by: Sarah Joson
Monday, August 10, 2015 |
An article posted at MedGadget.com highlighted the findings in ‘Healthcare Contract Research Outsourcing Market - Global Industry Analysis, Size, Share, Trends and Forecast 2012-2018’, the latest report from US-based market intelligence agency, Transparency Market Research.
The study covered several areas in the healthcare research outsourcing market including past data about the market, and used it to produce market forecasts up until 2018. Globally, the market was valued at US$25.08 billion in 2011. It is expected to reach US$65.03 billion by 2018 with a compound annual growth rate (CAGR) of 14.7%.
There are four segments under this market: clinical trial services, regulatory services, medical writing services, and clinical data management services. Clinical trial services took the lead with a market value of US$14.21 billion in 2010. It covers areas such as drug discovery services, preclinical services, as well as phase I to phase IV trial services.
The report also found that the market’s main clients are from contract research organizations, clinical trial laboratories, and academic medical centers. North America took the lion’s share of the market with 64.1%, followed by Europe and Asia. Findings also anticipate that the healthcare contact research outsourcing market in Asia will rapidly expand as more contract research organizations emerge.
Several factors that are contributing to the growth of the global healthcare contract research outsourcing market include the rise in costs and reduced productivity in the healthcare research segment. Moreover, in-house healthcare research departments are facing challenges related to patent expirations, and drug research has become a difficult process to be run in-house.
The Asia-Pacific region is expected to address these challenges as it offers cheaper services and maturing technological foundation for drug research.
The study also noted that the most common processes to be outsourced to healthcare contract research outsourcing companies are clinical data management and medical writing.
Some challenges in the growth of the market are quality issues, discrepancies in regulations, and approval process for drug research in certain regions. For instance, since the research facility will be located offshore, problems in methodology, equipment, and even hygiene can affect the final result.
Other issues that may arise are security-related ones due to the lack of direct supervision over the operation.