Australia and New Zealand Healthcare CROs Market Report and Forecast 2024-2032

Australia and New Zealand Healthcare CROs Market Outlook

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.

Healthcare CROs: Introduction

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.

Australia and New Zealand Healthcare CROs Market Analysis

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.

Australia and New Zealand Healthcare CROs Market Segmentations

Market Breakup by Phase Type

• Drug Discovery

• Preclinical

• Clinical

Market Breakup by Indication

• Oncology

• Cardiovascular

• Autoimmune/Inflammation

• Central Nervous System (CNS)

• Dermatology

• Infectious Diseases

• Respiratory

• Others

Australia and New Zealand Healthcare CROs Market Overview

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.

Australia and New Zealand Healthcare CROs Market: Competitor Landscape

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:

• 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

• Syneos Health

Key Highlights of the Report