Contract research organizations are organizations that offer support to the biotechnology, pharmaceutical, and medical device industries. The support is provided in the form of research services that are outsourced on a contract basis. These organizations also provide several other services such as biologic assay development, clinical research, biopharmaceutical development, pharmacovigilance, commercialization, clinical trials management, and preclinical research.
According to a research study by Transparency Market Research, in 2011, the global market for healthcare contract research outsourcing was worth US$25.1 bn and is estimated to reach a value of US$65 bn by the end of 2018. Furthermore, this market is projected to exhibit a progressive 14.70% CAGR between 2012 and 2018.
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Rising Cost of Healthcare Research among Major Drivers of Healthcare CRO Market
The rising cost and dropping productivity of healthcare research is one of the major factors that are expected to boost the demand for contract research outsourcing in the global market. In addition, patent expirations are responsible for the travails of domestic healthcare research. The declining rate of research and development in the healthcare industry and new drug introduction and globalization of the drug discovery process are other factors propelling the global healthcare contract research outsourcing market.
Drug research and development has become gradually inefficient to be run in-house, which results in the rising inclination towards delegation of the whole process. Developing economies, especially in the Asia Pacific region, are considered as model contenders to take up the responsibility of healthcare contract research. This can be attributed to the comparatively economical services and tremendously growing technological foundation for drug research and development available in APAC. Clinical data management, regulatory, and medical writing are some of the major aspects projected to lead healthcare contract research outsourcing.
Quality Concerns Regarding Outsourced Research Hampers Healthcare CRO Market
Quality concerns associated with the research carried out by CROs and fluctuating regulations and approval procedures for drug research and discovery in various regions are some of the major factors expected to hamper the growth of this market in the next few years. As drug research is carried out without any kind of on-site administration from the client enterprise, there are high chances of quality issues arising regarding equipment, methodology, or hygiene. In addition, changing regulatory outlines can lead to misperception on an international level, where research carried out in a region can be completely unusable in other parts of the world.
Some of the other major restraints on the healthcare contract research outsourcing market are data security concerns due to the lack of straight supervision over data research procedures, and genetic and disease profile differences.
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The prominent players operating in the global healthcare contract research outsourcing market are Theorem Clinical Research, Medidata Solutions, PPD, CRL, InVentiv Health, Covance, Quintiles, Icon, Plc., and Parexel.