By therapeutic area, the oncology segment is expected to grow at a CAGR of 7.3% during the forecast period.
PORTLAND, OREGON, UNITED STATES, September 27, 2021 /EINPresswire.com/ — Rise in R&D investment and significant increase in cancer incidence across the globe have boosted the growth of the global healthcare CRO services market. However, dearth of skilled healthcare professionals hampers the market growth. On the contrary, various growth opportunities in emerging economies would further propel the market growth.
The global healthcare CRO services market size is expected to reach $66,036.80 million by 2026, registering a CAGR of 6.9% from 2019 to 2026, in terms of value. Growth in R&D in the biotechnology and pharmaceutical sector across the globe and rise in adoption by key players to enter into contracts with CRO service providers is anticipated to drive the healthcare CRO services market growth.
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Significant increase in R&D for the development of drugs & medical devices and increase in private biotechnology organizations are the major factors driving the growth of healthcare CRO services market. Moreover, surge in healthcare expenditure and rise in government initiatives toward promoting R&D in the field of biotechnology propels the healthcare CRO services market growth. However, penetrating competition in the market and dearth of skilled professionals are the major factors anticipated to hamper the growth of healthcare CRO services market. Moreover, rise in the biotech and pharmaceutical sector in developing economies is expected to create lucrative opportunities in the future.
The pharmaceutical companies segment held the largest market share
Based on end-user, the pharmaceutical companies dominated the global healthcare CRO services market in 2018, accounting for nearly half of the market and is expected to manifest the largest CAGR of 7.1% during the forecast period. This is due to increased research conducted by pharmaceutical companies to develop novel products for treatment of various chronic diseases.
North America held the lion's share
Based on geography, the market across North America held the largest share in 2018, contributing to nearly half of the total revenue, owing to rise in biotechnology and pharmaceutical research by industry giants in the region. However, the global healthcare CRO services market across Asia-Pacific is anticipated to manifest the fastest CAGR of 7.4% during the study period, due to rise in demand for healthcare CRO services.
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Source: EIN Presswire