SEATTLE, May 28, 2020 (GLOBE NEWSWIRE) -- Healthcare contract research outsourcing aids in reducing costs associated with developing new medicines and drugs. It offers clinical trial services in all phases, regulatory services, medical writing services, and clinical data management services.
The global healthcare contract research outsourcing market is estimated to account for US$ 229.2 Bn in terms of value by the end of 2027.
Emergence of pandemic diseases is expected to boost growth of the global healthcare contract research outsourcing market over the forecast past. For instance, the novel coronavirus disease (COVID-19) has spread in over 200 countries, affected around 2,883,603 people, and resulted in 198,842 deaths worldwide as of April 27, 2020, as reported to the World Health Organization.
Increasing launch of new products is also expected to aid in growth of the market. For instance, in January 2020, WuXi Advanced Therapies, a global contract development and manufacturing organization, launched fully integrated adeno-associated virus Vector Suspension Platform to help accelerate the timeline for cell and gene therapy development.
Significant growth in the biopharmaceutical sector is expected to offer lucrative growth opportunities for players in the market. For instance, according to IQVIA Institute, emerging biopharmaceutical companies accounted for 73% of late stage research in 2018.
Increasing R&D in oncology and immunology is also expected to aid in growth of the market. For instance, in August 2019, Pharmaceutical Product Development, LLC, a global contract research organization, collaborated with Harbour BioMed, a global clinical-stage biopharmaceutical company, to develop Harbour BioMed’s therapeutics in the fields of oncology and immunology.
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The global healthcare contract research outsourcing market was valued at US$ 74.7 Bn in 2019 and is forecast to reach US$ 229.2 Bn by 2027 at a CAGR of 15.1% between 2020 and 2027. The growth of the market is attributed to increasing growth in the biopharmaceutical sector in developing economies such as India during the forecasted period.
Clinical trials segment held dominant position in the global healthcare contract research outsourcing market in 2019, accounting for 50.1% share in terms of value. Increasing incidence and prevalence of pandemic diseases along with increasing product launch is expected to boost growth of the global healthcare contract research outsourcing market over the forecast past.
Major players in the market are focused on adopting cloud-based technologies. For instance, in December 2019, KCR S.A., a healthcare contract research outsourcing company, adopted Veeva Vault, a cloud enterprise content management platform, for its clinical research programs.
Major players in the market are also focused on adopting partnership and collaboration strategies to enhance their market share. For instance, in November 2019, Worldwide Clinical Trials, a contract research organization, announced that Cyclo Therapeutics, Inc., a clinical-stage biotechnology company, signed an agreement with the company to conduct a pivotal trial to assess the efficacy of Cyclo Therapeutics, Inc.’s proprietary hydroxypropyl beta cyclodextrin, Trappsol Cyclo, for the treatment of Niemann-Pick Disease Type C.
Major players operating in the global healthcare contract research outsourcing market include, IQVIA, PRA Health Sciences, Covance, Inc., WuXi Advanced Therapies, Pharmaceutical Product Development Inc., Parexel International Corporation, Charles River Laboratories International Inc., Icon, Plc, Medidata Solutions, Inc., Worldwide Clinical Trials, Inventiv Health, Inc. (Pharmanet Development Group Inc.), Medpace Holdings, Inc., and Piramal Life Sciences.
Players in the market are focusing on offering remote clinical monitoring services to enhance their market share. For instance, in March 2020, PRA Health Sciences expanded its Mobile Health Platform for remote clinical monitoring in response to the ongoing global COVID-19 pandemic.
Major players in the market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in February 2020, Parexel International Corporation, a healthcare contract research outsourcing company, acquired Model Answers, a consultancy firm that offers pharmacokinetic and pharmacodynamic modeling, simulation and analysis services.
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