Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research, a U.S.-based market intelligence firm, has announced the release of a new market research report. The new report, titled 'Healthcare Contract Research Outsourcing Market - Global Industry Analysis, Size, Share, Trends And Forecast 2012 - 2018', deals with the global healthcare contract research outsourcing market, and presents historic data about the market. The report uses these data to present market forecasts for the development of the market till 2018.The global healthcare contract research outsourcing market was valued at US$25.08 billion in 2011. Growing at a healthy CAGR of 14.7% till 2018, the market is expected to reach US$65.03 billion by 2018.
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The global healthcare contract research outsourcing market is divided into four categories on the basis of services: clinical trial services, regulatory services, medical writing services, and clinical data management services. Clinical trial outsourcing turned out to be the dominant category in the global healthcare contract research outsourcing market, with a market value of US$14.21 billion in 2010. Clinical trial outsourcing services are further divided into drug discovery services, preclinical services, phase I trial services, phase II trial services, phase III trial services, and phase IV trial services.Three types of destination research groups are prime consumers of the healthcare contract research outsourcing market: contract research organizations, clinical trial laboratories, and academic medical centers.
Geographically, North America dominated the global healthcare contract research outsourcing market with a massive share of 64.1%. Europe and Asia followed the North America market for HCRO according to historic statistics. The Asia market for healthcare contact research outsourcing is expected to come up in leaps and bounds thanks to the increasing number of contract research organizations.
The prime driver boosting the healthcare contract research outsourcing market in recent times is the increasing cost and reducing productivity of healthcare research. Patent expirations also add to the travails of in-house healthcare research. Decreasing research and development in the field of new drug formulations and globalization of the process of drug development is also boosting the healthcare contract research outsourcing market. Drug research is becoming increasingly inefficient to run in-house, which gives rise to the trend of delegation of the processes. Rising economies, particularly in Asia Pacific, are ideal candidates to take up the responsibilities of healthcare contract research outsourcing, thanks to relatively cheaper services and rapidly increasing technological foundation for drug research.Regulatory, clinical data management, and medical writing are expected to emerge as the prime processes to be handed over to healthcare contract research outsourcing companies.
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Major factors expected to restrain the growth of the healthcare contract research outsourcing market include quality issues with the research performed and varying regulations and approval processes for drug research and discovery in various regions. Since the drug research is done without on-site supervision from the client company, it is possible for quality issues concerning methodology, equipment, or hygiene to creep into it. Varying regulatory frameworks result in confusion on a global scale, where research performed in one region may be completely useless in other regions.
Other key restraints on the market include data security issues thanks to the lack of direct supervision over data research processes, and genetic and disease profile variations.The report analyzes the potential impact of these factors on the market's future development in great detail.
The report profiles major players in the global healthcare contract research outsourcing market such as Quintiles Transnational Corporation, Parexel International Corporation, Icon, plc., and Covance Inc. The report presents a comprehensive elaboration of the market's competitive landscape, providing indications to beneficial market strategies and niches in the market that could be exploited.
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Source:Transparency Market Research