The rising Prevalence of Chronic Diseases and Increase in Clinical Trials Coupled with the Rise in Research & Develo

The rise in the prevalence of chronic diseases has enabled healthcare professionals to design & develop an ideal drug or treatment for its management. This has augmented the clinical trial process for product development using cellular and gene therapy for chronic diseases. Additionally, new drug molecules are entering different phases of the clinical drug development cycle as a result of the ongoing increase in the number of clinical studies. For instance, according to the Pharmacy R&D review, the total drug development pipeline has increased from 18,582 in 2021 to 20,109 in 2022. Furthermore, pharmaceutical organisation are increasing their focus on outsourcing clinical trials to treat different diseases. Also, the expenditure on research & development has increased by these companies. For instance, according to the National Library of Medicine 2022 article, the U.S. expenditure in 2021 was USD 576.9 billion, this accounted for an increase of 7.7% compared to 2020. Thus, the above-mentioned factors are anticipated to fuel the market growth of the market during the forecast.

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FIG. 1 Healthcare Contract Research Organisation Revenue (2020-2028)- USD Mn

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Based on therapeutic area, the market is segmented into oncology, cardiology, infectious disease haematology, and others (Neurology, Gastroenterology & Hepatology). The oncology segment is expected to witness significant market growth during the forecast period. Additionally, ongoing research & development for better treatment and therapies management alternatives for cancer and the rising prevalence of cancer cases globally would contribute significantly to the growth of the healthcare contract research organisation market. For instance, according to WHO, International Agency For Research in Cancer, the no. of cancer cases is estimated to increase from 2,18,57,570, in 2020 to 19,292,789 in 2025 globally. Thus, the increased prevalence of cancer cases and ongoing research & development would augment the growth of the market in the forecast period.

By end-use, the market is segmented into pharmaceutical & biopharmaceutical companies, medical devices companies, and academic institutes. Among these pharmaceutical & biopharmaceutical companies, the segment would experience significant growth in the forecast period. Small-scale and medium-scale pharmaceutical industries lack the facilities for clinical trials and regulatory bodies. owing to this they outsource the data for clinical trials and regulatory approvals. This is factor is contributing towards the growth of the healthcare contract research organisation market.

Global Healthcare Contract Research Organisation Market Segmentation

Market Insight, by Service Type

o Pre-clinical development services

o Clinical trial development services

o Regulatory services

o Laboratory service

Market Insights, by Therapeutic Application

o Oncology

o Cardiology

o Infectious diseases

o Haematology

o Others (Neurology, Gastroenterology & Hepatology)