Healthcare Contract Research Organizations (CRO) Services Market is expected to reach US$ 87,859.08 Million in 2027

Oncology Segment to Grow at Faster CAGR during 2019–2027

According to our new research study on “Healthcare Contract Research Organizations (CRO) Services Market Forecast to 2027- Covid-19 Impact and Global Analysis by Service Type, Therapeutic Indication, and End User” the market is expected to reach US$ 87,859.08 million in 2027 from US$ 43,208.57 million in 2019; it is estimated to grow at a CAGR of 9.5% from 2020 to 2027. The report highlights trends prevailing in the market, and the factors driving and hindering the market growth. The growth of the global healthcare contract research organizations (CRO) services market is attributed to the increasing number of clinical trials and increasing expenditure in R&D and outsourcing activities. However, dearth of skilled professionals is the major factor hindering the market growth.

Based on therapeutic indication, the global healthcare contract research organizations (CRO) services market is segmented into oncology, infectious diseases, immunological disorders, respiratory diseases, cardiovascular diseases, neurological disorders, and others. In 2019, the others segment held largest share of the market. However, the oncology segment is estimated to register the highest CAGR during the forecast period. Increasing development of new drug offer lucrative opportunities for the growth of oncology segment.

The global healthcare contract research organizations (CRO) services market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.

Charles River Laboratories, Inc., Iqvia Inc., Laboratory Corporation of America Holdings, Parexel International Corporation, Icon Plc, PRA Health Sciences, Syneos Health, Medpace, Wuxi Apptec and PPD Inc are among the leading companies operating in the healthcare contract research organizations (CRO) services market.

Healthcare Contract Research Organizations (CRO) Services Market, by Region, 2019 (%)

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Healthcare CRO Services Market Size Report, Share & Analysis 2027

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Healthcare Contract Research Organizations (CRO) Services Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Service Type (Early Phase Development, Laboratory Services, Consulting Services, Clinical Research Services); Therapeutic Indication (Oncology, Infectious Diseases, Respiratory Diseases, Cardiovascular Diseases, Neurological Disorders, Others); End User (Medical Device Companies, Pharmaceutical and Biopharmaceutical Companies, Others); and Geography

The report segments healthcare contract research organizations (CRO) services market as follows:

By Service Type

• Early Phase Development

Discovery Studies

Chemistry, Manufacturing, and Control

Pre-Clinical Services

• Laboratory Services

Bio-analytical Testing

Analytical Testing

• Consulting Services
• Clinical Research Services

Phase I

Phase II

Phase III

Phase IV

By Therapeutic Indication

• Oncology
• Infectious Diseases
• Respiratory Diseases
• Cardiovascular Diseases
• Neurological Disorders
• Others 

By End- User

• Medical Device Companies
• Pharmaceutical and Biopharmaceutical Companies
• Others (Academic Institutes)

  By Geography

• North America
  • • US
    • Canada
    • Mexico
• Europe
  • • France
    • Germany
    • UK
    • Spain
    • Italy
    • Rest of Europe
• Asia Pacific (APAC)
  • • China
    • India
    • Japan
    • Australia
    • South Korea
    • Rest of APAC
• Middle East & Africa (MEA)
  • • Saudi Arabia
    • UAE
    • South Africa
    • Rest of MEA
• South and Central America (SCAM)
  • • Brazil
    • Argentina
    • Rest of SCAM