Healthcare Contract Research Outsourcing Market Analysis (2020-2027)

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2. HEALTHCARE CONTRACT RESEARCH OUTSOURCING MARKET ANALYSIS (2020-2027) • Healthcare Contract Research Outsourcing Market, By Service Type (Safety Syringes (Clinical Trials (Drug Discovery, Preclinical, Phase I, Phase II, Phase III, Phase IV)), Regulatory services, Medical writing, Clinical data management, Others), By End User (CROs, Clinical Trial Laboratories, AMCs), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

3. The pharmaceutical and medical device sectors are slowly transitioning from an integrated process model to an outsourcing model where companies in these sectors outsource various processes such as clinical trials, medical writing, and regulatory processes to contract research outsourcing companies Statistics: • 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.

4. Global Healthcare Contract Research Outsourcing Market: Drivers • Increasing cost and time required for drug development is expected to propel growth of the global healthcare contract research outsourcing market over the forecast period. For instance, the cost of drug development was US$ 2.6 billion, which included average out-of-pocket costs of US$ 1.4 billion and time costs of US$ 1.2 billion, according to a study by the Tufts Center for the Study of Drug Development published in the Journal of Health Economics in May 2019. • Moreover, increasing number of patent expirations is also expected to aid in growth of the market. For instance, Boehringer Ingelheim’s Atrovent HFA (ipratropium hfa) used for the treatment of chronic obstructive pulmonary disease and AstraZeneca’s Bydureon (exenatide) used for the treatment of type 2 diabetes is expected to face patent expiration in May 2020 and October 2020, respectively. • .

5. Statistics: • North America held dominant position in the global healthcare contract research outsourcing market in 2019, accounting for 57.0% share in terms of value, followed by Europe and Asia Pacific, respectively

6. Figure 1: Global Healthcare Contract Research Outsourcing Market Share (%) in Terms of Value, By Region, 2019

7. Global Healthcare Contract Research Outsourcing Market: Restraints • Variation in regulatory guidelines and approval process in different countries is expected to hinder growth of the market. Majority of the clinical trials and other research processes are outsourced to various countries simultaneously. These destination countries have different guidelines and regulatory processes related to drugs, filing and clinical trials. The conduction of multi-location trials of a single drug in different procedures in different countries poses a challenge to pharmaceutical companies as they have to follow a completely different procedure in each country. Therefore, a company prefers to restrict outsourcing to one destination country.  • Although research outsourcing is a cost saving option, it may be a major threat for quality and efficacy. As the research work outsourced is related to clinical trials, regulatory functions, and medical writing, it is mandatory to ensure adequate quality of output. The research activities outsourced are still not handled up to requisite standards and hence there is an apprehension in some sections of the industry to outsource.

8. Global Healthcare Contract Research Outsourcing Market: Opportunities • Increasing number of clinical trials is expected to offer lucrative growth opportunities for players in the market. For instance, according to the U.S. National Library of Medicine, the number of clinical trials conducted in the U.S. increased from 30,978 in 2018 to 32,523 in 2019. • Moreover, increasing funding for R&D in various diseases is also expected to aid in growth of the market. For instance, in April 2020, the state government of Kansas (U.S) awarded The University of Kansas Cancer Center with an additional US$ 5 million grant for cancer research.

9. Statistics: • The global healthcare contract research outsourcing market was valued at US$ 74.7 Bn in 2019 and is forecast to reach a value of US$ 229.2 Bn by 2027 at a CAGR of 15.1% between 2020 and 2027.

10. Figure 2: Global Healthcare Contract Research Outsourcing Market Value (US$ Bn), 2016 - 2027

11. Market Trends/Key Takeaways • .Contract research organizations (CROs) offer flexible price business models that allow pharmaceutical companies to choose and pay for a particular research process conveniently. This business model system is a major attractive segment of CROs and facilitates outsourcing. However, depending on the research process, location, risk, and other factors, the pricing models of CROs vary and this sometimes outweighs the budget limitation of pharmaceutical companies. • Major players in the market are focused on adopting collaboration and partnership strategies to expand their product portfolio. For instance, in February 2020, Medidata launched research partnership between the Medidata Institute and Project ALS for R&D in amyotrophic lateral sclerosis disease.

12. Global Healthcare Contract Research Outsourcing Market: Competitive Landscape Major players operating in the global healthcare contract research outsourcing market include, IQVIA, Covance, Inc., Pharmaceutical Product Development Inc., Parexel International Corporation, Charles River Laboratories International Inc., Icon, Plc, Medidata Solutions, Inc., Inventiv Health, Inc. (Pharmanet Development Group Inc.), Medpace Holdings, Inc., and Piramal Life Sciences. .

13. Global Healthcare Contract Research Outsourcing Market: Key Developments • Major players in the market are focused on adopting collaboration and partnership strategies to expand their product portfolio. For instance, in March 2020, Medpace Holdings, Inc., a healthcare CRO, partnered with Medidata Solutions, a software-as-a service company, to integrate its imaging systems and workflow with Medidata Rave imaging for clinical trials. • Major players in the market are also focused on launching new products and services to expand their product portfolio. For instance, in April 2020, IQVIA launched its new technology-enabled COVID-19 Trial Matching Tool at c19trials.com, which is an online platforms that matches individuals with specific COVID-19 studies to accelerate clinical research projects. .

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