Transparency Market Research Report Added "Healthcare Contract Research Outsourcing Market" to its database.
Albany, NY -- (SBWIRE) -- 08/27/2015 -- With in-house research becoming increasingly expensive, the demand for contract research outsourcing is growing. Contract research organizations work closely with pharmaceutical and biotech companies to conduct clinical research programs for them. An increasing number of drug makers and biotech firms are outsourcing their clinical trials to the contract research organizations.
The global healthcare contract research outsourcing market was worth US$25.08 billion in 2011. Due to the increasing demand, the market is expected to witness healthy growth at a CAGR of 14.7% during the period between 2012 and 2018, and reach a valuation of US$65.03 billion by the end of 2018.
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Rising Cost of In-House Research to Push Global Healthcare Contract Research Outsourcing Market
The increasing cost and declining productivity of in-house healthcare research has led organizations to look for outsourcing the task to contract research organizations. Patent expiration's have also added to the woes of healthcare enterprises conducting in-house research. With the globalization of the drug development process, the global healthcare contract research outsourcing market is expected to grow consistently in the near future. The contract research organizations armored with regulatory knowledge as well as the knowledge of emerging biological therapies help in the research and development of new drugs.
However, the global healthcare contract research outsourcing market is expected to be negatively affected by the issues related to the quality of the clinical research performed by contract research organizations. Regulatory frameworks regarding the same also vary across the world. This can create confusion between the client companies and contract research organizations, which are usually located in different regions. Genetic and disease profile variations as well as data confidentiality issues will also restrain the overall market.
Contract Research Organizations to Lead HCRO Market
On the basis of type of services, the global healthcare contract research outsourcing market has been segmented into clinical trial services, regulatory services, clinical data management services, medical writing services, and others. In 2010, clinical trial services dominated the overall market and was valued at US$14.21 billion. Depending on the type of destination research groups, the global healthcare contract research outsourcing market has been categorized into clinical trial laboratories, contract research organizations, and academic medical centers. With most of the pharmaceutical companies depending on contract research organizations, they are expected to gain considerable market share in the near future.
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Asia to Drive Demand from Global Healthcare Contract Research Outsourcing Market
The global healthcare contract research outsourcing market has been divided into four key regions: Asia, Europe, North America, and Rest of the World. North America has been the largest region for healthcare contract research outsourcing, accounting for a 64.1% share of the market. However, Asia is expected to emerge as the largest market in the next couple of years owing to the increasing number of contract research organizations coming up in the region.
Key Players in Global Healthcare Contract Research Outsourcing Market
Some of the key players in the global healthcare contract research outsourcing market are Covance Inc., Parexel International Corporation, Medidata Solutions, Piramal Life Sciences, and Quintiles Transnational Corporation. The key players mostly have a global presence and are tying up with the pharmaceutical and biotech firms to expand their business.
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About Transparency Market Research (TMR)
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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