Asia-Pacific Contract Research Organization Market Research Report 2021-2028: Rising Demand for Specialized Testing Services and Rising Market Consolidation – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The Report “Asia-Pacific Contract Research Organization Market Forecast to 2028 – Impact of COVID-19 and Regional Analysis by Type; End-User and Geography” has been added to from ResearchAndMarkets.com offer.

Asia-Pacific Contract Research Organization Market was valued at USD 8,112.00 Million in 2020 and is projected to reach USD 18,399.87 Million by 2028; it is expected to grow at a CAGR of 11.2% over the period 2021-2028.

The growth of the market is attributed to major driving factors such as increasing R&D spending and outsourcing activities and growing number of clinical trials in Asia-Pacific. However, the availability of skilled professionals is hampering the growth of the market.

A contract research organization (CRO) provides support services to pharmaceutical, biotechnology and medical device companies throughout product development.

Pharmaceutical and 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 companies’ internal costs and time required to perform the wide range of testing services to comply with national and international regulatory standards.

Based on type, the Asia Pacific contract research organization market is segmented into early phase services, clinical research services, laboratory services and post-approval services. The clinical research services segment held the largest market share in 2020, and the same segment is expected to register the highest CAGR during the forecast period.

By end-user, the Asia-Pacific contract research organization market is segmented into pharmaceutical and biotechnology companies and medical device companies. The segment of pharmaceutical and biotechnology companies held a larger share of the market in 2020 and the same segment is expected to register a higher CAGR in the market during the period 2021-2028.

Key market dynamics

Market factors

  • Increase in R&D spending and outsourcing activities

  • Increase in the number of clinical trials in Asia-Pacific

Market restriction

  • Availability of qualified professionals

Market opportunity

  • Growing demand for specialized testing services

Future trend

  • Growing market consolidation

Companies cited

  • 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

  • API icon

For more information about this report visit https://www.researchandmarkets.com/r/vesp5s

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