Albany, New York (PRWEB) January 26, 2013
Global pharmaceutical and medical device industry is slowly transitioning from an integrated process model to outsourcing model, where pharmaceutical companies outsource various processes including clinical trials, medical writing, and regulatory processes to their contract research partners, who have relevant expertise.
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Major business segments outsourced include clinical trials and central lab services.Contract research outsourcing market is propelled mainly by depleting product pipelines, patent expiries in the near future and declining productivity, especially in the last decade.Expertise available with contract research partners, reduced research process duration, cost savings, flexible pricing models and research globalization options are observed as major advantages for the pharmaceutical companies outsourcing their research processes to contract research units.
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North America accounted for majority market share at 64.1% in 2011, followed by Europe and Asia. Asia has emerged as the fastest growing region in offering contract research outsourcing services. The growth of this region is supported by presence of large number of Contract Research Organizations (CROs), cost-effectiveness and expertise. Key players dominating the global market include Quintiles, Covance, PPD, Parexel, CRL, Icon Plc, Medidata Solutions and InVentiv Health.