Asia Pacific Contract Research Organization (CRO) Market Analysis, Size, and Share by 2028

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

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 2020
  US$ 8,112.00 Million
• Market Size 2028
  US$ 18,399.87 Million

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Regional Overview

• Asia-Pacific

Market Segmentation

Type

• Early Phase Development Services
• Clinical Research Services
• Laboratory Services
• Post-approval Services

End User

• Pharmaceutical and Biotechnology Companies and Medical Device Companies

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Asia Pacific Contract Research Organization (CRO) MarketReport Scope

Asia Pacific Contract Research Organization (CRO) Market Report Scope