Telehealth is fastest growing segment fueling the growth of Healthcare Contract Research Outsourcing Market

 

The global Healthcare Contract Research Outsourcing Market is estimated to be valued at US$ 130.3 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Healthcare contract research outsourcing involves outsourcing R&D related activities for drugs, medical devices and other healthcare products. This helps pharmaceutical and medical device companies to reduce costs and focus on core functions.

Market key trends:
One of the major trends in the market is growing adoption of telehealth and remote patient monitoring services. The COVID-19 pandemic has accelerated the usage of telehealth as it allows remote monitoring of patients. Various contract research organizations are partnering with telehealth companies to provide end-to-end clinical research solutions virtually. This is expected to significantly reduce costs related to patient recruitment and retention for clinical trials. It will also make clinical trials more accessible to a large number of patients.
Segment Analysis
The healthcare contract research outsourcing market is segmented into clinical data management & Biostatistics, clinical monitoring, medical advisory board, clinical trials management, regulatory/legal advisory, quality management/assurance and others. Among these, clinical trials management segment dominated the market in 2023 with a share of over 30%, as a majority of organizations are outsourcing clinical trial processes to contract research organizations. This segment is expected to witness high growth, due to rising complexities and costs involved in managing clinical trials.

Key Takeaways
The global healthcare contract research outsourcing market is expected to witness high growth, exhibiting a CAGR of 15% over the forecast period, due to increasing cost pressures on pharma and biotech companies, and need to improve efficiency.

Regional analysis
North America dominated the global market in 2023 with a share of over 40%, owing to presence of many pharmaceutical companies outsourcing research activities in the region. Asia Pacific is expected to witness fastest growth, due to low costs and high availability of skilled workforce in the region.

Key players
Key players operating in the healthcare contract research outsourcing market are IQVIA Inc, Covance Inc (a subsidiary of Labcorp), Pharmaceutical Product Development Inc (a subsidiary of Thermo Fisher Scientific Inc), Parexel International (MA) Corporation, Charles River Laboratories, ICON plc, Medidata, Inventiv Health, Inc. (a subsidiary of Syneos Health), Medpace, and Piramal Enterprises Ltd.

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