Dublin, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The "Healthcare CRO Services Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global healthcare CRO services market is expected to grow from $52.31 billion in 2022 to $56.8 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The healthcare CRO services market is expected to reach $78.12 billion in 2027 at a CAGR of 8.3%.
The report provides healthcare CRO services market statistics, including healthcare CRO services industry global market size, regional shares, competitors with a healthcare CRO services market share, detailed healthcare CRO services market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare CRO services industry.
The rise in healthcare expenditures is expected to propel the growth of the healthcare CRO services market going forward. Health expenditures refer to all costs associated with providing health services, family planning activities, nutrition programs, and emergency help focusing on health. A larger pool of financing for medical research and development is made possible by rising healthcare spending, increasing demand for healthcare CRO services, and their ability to assist clinical trials and studies.
For instance, in February 2023, according to the Centers for Medicare and Medicaid Services, a US-based federal agency, in 2021, the United States spent 4.3 trillion dollars, or $12,914 per person, on health care, a 2.7 % increase compared with the previous year. Further, spending on healthcare accounted for 18.3 % of the country's GDP. Therefore, the rise in healthcare expenditures is driving the growth of the healthcare CRO services market.
Product innovation has emerged as a key trend gaining popularity in the healthcare CRO services market. Major companies operating in the healthcare CRO services market are concentrating on creating innovative products to strengthen their position in the market. For instance, in January 2020, Labcorp, a US-based healthcare company, and Labcorp Drug Development (formerly Covance), a US-based contract research organization, launched solutions for the extensive preclinical, clinical, and post-approval development of cell and gene therapies. These solutions are intended to decrease time and risk for sponsors at every stage and along the continuum of their therapeutic development requirements.
In July 2021, ICON plc, an Ireland-based clinical research organization, acquired PRA Health Science for $12 billion. With this acquisition, ICON plc aimed to improve operations to alter clinical trials and hasten biopharma clients' commercial success by creating desperately needed pharmaceuticals and medical devices.
Further, the acquisition allowed ICON plc to concentrate on utilizing data, using technology, and reaching out to various patient populations to hasten the creation of new drugs. PRA Health Sciences Inc. is a US-based contract research organization (CRO) that offers data solutions and outsourced clinical development services.
North America was the largest region in the healthcare CRO services market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The countries covered in the healthcare CRO services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Major players in the healthcare CRO services market are
- Laboratory Corporation of America Holdings.
- IQVIA Inc.
- Icon Plc.
- PPD Inc.
- Wuxi Apptec Co. Ltd.
- Syneos Health Inc.
- Parexel International Corporation
- Charles River Laboratories International Inc.
- Covance Inc.
- Medpace Inc.
- Pharmaron Beijing Co. Ltd.
- BioClinica Inc.
- Chiltern International Ltd.
- Evotec SE
- PSI CRO AG
- Premier Research Group Ltd.
- Worldwide Clinical Trials Inc.
- Caidya
- BioTelemetry Inc.
- Syngene International Limited
- Novotech CRO
- Celerion
- GVK Biosciences Private Limited
- Synteract Inc.
- Veristat LLC.
- ACM Global Laboratories
- ClinTec Luxembourg SA
- Clinlogix LLC
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $56.8 billion |
| Forecasted Market Value (USD) by 2027 | $78.12 billion |
| Compound Annual Growth Rate | 8.3% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Healthcare CRO Services Market Characteristics
3. Healthcare CRO Services Market Trends And Strategies
4. Healthcare CRO Services Market - Macro Economic Scenario
4.1. Impact Of High Inflation On Online Therapy Services Market
4.2. Ukraine-Russia War Impact On Online Therapy Services Market
4.3. COVID-19 Impact On Online Therapy Services Market
5.1. Global Healthcare CRO Services Historic Market Size and Growth, 2017 - 2022, Value ($ Billion)
5.2. Global Healthcare CRO Services Forecast Market Size and Growth, 2022 - 2027, 2032F, Value ($ Billion)
5.3. Global Healthcare CRO Services Market Drivers and Restraints
5.3.1. Drivers Of The Market
5.3.2. Restraints Of The Market
6. Healthcare CRO Services Market Segmentation
6.1. Global Healthcare CRO Services Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Early Phase Development
- Clinical Development Services
- Laboratory Services
- Consulting Services
6.2. Global Healthcare CRO Services Market, Segmentation By Therapeutic Area, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Oncology
- CNS Disorder
- Cardiovascular Disease
- Metabolic Disease
- Infectious Disease
- Diabetes
- Other Therapeutic Areas
6.3. Global Healthcare CRO Services Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Pharmaceutical Companies
- Medical Device Companies
- Academic Institutes
7. Healthcare CRO Services Market Regional And Country Analysis
7.1. Global Healthcare CRO Services Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Healthcare CRO Services Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/bovj05
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