Asia Pacific Contract Research Organization (CRO) Market is expected to reach US$ 18,399.87 million by 2028

Clinical Research Services Segment to Contribute Larger Share to Market during 2021–2028

According to the latest study on “Asia-Pacific Contract Research Organization Market Forecast to 2028 – 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 to reach US$ 18,399.87 million by 2028; it is expected to grow at a CAGR of 11.2% during 2021–2028. The report highlights trends prevailing in the market, and drivers and restraints pertaining to the market growth.

Increase 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.

Based on the type, the Asia-Pacific contract research organization market is segmented into early phase services, clinical research services, laboratory services, and post-approval services. In 2020, the clinical research services segment accounted for the largest share of the market.

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, and Icon PLC are among the key players operating in the Asia-Pacific contract research organization market. These companies focus on partnerships, product launches, and collaborations to sustain their positions in the market. For instance, in March 2021, On the Phase 3 COVID-19 vaccine clinical trials, IQVIA is partnering with Janssen Research & Development, LLC, one of Johnson & Johnson's Janssen Pharmaceutical Companies. Moreover, in January 2021, Parexel and Signify Health announced a collaboration to provide consumers with innovative technologies that will enable them to reach a more diverse and historically underrepresented market for their clinical trials.

Asia-Pacific Contract Research Organization Market, by Country, 2020 (%)

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