Global Medical Device Testing Services (Preclinical & Clinical) Market 2021: COVID-19 Pandemic has Created an Unprecedented Demand for Medical Device Testing Services in 2020 prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
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The US healthcare industry s transition to a patient-centric model is moving rapidly with focus on outcomes and value; however, drug prices have increased and pharmaceutical research and development (R&D) productivity is at its lowest.
The healthcare industry and IT solutions providers are finding real-world evidence (RWE) as a potential solution to face these headwinds. The expansive data pools created by public-private efforts in combination with emerging technologies such as artificial intelligence (AI) and cloud capabilities is driving growth within the evidence-based medicine space.
In this report, the analyst s Transformational Health team provides critical insights into the US RWE IT solutions market, highlighting the key growth opportunities, market revenue forecast, and trends that will play an important role in driving industry growth. RWE has become the focus for pharmaceutical and biotechnology
The global healthcare contract research organization market size is expected to reach USD 66.1 billion by 2028
It is expected to expand at a CAGR of 6.6% from 2021 to 2028. The increasing cost of drug development is expected to drive the market over the forecast period.
Moreover, rising clinical trial cost and challenges pertaining to patient recruitment have led biopharmaceutical companies to turn to regions like Central and Eastern Europe, Asia Pacific, Latin America, and the Middle East for cost savings and quick patient recruitment.
In addition, growing pressure on industry players to follow stringent timelines has increased the demand for outsourcing research activities to contract research organizations (CROs). Some government organizations are also outsourcing their clinical trial activities so that they can carry out clinical trials with the required infrastructure and expertise and minimize their cost and timelines.
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The U.S. pharmaceutical analytical testing outsourcing market size is expected to reach USD 5.55 billion by 2027. It is expected to expand at a CAGR of 8.3% from 2020 to 2027.
The market is mainly driven by an increasing number of clinical trial registrations, innovations in the medical industry, and the entry of new players in the market. Moreover, increasing R&D investment, growing demand for biopharmaceutical products, and rising focus on regulation, safety, and quality are some of the major factors responsible for the growth of the market.
The increasing development of the pharmaceutical analytical testing services market has fascinated many new players in the industry, leading to growing competition for well established, standalone service providers. The rapid increase in the manufacturing of medications to meet the rising demand for efficient healthcare in the U.S. is projected to be one of the maj