Understand How The Healthcare CRO Services Market Is Poised To Grow Through 2023-2032
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Healthcare CRO Services Global Market Report 2023, the healthcare CRO services market is expected to show significant growth in the forecast period.
Key insights from the healthcare CRO services market forecast include:
- Market Size
The global healthcare CRO services market is expected to grow from $52.31 billion in 2022 to $56.8 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The healthcare CRO services market is expected to reach $78.12 billion in 2027 at a CAGR of 8.3%.
- Major Driver
The rise in healthcare expenditures is expected to propel the growth of the healthcare CRO services market going forward. Health expenditures refer to all costs associated with providing health services, family planning activities, nutrition programs, and emergency help focusing on health. A larger pool of financing for medical research and development is made possible by rising healthcare spending, increasing demand for healthcare CRO services, and their ability to assist clinical trials and studies. For instance, in February 2023, according to the Centers for Medicare and Medicaid Services, a US-based federal agency, in 2021, the United States spent 4.3 trillion dollars, or $12,914 per person, on health care, a 2.7 % increase compared with the previous year. Further, spending on healthcare accounted for 18.3 % of the country’s GDP. Therefore, the rise in healthcare expenditures is driving the growth of the healthcare CRO services market.
View More On The Healthcare CRO Services Market Report 2023 – https://www.thebusinessresearchcompany.com/report/healthcare-cro-services-global-market-report
- Key Trend
Product innovation has emerged as a key trend gaining popularity in the healthcare CRO services market. Major companies operating in the healthcare CRO services market are concentrating on creating innovative products to strengthen their position in the market. For instance, in January 2020, Labcorp, a US-based healthcare company, and Labcorp Drug Development (formerly Covance), a US-based contract research organization, launched solutions for the extensive preclinical, clinical, and post-approval development of cell and gene therapies. These solutions are intended to decrease time and risk for sponsors at every stage and along the continuum of their therapeutic development requirements.
- Largest Region
North America was the largest region in the healthcare CRO services market in 2022.
- Major Players
Major players in the healthcare CRO services market are Laboratory Corporation of America Holdings., IQVIA Inc., Icon Plc., PPD Inc., Wuxi Apptec Co. Ltd., Syneos Health Inc., Parexel International Corporation, Charles River Laboratories International Inc., Covance Inc., Medpace Inc., Pharmaron Beijing Co. Ltd., BioClinica Inc., Chiltern International Ltd., Evotec SE, PSI CRO AG, Premier Research Group Ltd., Worldwide Clinical Trials Inc., Caidya, BioTelemetry Inc., Syngene International Limited, Novotech CRO, Celerion, GVK Biosciences Private Limited, Synteract Inc., Veristat LLC., ACM Global Laboratories, ClinTec Luxembourg SA, and Clinlogix LLC.
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Key Healthcare CRO Services Market Segments
The global healthcare CRO services market is segmented –
1) By Service Type: Early Phase Development, Clinical Development Services, Laboratory Services, Consulting Services
2) By Therapeutic Area: Oncology, CNS Disorder, Cardiovascular Disease, Metabolic Disease, Infectious Disease, Diabetes, Other Therapeutic Areas
3) By End User: Pharmaceutical Companies, Medical Device Companies, Academic Institutes
The Healthcare CRO Services Global Market Report 2023 provides an in-depth analysis on the healthcare CRO services market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the healthcare CRO services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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