The Asia Pacific contract research organization (CRO) market is expected to reach US$ 1,1593.7 Mn in 2027 from US$ 4,795.6 Mn in 2019. The market is estimated to grow with a CAGR of 11.9 % from 2020-2027.
A Contract Research Institute (CRO) is a company that provides support to the pharmaceutical, biotechnology, and medical device industries in the form of contracted research services. CROs may provide services such as biopharmaceutical development, biological assay development, commercialization, preclinical research, clinical research, clinical trial management, and pharmacovigilance.
The Asia Pacific Contract Research Organization (CRO) market is growing along with the healthcare industry, but the market is likely to slow down its growth due to the shortage of skilled professionals, suggests the Business Market Insights report.
CROs are designed to reduce the cost of new drugs and companies developing new drugs in the niche market. The goal is to simplify entry into the pharmaceutical market and streamline development as large pharmaceutical companies no longer have to do everything "in-house." CROs support not only governments, but also foundations, research institutes, and universities (NIH, EMA, etc.). The healthcare industry is undergoing rapid transformations since a few years now. Various technological improvements have been witnessed in the segments including diagnosis and treatment options for chronic diseases. The increase in incidences of chronic illnesses and the increasing ageing population are the primary factors fuelling the growth of healthcare segment.
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China is expected to lead the market in the region owing to the increasing Involvement of the Government in R&D related activities in the country. The confrontation between biotechnology and pharmaceutical companies to lower the drug development costs is expected to propel the CROs market in APAC. Moreover, the presence of top revenue-generating pharmaceutical companies that can invest a significant amount in R&D is also expected to boost the growth of CROs in the region.
These factors are expected to offer broad growth opportunities in the healthcare industry and this is expected to cause the demand for Contract Research Institute (CRO) assays in the market.
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Asia Pacific CONTRACT RESEARCH ORGANIZATION (CRO) – MARKET SEGMENTATION
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