The global Healthcare contract research outsourcing market is anticipated to rise at a CAGR of 6.6% from 2021 to 2028. In 2020, revenue from healthcare contract research outsourcing was US$ 38.4 Bn, which is expected to reach US$ 63.09 Bn by the end of 2028.
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Key Segments Covered in Healthcare Contract Research Outsourcing Industry Research
Healthcare Contract Research Outsourcing Market by Service:
- Clinical Trial Services
- Regulatory Services
- Clinical Data Management & Biometrics
- Electronic Data Capture
- Electronic Patient Recorded Outcomes
- Medical Writing
- Site Management Protocol
- Clinical Trial Services
Healthcare Contract Research Outsourcing Market by Therapeutic Area:
- Infectious Diseases
- Rare Diseases
- Medical Devices
Healthcare Contract Research Outsourcing Market by End User:
- Pharmaceutical Companies
- Biotechnology Companies
- Medical Device Companies
- Academic Institutes & Government Organizations
Healthcare Contract Research Outsourcing Market by Region:
- North America Healthcare Contract Research Outsourcing Market
- Europe Healthcare Contract Research Outsourcing Market
- Asia Pacific Healthcare Contract Research Outsourcing Market
- Latin America Healthcare Contract Research Outsourcing Market
- MEA Healthcare Contract Research Outsourcing Market
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Key companies outsource complicated R&D tasks that must be monitored regularly. Healthcare CROs function and manage the procedures of bringing new goods to market according to timelines set by customers.
Healthcare contract research outsourcing service providers are now developing alliances to broaden their market reach by providing services and solutions over a broad market sector and enhancing client-contractor relationships.
- In March 2020, Medpace Holdings, Inc., a healthcare CRO, teamed up with Medidata Solutions, a software-as-a-service firm, to combine its imaging methods and workflow with Medidata Rave imaging for clinical trials.
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COVID-19 impact on Healthcare Contract Research Outsourcing Services Demand
The COVID-19 pandemic severely impacted the growth of the healthcare contract research outsourcing market. The market for healthcare contract research outsourcing was harmed by factors such as a lack of patients and the temporary closure of clinical trial operating locations.
The COVID-19 pandemic wreaked havoc on the healthcare industry as a whole, affecting every major scientific, medical, and technical area.
Now, to make the most efficient and effective use of their development skills globally, healthcare corporations frequently outsource drug development responsibilities to contract research groups. The healthcare contract research outsourcing industry is expected to be transformed by the increasing adoption of machine learning-based platforms, artificial intelligence, and creative trial designs over the coming years.
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