Asia Pacific Contract Research Organization Market size crossed USD 9,408.9 million in 2021 and is projected to observe over 7.9% growth rate from 2022 to 2028. Rising collaboration along with increasing focus of pharmaceutical companies on novel drug development for treatment of various chronic disease is the major factor propelling the market demand.
Contract research organizations (CROs) also known as clinical research organization, assist in the research, development, and commercialization of new products for sponsor companies, primarily in the pharmaceutical, biotechnology, and medical device industries. They offer services such as preclinical research, clinical research, clinical trial management, commercialization, and pharmacovigilance among others.
Get more details on this report - Request Free Sample PDF
Increasing number of clinical trials being conducted in Asia Pacific region especially in countries such as Thailand, South Korea, and Singapore among others is the major factor driving regional market growth. Also, with an easy access to resources, significantly large patient pool as well as high-cost savings, Asia Pacific represents a significant opportunity in the CRO marketplace over the coming years. Moreover, as governments simplify the regulatory framework and countries in Asia offer competitive healthcare infrastructure to perform clinical trials, several sponsors are noted to lay significant emphasis on the region.
Asia Pacific Market, By Service Type
The clinical research services segment revenue was over USD 5,312.3 million in 2021, owing to presence and constant support of government bodies such as Human Studies Review Committee (HSRC) or Institutional Review Board (IRB) supervises. These government bodies are responsible for commands professionalism and reviews in clinical research for ensuing patient safety in the process. In addition, necessity to setup sustainable clinical research centers with operational in agreement to international standards for appropriate assessment of novel products is further expected to upsurge the industry growth.
Asia Pacific Market, By Therapeutic Area
The oncology segment held more than 53.9% Asia Pacific market share in 2021, due to growing incidences of cancer ultimately increases the new drug development and clinical trial activities for disease treatment. Moreover, rise in the number of oncology CRO services in the region is another contributing factor in the segment growth.
Asia Pacific Market, By End-use
The pharmaceutical & biopharmaceutical companies’ segment will surpass USD 8,992.3 million revenue by end of 2028, attributed to increasing prevalence of various chronic diseases such as cancer, cardiac disease, neurological, infectious disease and kidney disorders. Also, increasing R&D investment from pharma & biopharma companies in development of novel drugs along with rising shifts of clinical trials from developed countries to Southeast Asia countries will upsurge the demand for Asia Pacific CRO services.
Asia Pacific Market, By Country
China contract research organization (CRO) market will witness 8.8% CAGR to reach USD 4,363.4 million revenue by 2028. Huge patient population, emergence of severe diseases along with introduction of new laboratories in the country are few of the country level growth driving factors. For instance, in October 2020, PPD is opening a new laboratory in Suzhou, China, to support China-based biotech companies and Western pharmaceutical companies managing China research studies. The laboratory will offer bioanalytical, biomarker and vaccine services to support trials across all phases of pharmaceutical development. Similarly, rise in number of infectious diseases including COVID-19 cases are attracting CROs to conduct trials to fast-track procedures and take advantage of the large patient pool.
Competitive Industry Landscape
Major players involved in the market include Charles River Laboratories, IQVIA, PPD, LLC, ICON plc, Syneos Health and WuXi AppTec.
Companies undertake various strategies such as new product launch, mergers, acquisitions, collaborations, geographic expansions to strengthen their market position. For instance, in December 2021, CMIC and Lokavant, a leading clinical trial intelligence company announced their enterprise partnership. This agreement aimed to expand Lokavant’s clinical trial intelligence platform in the Asia-Pacific region. This partnership strategy is expected to enhance their business relation as well as help Lokavant in strengthening its market position in untapped economies of Asia Pacific region.