Published Date: 2022-04-08
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APAC Contract Research Organization Market size is poised to surpass USD 15,837.7 million by 2028, according to a latest forecast report by Graphical Research.
Pharmaceutical firms are gradually outsourcing R&D activities to private contract research organizations (CROs) and academic institutes. The firms are adopting this strategy to remain flexible and competitive in advancing technologies and growing knowledge. Further, the R&D activities that companies opt to outsource include extensive spectrum of tasks from basic research to late-stage development. The tasks include target validation, assay development, lead optimization, genetic engineering, efficacy and safety tests in animal models as well as clinical trials concerning humans. Thus, outsourcing R&D activities will continue to grow, thereby fostering the market growth.
A significant technological and operational shift from manual to digital is transforming the clinical research for contract research organization (CROs). The pandemic has largely triggered the adoption of digital resources in clinical trials enhancing the data quality while allowing greater flexibility. CROs are evolving the industry toward patient-centric digital trials. The current modernization has uplifted the industry to a significant level that will help patients in the coming years.
The Asia Pacific contract research organization market in early phase development service segment accounted for USD 1,669.8 million revenue in 2021 due to the increasing demand for drug discovery coupled with a paradigm shift towards. Conducting early phase trials offer substantial advantages for discovering exact target population and refining recruitment. Thus, early phase development services are vital fragments of effective product development and are anticipated to accelerate the market revenue.
Browse detailed statistical insights from the report, “Asia Pacific Contract Research Organization (CRO) Market Forecast 2028 By End-use (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, Academic Institutes), By Therapeutic Area (Oncology, Clinical Pharmacology, Cardiology, Infectious Disease, Neurology, Gastroenterology & Hepatology, Ophthalmology), By Service Type (Early Phase Development Services {Discovery Services, Chemistry, Manufacturing & Control (CMC), Pre-clinical Services [Pharmacokinetics/Pharmacodynamics (PK/PD), Toxicology Testing Services]}, Clinical Research Services {Phase I, Phase II, Phase III, Phase IV}, Laboratory Services {Bioanalytical Testing Services, Analytical Testing Services [Physical Characterization, Raw Material Testing, Batch Release Testing, Stability Testing]}, Consulting Services), Research Report, Country Outlook (Japan, India, China, Australia, South Korea, Thailand, New Zealand, Singapore, Malaysia), Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The clinical pharmacological segment will witness 7% CAGR during the forecast period. Clinical pharmacology research has been prominent in the fields of geriatric medicine, cardiovascular, respiratory and its exponents have made major contribution in developing novel and highly effective approaches. Moreover, increasing focus of industry players such as PPD and Medpace in the field of clinical pharmacology will foster the industry growth. For instance, Medpace doubled its early phase capacity with a new clinical pharmacology unit designed for phase-I studies. Such initiatives by companies is expected to spur the market demand.
The medical device companies’ segment will reach USD 4,519.8 million revenue by 2028 credited to a growing demand for innovative medical devices, the rising prevalence of chronic diseases along with the growing geriatric population, etc. The proportion of the elderly population suffering from osteoarthritis, heart disease, diabetes is expected to have a significant impact on the health care system. Further, the advent of novel technologies in medical devices is also contributing to the market size.
Japan contract research organization (CRO) market will grow at 8% CAGR during the analysis period. The country’s mix of clinical experience, infrastructure, population density (50 million, with 25 percent concentrated in the Seoul metropolitan area), and a supportive government has boosted it into the top locations worldwide to conduct a clinical study. Furthermore, government funding for drug discovery and related research studies will also boost the clinical research services in the countryh.
The APAC CRO market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2017 to 2028, for the following segments:
Asia Pacific Market, By Service Type
Asia Pacific Market, By Therapeutic Area
Asia Pacific Market, By End-use
The above information has been provided for the following countries:
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