Healthcare CRO Market Size Worth $51.3 Billion by 2024: Grand View Research, Inc.

Healthcare CRO Market Size Worth $51.3 Billion by 2024: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, May 15, 2018

SAN FRANCISCO, May 15, 2018 /PRNewswire/ --

The global healthcare contract research organization (CRO) market is expected to reach USD 51.3 billion by 2024, according to a new study by Grand View Research Inc. Increasing drug development cost is expected to drive market demand over the forecast period. With the increasing number of patents expiring, increasing number of partnerships to identify biologics and new compounds and growing R&D costs, drug maker and sponsor companies are under pressure to replace the revenue loss specifically due to generics, which has further made drug development more expensive and complex.

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Moreover, owing to the increasing incidence rates of chronic diseases such as cancer, Alzheimer's and other infectious diseases in children, government funding has increased, which have led to increasing R&D activities. For instance, in January 2015, the U.S. announced an investment of USD 215 million for precision medicine initiative. The investment was broken up for NIH (USD 130 million), NCI (USD 70 million), and FDA (USD 10 million).

In addition, growing pressure on industry players to follow stringent timelines has increased the demand for outsourcing of research activities. Even government organizations are outsourcing their clinical trial activities to CROs so that they can carry out the clinical trials with the required infrastructure, expertise, and minimize cost and timelines. In 2015, the Canadian Federal Budget made an investment of USD 1.33 billion for the Canada Foundation for Innovation (CFI).

Browse full research report with TOC on "Healthcare Contract Research Organization (CRO) Market Size, Share & Trends Analysis Report By Type (Drug Discovery, Pre-Clinical, Clinical), By Service, By Region, And Segment Forecasts, 2018 - 2024" at: https://www.grandviewresearch.com/industry-analysis/healthcare-contract-research-outsourcing-market

Further Key Findings From the Report Suggest: 


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Grand View Research has segmented the global Healthcare Contract Research Organization (CRO) market report on the basis of type, service, and regions: 


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About Grand View Research 

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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