Clinical Monitoring and Trial Management Held the Largest Market Share in 2020
According to the Absolute Markets Insights report, clinical monitoring and trial management accounted for the largest share in the global healthcare contract research organizations market in 2020. Clinical monitoring acts as a backbone of home infusion service to keep in check the progress of the patients receiving home treatments. The increasing number of trials is the major factor contributing to the segment growth. According to the data published in the ClinicalTrials.gov database, the number of registered studies was 403,478 studies as of February, 2022, which is almost double that of the year 2015. The COVID-19 pandemic accelerated the ongoing shift to remote clinical trial monitoring. Remote site access and monitoring platforms are now essential elements in the clinical trial process. Moreover, the surge in the trend of outsourcing of clinical trials, and increase in awareness regarding the benefits of using clinical trial management is propelling the segment’s growth in the global healthcare contract research organizations market. The CTM management system allows easy tracking and monitoring of patients involved in the clinical trials and analyses huge amounts of data, which helps in deciding the safety factors of the products undergoing clinical trials. The Phase III segment dominates the global healthcare contract research organizations market. However, the early development phase is witnessing lucrative growth. As of March 2020, almost 1058 clinical trials were conducted globally in the early phase development stage in the field of oncology. Moreover, in November 2020, Parexel International entered into a strategic partnership between Parexel's Early Phase Clinical Unit (EPCU) in Berlin, Germany, and Clinical Trial Center (CTC) North, a full-service CRO located at the University Medical Center Hamburg-Eppendorf (UKE), to meet the increasing demand for early phase clinical trials during the COVID-19 pandemic.
View Full Report Link: https://www.absolutemarketsinsights.com/reports/Global-Healthcare-Contract-Research-Organizations-Market-2021---2029-1040
The oncology segment accounted for the largest segment in the global healthcare contract research organizations market and this dominance is attributed to the high incidence of cancer and pipeline of drugs in late-stage development. Lung cancer is the deadliest cancer worldwide, accounting for 1.79 million deaths in 2020, and is the sixth leading cause of death worldwide. In February 2021, Parexel International partnered with Neogenomics to enable the application of Neogenomics' real-world genomics data in oncology clinical trials, thereby leading to increased efficiency in patient matching and optimizing clinical development, trial design, translational research and site selection. The small and mid-size organizations dominate the global healthcare contract research organizations market owing to their increasing penetration in the market.
North America holds the prominent share in the global healthcare contract research organizations market owing to the increasing cost pressure due to the changing reimbursement scenario and generic competition. This is causing major pharmaceutical firms to outsource R&D and clinical trials, which is supplementing the growth of healthcare contract research organizations market in the region. Additionally, the R&D expenditures in the United States in 2018 was estimated to be USD 580 billion which aided the market to raise.
In terms of revenue, the global healthcare contract research organizations market was valued at US$ 40,348. Mn in 2020 growing at a CAGR of 8.8% over the forecast period (2021 – 2029).
Extensive information on the following pointers will be covered in the 420+ Pages Research study:
- Global Market size and forecast values (2015 – 2029), in terms of revenue (US$ Million) by segments/sub-segments; wherein 2015 to 2019 has been considered as historic years, 2020 as the base year, while 2021 to 2029 has been considered as the forecast period.
- Split of the market revenue (US$ Million) into all the relevant segments & sub-segments across all major regions/countries.
- Market determinants and Influencing Factors
- Market Dynamics (Drivers, Restraints, Opportunities and Challenges)
- Business and Technological Trends
- Regulatory Landscape
- Impact of Covid-19 on Global Healthcare Contract Research Organizations Market
- Macro-Economic and Micro-Economic Indicators
- Porter’s Five Forces Analysis
- Competitive Analysis
- Global Presence and Growth Strategies
- Brand & Product Benchmarking
- Market Share Analysis, 2020
- Detailed profiles of major market participants operating in the market, encompassing information on company details, company overview, product offerings, key developments, financial analysis, SWOT analysis and business strategies
- Region specific reports focusing on North America, Europe, Asia Pacific, Middle East & Africa and Latin America are also available
- We have reports available in different languages including Arabic, Spanish, Chinese, Japanese, German, Russian, French, Korean and other languages.
Request Sample Copy of This Report:https://www.absolutemarketsinsights.com/request_sample.php?id=1040
Key Findings:
- Phase III segment accounted for the highest market share in the healthcare contract research organizations market in 2020.
- Large organizations in the global healthcare contract research organizations market are anticipated to witness highest growth rate over the forecast period. Significant investments by these organizations to accelerate their time to the market and optimise cost is contributing towards the segment’s growth
- Cardiovascular therapeutic area is estimated to grow exponentially over the forecast period in the global healthcare contract research organizations market. Rapid increase in the number of patients suffering from cardiovascular diseases along with increasing investments into the research and development efforts for the disease are simultaneously supplementing the segment’s growth.
- Medical device companies are gaining traction in the global healthcare contract research organizations market as end users. Increasing investments towards development of wearables for varied therapeutic areas is supporting the segment’s growth in the global market.
- Asia Pacific region in the global healthcare contract research organizations market is anticipated to witness fastest growth over the period of next years. Strategic investments by market participants in the region is boosting the region’s share in the global market. For instance, in October 2020, PPD Inc. announced the establishment of a new multipurpose clinical research laboratory in Suzhou, China. The facility is engaged in providing bioanalytical, biomarker, and vaccine services for clinical trials across all phases of pharmaceutical development.
Competitor Insights:
The key companies profiled in the global healthcare contract research organizations market are mentioned below:
- Advanced Clinical
- BioAgile Therapeutics Pvt. Ltd.
- Charles River Laboratories International, Inc.
- Clinipace
- CTI Clinical Trial & Consulting
- Frontage Labs
- ICON plc
- IQVIA Inc.
- Parexel International Corporation
- Syneos Health
- Thermo Fisher Scientific Inc.
- Worldwide Clinical Trials
- WuXi AppTec
- Other Market Participants
Enquiry Before Buying:https://www.absolutemarketsinsights.com/enquiry_before_buying.php?id=1040
Global Healthcare Contract Research Organization Market:
- By Services:
- Clinical Monitoring & Trial Management
- Data and Project Management
- Medical Writing and Publishing
- Regulatory Services
- Patient Recruitment & Retention
- Safety and Pharmacovigilance
- Statistical Review & Reporting
- Consulting Services
- Others
- By Development Phase:
- Planning & Discovery
- Phase I
- Phase II
- Phase III
- Phase IV
- Post Launch
- By Organization Size:
- Small and Medium Organizations
- Large Organizations
- By Therapeutic Areas:
- Cardiovascular
- Oncology and Hematology
- Infectious Diseases
- Neurology
- Rare Diseases
- Respiratory
- Urology
- Cell & Gene Therapy
- Women’s Health
- Vaccine Development
- Others
- By End Users
- Pharmaceutical Companies
- Biotechnology Companies
- Medical Device Companies
- Others
- By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- North America
Purchase the Report:https://www.absolutemarketsinsights.com/checkout?id=1040
Related Reports:
Contact Us:
Company: Absolute Markets Insights
Email Id: [email protected]
Phone: IN +917400242424, US +1-510-420-1213
Contact Name: Shreyas Tanna
Website: www.absolutemarketsinsights.com/
/