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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“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″.
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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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Key Findings of the Study:
By service type, the clinical research services segment accounted for the highest healthcare CRO services market share of 40% in 2018 and is anticipated to grow at the fastest rate during the forecast period.
By region, North America was the major shareholder and accounted for the highest share of 48% in 2018.
By therapeutic area, the oncology segment is expected to grow at a CAGR of 7.3% during the forecast period.
By end user, the pharmaceutical companies segment dominated the market in 2018 and is anticipated to maintain its dominance during the forecast period.
Comprehensive competitive analysis and profiles of major healthcare CRO services market players such as IQVIA, PRA, ICON, Syneos, Evotec, Charles River, Medpace, Syngene, Biotelemetry, and Labcorp are provided in this report.
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