)
- Oncology
- Central nervous system (CNS) Disorder
- Immunological Disorders
- Cardiovascular Diseases
- Infectious Diseases
- Respiratory Disorders
- Diabetes
- Others
End-Use Outlook (Revenue, USD Billion; 2018–2028)
- Pharmaceutical and Biopharmaceutical Companies
- Medical Device Companies
- Academic Institutes
- Others
Regional Analysis covers:
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- Italy
- K.
- Rest of EU
- Asia Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- A.E
- Rest of MEA
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