by: Sarah Joson
Monday, June 15, 2015 |
Report on the Healthcare Contract Research Outsourcing (HCRO) Market indicated that healthcare contract research outsourcing is growing at a compound annual growth rate (CAGR) of 14.7%, and is expected to be valued US$65.03 billion by 2018.
The market is composed of four groups based on services: clinical trial, regulatory, medical writing, and clinical data management. The top category in the global healthcare contract research outsourcing market is clinical trial outsourcing with a market value of US$14.21 billion in 2010. The services that fall under clinical trial outsourcing are preclinical services, drug discovery services, and phase I to IV trial services.
The main clients of the market are clinical trial laboratories, contract research organizations, and academic medical centers.
As for location, North America took the largest share of the market with 64.1%, while Europe and Asia took the second and third spot based on historical data. Meanwhile, the HCRO market in Asia is projected to expand rapidly due to the growing volume of contract research organizations in the region.
Growth within the HCRO market is said to be driven by the rising cost and reduced productivity of healthcare research. Other factors cited are the declining research and development activity in the field of new drug formulations and globalization of drug development. In addition to that, in-house drug research has become inefficient, prompting companies to outsource the process.
Developing countries in Asia-Pacific are being considered as candidates to becoming the healthcare contract research outsourcing destination as services are inexpensive and development of technological foundation for drug research is ongoing. Processes that are currently being outsourced are regulatory services, clinical data management, and medical writing.
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