The report opines that increasing demand for cost optimization, combined with reduction in drug development timelines are the key factors driving demand for healthcare contract research outsourcing
Albany, NY -- (SBWIRE) -- 05/30/2018 -- According to a new business intelligence study on healthcare contract research outsourcing market added to the vast repository of Market Research Reports Search Engine (MRRSE). According to the research study titled "Healthcare Contract Research Outsourcing Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025", the global market is likely to grow at 6.8% CAGR through 2025.
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Highlighting the key drivers in the market, the report opines that increasing demand for cost optimization, combined with reduction in drug development timelines are the key factors driving demand for healthcare contract research outsourcing. Increasing focusing on offering highly effective drugs is likely to provide an impetus to the growth of healthcare contract research outsourcing market during the assessment period.
Increase in the complexity of regulatory procedures, combined with intervention of healthcare providers in drug approval process is also likely to fuel demand during the assessment period. The contract research organizations have been instrumental in providing a range of services to end-users, on account of which, adoption has witnessed an increase during the assessment period. Healthcare contract research outsourcing companies are forging long-term strategic alliances with end-users to consolidate their position in the market.
According to the study, clinical trials continue to be one of the leading outsourced services offered by healthcare companies. Ever-evolving regulatory procedures and guidelines continue to influence healthcare companies in choosing outsourcing solutions. Pharmaceutical companies continue to be one of the leading end-users for pharmaceutical companies globally. According to the research study, the pharmaceutical companies are likely to grow at 6% CAGR during the assessment period. Cost-effectiveness, combined with increasing complexity in drug development are some of the key factors that are likely to fuel the growth of the market during the assessment period. In addition to these factors, demand is also influenced by broader developments in genetics and growing requirement for elaborate and comprehensive laboratory requirements.
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According to the study, North America and Europe will continue to be the leading markets for healthcare contract research organizations around the globe. The adoption of these services in North America and Europe will remain concentrated in the US and EU5 respectively. In addition to these regions, adoption of healthcare contract research outsourcing solutions is likely to witness steady growth in Asia Pacific. According to the study, adoption of healthcare contract research outsourcing in Asia Pacific is likely to grow at a CAGR of over 8% during the assessment period.
The research study also offers product and business strategy analysis on the key players in the market. According to the study, the key players in the market include IQVIA, Syneos Health, PRA Health Sciences, Inc., ICON PLC, and Laboratory Corporation of America Holdings etc.
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