The global healthcare contract research outsourcing market is expected to reach $65.03 billion by 2018, predicts a new report from Transparency Market Research.
This estimate represents a compound annual growth rate of 14.7% since 2012. The pharmaceutical and medical device industries are undergoing a "slow transition from an integrated process model to an outsourcing model" in research.
The main drivers of this trend? Product pipelines are increasingly 'lean', there are impending patent expirations and productivity has been declining, particularly over the last 10 years. The outsourcing of clinical studies and various services guarantees specialized skills with the possibility of reducing costs and the duration of the process.
In 2011, the industry was worth $25.08 billion. North America owns the 64% of the market, followed by Europe and Asia, with the latter emerging in 2011 as the fastest growing region. The report lists Quintiles, Covance, Ppd, Parexel, Crl, Icona, Medidata Solutions and InVentiv Health among the major players dominating the global market in the industry.
BDC – January 25, 2013 – PharmaKronos
