According to The Insight Partners' research, the Asia Pacific Contract Research Organization (CRO) Market was valued at US$ 11,769.4 Million in 2024 and is expected to reach US$ 21,265.7 Million by 2031, registering a CAGR of 8.8% from 2024 to 2031.
Rising Demand for Clinical Trials and Increased Outsourcing of R&D are among the critical factors attributed to the Asia Pacific Contract Research Organization (CRO) Market.
The Contract Research Organization (CRO) industry is growing strongly across the globe, owing to the rising outsourcing of research and development (R&D) operations in pharmaceutical, biotechnology, and medical device firms. With the healthcare sector becoming increasingly competitive and innovation-driven, firms are under tremendous pressure to speed up drug discovery. Contracting R&D to CROs enables companies to access their specialized expertise, sophisticated infrastructure, and global connectivity without significant investments. CROs offer full-service solutions, from preclinical research to clinical trials, regulatory affairs, and post-marketing surveillance, and thus help sponsors concentrate on their core competencies. In addition, the increasing complexity of clinical trials due to the commonality of chronic diseases, orphan diseases, and personalized medicine has raised the demand for niche CROs with specialized knowledge and technological capacities. Syngene has dedicated research facilities named BBRC for Amgen, Baxter, and Bristol-Myers Squibb for specialist discovery, development, and manufacturing facilities in Bangalore.
Discovery CROs are forming long-term strategic partnerships with pharmaceutical and biotechnology companies, academic institutions, and other CROs. These collaborations can involve co-developing drugs, joint ventures, or preferred provider agreements, allowing both parties to leverage each other's strengths. In November 2024, Novotech, a global full-service clinical CRO, formed a long-term partnership with Beijing Biostar Pharmaceuticals Co., Ltd. This collaboration was aimed at advancing clinical research by utilizing Novotech's expertise to support Biostar's clinical development plans for novel therapeutics. Such partnerships can significantly reduce the time required to bring a drug to market, accelerating the process by months compared to traditional outsourcing. Therefore, the market is well-positioned for continued growth due to rising dependence on R&D outsourcing to achieve efficiency, save costs, and get life-saving drugs to patients more quickly.
Asia Pacific Contract Research Organization (CRO) Market Segmentation Analysis:
- By Service Type, the Asia Pacific Contract Research Organization (CRO) Market is segmented into Early Phase Development Services, Clinical Research Services, Laboratory Services, and Post-Approval Services. The Clinical Research Services segment is projected to expand at 9.2% CAGR during 2024 - 2031.
- By Product Type, the Asia Pacific Contract Research Organization (CRO) Market is segmented into Cell and Gene Therapy, Biosimilars, Antibody Drug Conjugates, and Others. The Biosimilars segment is projected to expand at 8.9% CAGR during 2024 - 2031.
- By Type, the Asia Pacific Contract Research Organization (CRO) Market is segmented into In-house and Outsource. The Outsource segment is projected to expand at 9.0% CAGR during 2024 - 2031.
- By Application, the Asia Pacific Contract Research Organization (CRO) Market is segmented into Oncology, Neurology, Cardiology, Infectious Diseases, Metabolic Disorder, Nephrology, Respiratory, Dermatology, Ophthalmology, Hematology, and Others. The Oncology segment is projected to expand at 9.5% CAGR during 2024 - 2031.
- By End User, the Asia Pacific Contract Research Organization (CRO) Market is segmented into Pharmaceutical and Biotech Companies, Medical Device Companies, Academic and Research Institutes, and Others. The Pharmaceutical and Biotech Companies segment is projected to expand at 9.0% CAGR during 2024 - 2031.
By country, the Asia Pacific Contract Research Organization (CRO) Market is categorized into China, Japan, India, Australia, South Korea, Rest of APAC. Japan is projected to expand at 9.0% CAGR during 2024 - 2031.
Key players operating in the Contract Research Organization (CRO) Market are Parexel International Corp, IQVIA Holdings Inc, Syneos Health Inc, Medpace Holdings Inc, Thermo Fisher Scientific (PPD Inc), ProPharma Group, Precision Medicine Group, LLC., O4 Research Ltd, Julius Clinical, Siron Clinical, Clinmark sp. z o.o., Pharmaxi LLC, Smerud Medical Research Group, AURIGON GMBH among others.
In Feb 2023, Syneos Health partnered with Haystack Health, a Roivant Health portfolio company developing advanced Artificial Intelligence (AI) and Natural Language Processing (NLP) solutions to improve the identification and enrollment of patients for clinical trials
In December 2022, Syneos Health, the only fully integrated biopharmaceutical solutions organization purpose-built to accelerate customer success, signed a service agreement with Tetris Pharma Ltd, a subsidiary of a biopharmaceutical company, Arecor Therapeutics plc, to support the build-out of Tetris Pharma's commercial platform across Europe. Through this partnership, Syneos Health provides commercial support through outsourced contract sales services to accelerate healthcare practitioner awareness of Tetris Pharma's flagship product, Ogluo, for people living with diabetes across initial launch territories.
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