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The global healthcare contract research organization market size is expected to reach USD 66.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.6% from 2021 to 2028. The increasing cost of drug development is expected to drive market demand over the forecast period. Also, rising clinical trials 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 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).
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