Asia Pacific Contract Research Organization (CRO) Market to Grow at a CAGR of 11.2% to reach US$ 18,399.87 million from 2020 to 2028

Asia Pacific Contract Research Organization (CRO) Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Early Phase Development Services, Clinical Research Services, Laboratory Services, and Post-approval Services); End User (Pharmaceutical and Biotechnology Companies and Medical Device Companies) and Geography

  • Report Code : TIPRE00008345
  • Category : Pharmaceuticals
  • Status : Published
  • No. of Pages : 95
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The Asia-Pacific contract research organization market was valued at US$ 8,112.00 million in 2020 and it is projected to reach US$ 18,399.87 million by 2028; it is expected to grow at a CAGR of 11.2% during 2021–2028.

Contract research organization (CRO) provides support services to the pharmaceutical, biotechnology, and medical device companies throughout the development of the product. Pharmaceutical& biotechnology companies and the medical device industry require various testing services such as preclinical services, clinical research services, analytical testing services, bioanalytical testing services, and regulatory services. CROs are specifically designed to perform these testing services to reduce the in-house cost and time of the companies, required to conduct the extensive range of testing services to comply with the national and international regulatory standards.

The Asian continent appears to be a rapidly growing destination for conduction of cost-effective clinical trials. Moreover, the ease of regulatory compliance and presence of top clinical institutions further contributes to Asia-Pacific becoming the new choice of destination for conduction of clinical trials. Outsourcing is an integral part of the biopharmaceutical industry primarily during the clinical phases of the research and development (R&D). The rising number of clinical trials in the region also attributes to the presence and easy access of treatment-naïve patient pool.

The high incidence of diseases such as hepatitis, stroke, and lung cancer make Asia-Pacific a promising destination for conduction of clinical trials. According to a World Health Organization (WHO) database study, the total number of registered clinical trials in the Asia Pacific between 2009 and 2018 were reported to be more than 125,000. This implies a 7-fold increase in the total number of clinical trials in Asian region. The report also suggests that Japan conducted highest number of clinical trials, which is approximately 30.8% of the total trials held in the region. The annual average increase in the number of clinical trials in Asia-Pacific is greater than the US, Canada, and EU countries. According to a report published by PubMed in September 2019, Iran recorded the highest annual increase in the number of clinical trials in Asia with 41% increase in 2019 as compared to 2018. Thus, the increasing number of clinical trials in the region implies the increasing demand for outsourcing research and development activities thereby responsible for the growth of the contract research organization (CROs) market in Asia-Pacific during the forecast years.

Market Insights

Research and development (R&D) is an essential and crucial part of the company’s business. Pharmaceutical and biotech companies focus on the research and development (R&D) to come up with new molecules for various therapeutic applications with the greatest medical and commercial potential. The companies invest majorly on the R&Ds with the aim of delivering high quality and innovative products to the market. R&D spending by the biopharmaceutical companies has also increased over the years. In addition, the rapid growth of Asian biopharmaceutical industry has created a community for investors that has plenty of capital. According to a report published in Top 10 Asia Biopharma Clusters 2018, the Asian investors contributed to approximately US$ 4.2 billion in biopharmaceutical start-ups attributing to their high potential for expansion in the coming years

Type: Insights

The Asia-Pacific contract research organization market, based on type, is bifurcated into early phase development services, clinical research services, laboratory services, and post-approval services. The clinical research services segment held a larger share of the market in 2020. However, the same segment is expected to register a higher CAGR in the market during the forecast period.

Asia-Pacific contract research organization Market, by Type – 2020 and 2028

Asia-Pacific contract research organization Market, by Type – 2020 and 2028
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

End User:

Based on end user, the Asia-Pacific contract research organization market is segmented into pharmaceutical and biotechnology companies and medical device companies. The pharmaceutical and biotechnology companies segment held the largest share of the market in 2020, and the same segment is expected to register the highest CAGR during 2021–2028.

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Asia Pacific Contract Research Organization (CRO) Market: Strategic Insights

asia-pacific-contract-research-organization-cro-market
Market Size Value inUS$ 8,112.00 Million in 2020
Market Size Value byUS$ 18,399.87 Million by 2028
Growth rateCAGR of 11.2% from 2021-2028
Forecast Period2021-2028
Base Year2021
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Players operating in the Asia-Pacific contract research organization market adopt collaboration and partnership strategies to meet the demands of end users through the introduction of technologically advanced offerings, and these strategies significantly support the growth of the market.


By Type

  • Early Phase Development Services
    • Drug Discovery Services
    • Pre-Clinical Services
  • Clinical Research Services
  • Laboratory Services
  • Post-Approval Services

By End User

  • Pharmaceutical and Biotechnology Companies
  • Medical Device Companies

By Country

  • China
  • India
  • South Korea
  • Japan
  • Australia


Company Profiles

  • IQVIA Inc.
  • Parexel International Corporation
  • Charles River Laboratories, Inc.
  • ACM Global Laboratories
  • Merck KGaA (Bio Reliance Corporation)
  • Celerion
  • Clinitude
  • Laboratory Corporation of America Holdings (Covance Inc.)
  • Novotech
  • Icon PLC
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, End User and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Australia, China, India, Japan, RoAPAC, South Korea

The List of Companies - Asia Pacific Contract Research Organization (CRO) Market

  1. IQVIA Inc.
  2. Parexel International Corporation
  3. Charles River Laboratories, Inc.
  4. ACM Global Laboratories
  5. Merck KGaA (Bio Reliance Corporation)
  6. Celerion
  7. Clinitude
  8. Laboratory Corporation of America Holdings (Covance Inc.)
  9. Novotech
  10. Icon PLC

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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