Healthcare Contract Research Outsourcing Market: Snapshot
Given the shortage of resources for administrative operations, among healthcare providers, it becomes very difficult to deliver high quality patient care. The high cost of having an in-house healthcare research facility not only takes effort, but also time and money. This is creating a demand for healthcare contract research outsourcing so as to enable high level of patient care as with improved drugs and diagnostics. Various healthcare organizations have identified the long-term benefits of using healthcare research outsourcing solutions and services around the world and this is increasing the partnerships with contract research organizations to outsource research activities so as to cut down on production costs without affecting or compromising with the quality of products.
The global healthcare contract research outsourcing market is expected to rise from US$25.08 bn in 2011 to be worth US$65.03 bn by 2018, expanding at a healthy CAGR of 14.70% from 2012 to 2018. A reduction in productivity coupled with huge healthcare research costs are behind the growth of the healthcare contract research outsourcing market. A decrease in the development projects of new drug formulations is another important reason, boosting the global healthcare contract research outsourcing market. Additionally, the globalization of drug development processes is also pushing the market’s development. However, quality issues within the performed research and long duration of approval process will challenge the market’s growth.
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Clinical Trial Services to Continue Leading in Global Healthcare Contract Research Outsourcing Market
By service type, the healthcare contract research outsourcing market is segmented into clinical trial services, drug discovery, and preclinical studies. Of these, the clinical trial services led the market and was worth US$14.21 bn in 2010. It is expected that this segment will continue to retain its leading position. By destination research group, the market is segmented into contract research organization (CROs), academic medical centers, and clinical trial laboratories. In terms of geography, North America led in the market and is expected to do so in the coming years, trailed by Europe. The Asia Pacific market for healthcare contract research outsourcing is expected to grow remarkably in the coming years. The availability of diverse population is creating ease in patient recruitment and this is one of the major reasons behind the estimated growth of the Asia Pacific healthcare contract research outsourcing market.
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