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
PORTLAND, Oregon, April 6, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Healthcare CRO Services Market by Type (Early Phase Development, Clinical Development Services, Laboratory Services, and Consulting Services), Therapeutic Area (Oncology, CNS Disorder, Cardiovascular Disease, Metabolic Disease, Infectious Disease, Diabetes, and Others), and End-User (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, and Academic Institutes): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global healthcare CRO services market was pegged at $38.99 billion in 2018, and is projected to garner $66.03 billion by 2026, growing at a CAGR of 6.9% from 2019 to 2026.
Major market drivers
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.
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The clinical research services segment dominated the market
Based on service type, the clinical research services segment held the largest share in 2018, accounting for more than two-fifths of the global healthcare CRO services market. Moreover, the segment is expected to reach 7.3% from 2019 to 2026, owing to remarkable rise in clinical trials and development of various drugs and novel molecules for the treatment of several diseases.
The pharmaceutical companies segment held the largest market share
Based on end-user, the pharmaceutical companies dominated the global healthcare CRO services market in 2018, accounting for nearly half of the market and is expected to manifest the largest CAGR of 7.1% during the forecast period. This is due to increased research conducted by pharmaceutical companies to develop novel products for treatment of various chronic diseases.
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
- PRA Health Sciences
- Charles River
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SOURCE Allied Market Research