A Clinical Research Organization, also known as CRO, is a healthcare service firm that provides support by outsourcing the pharmaceutical testing facilities to the biotechnological and pharmaceutical sectors for drugs and medical devices. The CRO ranges from big international firms to local, small specialty groups.
The CRO sector has been in the market for many years. But, its growth has been notable after the organizations started the hardcore competition and required increased outsourcing of the clinical services. With the rising complexity of the manufacturing process of drugs, the pharmaceutical sector has started to use the tools needed to make the process more efficient. The regulatory, therapeutic, and clinical insight of CRO aims to fortify the entire production price along with fast-tracking the time to search for new products.
The global healthcare contract research outsourcing market is foreseen to experience a high demand within the forecast period. This can be attributed to rising investment from small companies to medium ones in biotechnology, medical devices, and pharmaceutical, which makes companies go for CRO facilities due to niche market.
With the advent of the COVID-19 pandemic, various operations in the healthcare industry have been affected. The outbreak of COVID-19 has impacted the different functions of the healthcare sector. After analyzing the performance of key players in the global healthcare contract research outsourcing market and reworking the database of clinical trials, the growth is likely to be obstructed within the forecast period.
The global healthcare contract research outsourcing market is broadly categorized as per service, therapeutic area, end-user, and region. The service segment is sub-classified into clinical data management & biometrics, clinical trial services, pharmacovigilance, medical writing, regulatory services, site management protocol, and others. The global market in terms of therapeutic area is fragmented into oncology, central nervous system, respiratory, immunology, infectious diseases, rare diseases, metabolic, and others. On the basis of end-users, the market is divided into academic institutes, pharmaceutical companies, biotechnology companies, medical devices, government organizations, and others.
Geographically, North America is the leading region in the global contract research outsourcing market. The rising demand is credited to increasing clinical research sites services and supportive government norms in the developed countries of the region. Europe is likely to emerge as the second leading region in the market due to growth in R7D along with increasing demand for biologics and biosimilars.
The key players leading the global healthcare contract research outsourcing market are PRA Health Sciences, Inc., Syneos Health, IQVIA, PAREXEL International, Medpace, Laboratory Corporation of America Holdings, Charles River, Pharmaceutical Product Development, LLC, and others. Among these, Parexel, in October 2019, collaborated with the Society for Clinical Research Sites (SCRS). It is one of its kind global company that deals in clinical research sites. The collaboration was aimed at expanding its service portfolio and strengthening its market position.