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Increasing R&D expenditures and outsourcing activities and increasing number of clinical trials in Asia Pacific Drive Asia-Pacific Contract Research Organization Market
According tour latest study on “Asia-Pacific Contract Research Organization Market Forecast t2028 – COVID-19 Impact and Asia-Pacific Analysis – by Type and End User,” the market was valued at US$ 8,112.00 million in 2020 and it is projected treach US$ 18,399.87 million by 2028; it is expected tgrow at a CAGR of 11.2% during 2021–2028. The report highlights the trends prevailing in the market, and drivers and restraints pertaining tits growth. The market growth is mainly attributed tincreasing R&D expenditures and outsourcing activities and increasing number of clinical trials in Asia Pacific. However, the dearth of skilled professionals hinders the market growth.
The high incidence of diseases such as hepatitis, stroke, and lung cancer make Asia-Pacific a promising destination for conduction of clinical trials. According ta World Health Organization (WHO) database study, the total number of registered clinical trials in the Asia Pacific between 2009 and 2018 were reported tbe more than 125,000. This implies a 7-fold increase in the total number of clinical trials in Asian region. The report alssuggests 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 ta 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 t2018. 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.
IQVIA Inc., Parexel International Corporation, Charles River Laboratories, Inc., ACM Global Laboratories, Merck KGaA (BiReliance Corporation), Celerion, Clinitude, Laboratory Corporation of America Holdings (Covance Inc.), Novotech, and Icon PLC are among the players operating in the Asia-Pacific contract research organization market. These players focus on product development and innovation tsustain their market positions.
The report segments the Asia-Pacific contract research organization market as follows:
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 County
- China
- India
- South Korea
- Japan
- Australia
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