CRO Services Market to Grow at a CAGR of 6.9% During the Forecast Period 2026 | Business growth

Healthcare CRO Services Market By

The global healthcare CRO services market size is expected to reach USD 66,036.80 million by 2026, registering a CAGR of 6.9% from 2019 to 2026, in terms of value.

Rising adoption by key players of contracting with CRO service providers is expected to drive the growth of the healthcare CRO services market.

—Onkar Sumant

PORTLAND, OREGON, USA, July 22, 2022 /EINPresswire.com/ — According to the report, the global healthcare CRO services market was valued at $38.99 billion in 2018 and is expected to earn $66.03 billion dollars by 2026, growing at a steady pace. CAGR of 6.9% from 2019 to 2026. The report provides an in-depth analysis of major investment pockets, most winning strategies, drivers and opportunities, market size and estimates, competitive scenario and wavering market trends.

Key Market Drivers

Rising investment in R&D and significant rise in the incidence of cancer across the world has boosted the growth of the global healthcare CRO services market. However, the shortage of skilled healthcare professionals is hampering the growth of the market. On the contrary, various growth opportunities in emerging economies would further boost the market growth.

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The clinical research services segment dominated the market

Based on type of service, the clinical research services segment held the largest share in 2018, accounting for more than two-fifths of the global healthcare CRO services market. Moreover, the segment is expected to grow by 7.3% from 2019 to 2026, due to a remarkable increase in clinical trials and development of various drugs and new molecules for the treatment of several diseases.

Pharmaceutical companies segment held the largest market share

On the basis of end-user, pharmaceutical companies dominated the global healthcare CRO services market in 2018, accounting for almost half of the market and are expected to show the largest CAGR of 7.1% during the forecast period. This is due to the increase in research conducted by pharmaceutical companies to develop new products for the treatment of various chronic diseases.

Main results of the study:

By type of service, the clinical research services segment accounted for the highest CRO services market share of 40% in 2018 and is expected to grow at the fastest rate during the forecast period.

By region, North America was the largest shareholder and accounted for the highest share of 48% in 2018.

By therapeutic area, the oncology segment is expected to grow at a CAGR of 7.3% during the forecast period.

By end-user, the pharmaceutical companies segment dominated the market in 2018 and is expected to maintain its dominance over the forecast period.

North America gets the lion’s share

Based on geography, the North American market held the largest share in 2018, contributing almost half of the total revenue, owing to the increase in biotech and pharmaceutical research by tech giants. industry in the region. However, the global Asia-Pacific healthcare CRO services market is expected to grow at the fastest CAGR of 7.4% during the study period, driven by increasing demand for CRO services from Health care.

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Main market players

IQVIA
ICON
PRA Health Sciences
Evotec
Syneos
Medpace
Charles River
Labcorp
Syngene
Biotelemetry

Growing R&D in the biotech and pharmaceutical sector across the globe and increasing adoption by major players of contracting with CRO service providers is expected to drive the growth of the healthcare CRO services market.

We also offer regional and national reports –

Japan Healthcare CRO Services Market
South Korea Healthcare CRO Services Market
Singapore Healthcare CRO Services Market
China Healthcare CRO Services Market
Indonesia Healthcare CRO Services Market
Australian Healthcare CRO Services Market
Taiwan Healthcare CRO Services Market

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“We have also published some syndicated market studies in the same field that you may be interested in. Below is the title of the report for your reference, considering the impact of Covid-19 on this market, which will help you to assess the impact of the pandemic on the short and long-term growth trends of this market.

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