As per the research report titled ‘Global Healthcare Contract Research Organization Market Size study, By Type (Drug Discovery, Pre-clinical, Clinical), By Service (Project Management/Clinical Supply Management, Data Management, Regulatory/Medical Affairs, Medical Writing, Clinical Monitoring, Others) and Regional Forecasts 2021-2027’, available with MarketStudyReport global healthcare contract research organization market was worth USD 40.9 billion in 2020 and is expected to register 6.6% CAGR during the study period, eventually amassing USD 64 billion in valuation by the year 2027.
 

Increasing number of clinical trials coupled with rising popularity of outsourcing and cost-cutting trends are key factors boosting global healthcare contract research organization market growth. With increasing R&D activities among biopharmaceutical companies, the demand for healthcare contract research organizations is also expected to increase substantially during the forecast period.
 

Request sample copy of this report: https://www.marketstudyreport.com/request-a-sample/4566307/
 

For those unaware, healthcare contract research organization is a company that provides research services to various healthcare companies operating in pharmaceutical, biotechnology, and medical device industries.
 

On the contrary, a lack of skilled professionals is likely to hinder the market growth between 2021 and 2027.
 

By type, the market is bifurcated into clinical, pre-clinical, and drug discovery segments. In terms of service type, the business space is divided into data management, regulatory/medical affairs, project management/clinical supply management, medical writing, clinical monitoring, and others.
 

The geographical reach of the worldwide healthcare contract research organization industry extends to Latin America, North America, Europe, Asia-Pacific, and rest of the world.
 

Asia-Pacific is expected to capture majority of the market share by 2027 owing to high prevalence of chronic conditions and presence of diverse population.
 

On the other hand, North America market is also expected to showcase a robust growth rate through 2027, owing to factors such as increased R&D activities, favorable government regulations, and escalating government spending towards improving public healthcare. 
 

Prominent players profiled in the global healthcare contract research organization market report are PPD Inc., Parexel International, PSI CRO AG, Medpace Holdings Inc., Laboratory Corporation of America Holdings, IQVIA, ICON plc, Envigo Ltd., and Charles River Laboratories International Inc.