NewswireToday - /newswire/ -
Albany, NY, United States, 2013/03/08 - Transparency Market Research add new “Healthcare Contract Research Outsourcing Market - Global Industry Analysis, Size, Share, Trends And Forecast, 2012 - 2018” Market Research Report to its database - TransparencyMarketResearch.com.
This report covers the market revenue for the global healthcare contract research outsourcing market. A detailed analysis of the market trends, current scenarios and future trends is available in the report. The market is analyzed by using concepts such as market dynamics including drivers, restraints and opportunities along with their impact analyses trend analysis, and market attractiveness analysis.
The market is segmented on the basis of services offered into: Clinical trials, regulatory services, medical writing services, clinical data management services. A detailed trend analysis of all the segments with a market evaluation in terms of revenue generated with respect to the applications and geography is available in this report. The market is segmented on the basis of the outsourcing destination research groups including Contract Research Organizations (CROs), Clinical Trial Laboratories (CTL), and Academic Medical Centers (AMCs)
The global healthcare contract research outsourcing market was valued at USD 25.08 billion in 2011 and is forecasted to reach USD 65.03 billion by 2018, growing at a CAGR of 14.7% from 2012 to 2018.
Global pharmaceutical and medical device industry is slowly transitioning from an integrated process model to outsourcing model, where pharmaceutical companies outsource various processes including clinical trials, medical writing, and regulatory processes to their contract research partners, who have relevant expertise. Major business segments outsourced include clinical trials and central lab services.
Contract research outsourcing market is propelled mainly by depleting product pipelines, patent expiries in the near future and declining productivity, especially in the last decade. Expertise available with contract research partners, reduced research process duration, cost savings, flexible pricing models and research globalization options are observed as major advantages for the pharmaceutical companies outsourcing their research processes to contract research units.
North America accounted for majority market share at 64.1% in 2011, followed by Europe and Asia. Asia has emerged as the fastest growing region in offering contract research outsourcing services. The growth of this region is supported by presence of large number of Contract Research Organizations (CROs), cost-effectiveness and expertise. Key players dominating the global market include Quintiles, Covance, PPD, Parexel, CRL, Icon Plc, Medidata Solutions and InVentiv Health.