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The Australia and New Zealand healthcare CROs market size was valued at USD 1.12 billion in 2023, driven by the rising awareness about the advantages of CROs across the globe. The market size is anticipated to grow at a CAGR of 12.1% during the forecast period of 2024-2032 to achieve a value of USD 3.13 billion by 2032.
In the field of life sciences, contract research organization (CRO) is a company that outsource their research services on a contract basis to pharmaceutical, biotechnology, and medical device organizations. The services provided by CRO may include biopharmaceutical development, biological assay development, commercialization, clinical development, clinical trials management, pharmacovigilance, and research outcomes.
CROs are designed to be cost effective for companies that are developing new medicines and drugs in specified healthcare markets. The major purpose of a CRO is to simplify entry of other pharmaceutical or biotechnology companies into drug markets and simplify the development process of drugs for them in accordance with their requirement. CROs also help foundations, universities, and research institutions with governmental organizations, such as the NIH and EMA, among others. Many CROs certainly provide clinical-study and clinical-trial support for drugs and/or medical devices as well.
The increasing practices of outsourcing of services by pharmaceutical and biotechnology companies in Australia and New Zealand to reduce their expenditure upon the possession of equipment and their maintenance is a major factor influencing the market growth. The increasing demand for oncology research in countries is driving the Australia and New Zealand healthcare CROs market growth. The increasing prevalence of cancer in the countries is justifying the rising demand of oncology research in the countries as there is a surging demand for personalized treatment on the market. The increasing digitization of CROs in Australia and New Zealand is also supporting the increasing demand.
Market Breakup by Phase Type
Market Breakup by Indication
The increasing adoption of advanced technologies in the healthcare sector of Australia and New Zealand is contributing to the market growth. The market is witnessing significant growth and is expected to keep growing in coming years as well. This market growth is supported by the rising strategic initiatives such as geographical expansions of CROs. The increasing collaborations among key players in the market are also expected to drive the market growth. The continuous research and development activities are also contributing to the market expansion. The cost-effectiveness which is provided by the CROs and favourable environment for clinical trials as they are equipped with all the necessary requirements for such purposes are a few key factors among others, boosting the for Australia and New Zealand Healthcare CROs market demand.
The revenue growth in the healthcare contract research organizations has also been boosted by the adoption of virtual clinical trials which is most in action since pandemic. The adoption of virtual technologies to streamline clinical research services by CROs is also expected to justify the market growth. The significant advancements taking place in the market to speed up and update the clinical trials is expected to escalate the market growth.
The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2017-2023 |
Forecast Period | 2024-2032 |
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Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Phase Type |
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Breakup by Indication |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market attained a value of about USD 1.12 billion in 2023, driven by the increasing geriatric population.
The market is anticipated to grow at a CAGR of 12.1% during the forecast period of 2024-2032, and likely to reach a market value of USD 3.13 billion by 2032.
The increasing awareness about advantages of contract research organization is a major factor contributing the market growth.
The increased outsourcing by the countries is among the major trend influencing the market growth.
Different types of phases include drug discovery, preclinical, and clinical.
The different indications include oncology, cardiovascular, autoimmune/inflammation, central nervous system (CNS), dermatology, infectious diseases, and respiratory, among others.
Key players involved in the market are PAREXEL International Corporation, Thermo Fischer Scientific, Inc., SGS SA, ICON plc, Medpace Australia Pty. Ltd, Charles River Laboratories International, Inc., IQVIA, Novotech, Laboratory Corporation of America Holdings, and Syneos Health.
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