Healthcare Contract Research Organization (CRO) Market Trends, Industry Size, Share And Forecast To 2025 | Grand View Research, Inc
“The global healthcare Contract Research Organization (CRO) market size was valued at over USD 34.83 billion in 2018 and is expected to expand at a CAGR of over 6.6% over the forecast period.”
The global healthcare contract research organization (CRO) market size is expected to reach USD 54.7 billion by 2025, according to a new study by Grand View Research Inc. It is anticipated to expand at a CAGR of 6.6% during the forecast period. Increasing cost of drug development is expected to drive the growth. Drug maker and sponsor companies are under pressure to replace the revenue loss caused by generics, increasing patent expirations, number of partnerships to identify biologics, and growing R&D costs, which has made drug development more expensive and complex. Regulatory framework for drug discovery and drug development is complex in various countries. Thus, an increasing need for expertise in different areas of drug development is driving the demand for outsourcing services. Drug companies are not only outsourcing production of medicines, but also clinical trials. With increasing privatization of clinical trials, there has been an increase in outsourcing of manufacturing processes to developing regions such as India, China, and Latin American countries. China and India are projected to witness tremendous growth in near future, owing to their treatment naïve patient pool coupled with high disease prevalence. Furthermore, genetically diverse population, highly qualified investigators, and well-equipped hospitals are other factors creating growth opportunities in India for global clinical trials market. In addition, growing pressure on market players to follow stringent timelines has increased the demand for outsourcing of research activities. Even government organizations are outsourcing their clinical trial activities to CROs so that they can carry out the clinical trials with the required infrastructure, expertise, and minimize cost and timelines. In 2015, the Canadian Federal Budget made an investment of USD 1.33 billion for the Canada Foundation for Innovation (CFI).
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