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CROs are expanding their accessible market by offering global standard services.
FREMONT, CA: The pharmaceutical CRO market in the asia pacific region is estimated to grow by 9.6% annually. Due to the rise in the incidences of diseases, increased healthcare cost, technological advancements and the increased dependence on contract research organizations the market cap of the industry is forecasted to be US$ 238 billion by the end of 2030. With a slew of significant improvements in the industry, Asia pacific countries are focused on increasing efficiency in the CRO industry.
The CRO industry is fragmented into several small and mid-sized companies as the barriers to enter the industry are low. While there are many companies that offer development and research expertise with substantial IT infrastructure and data analytics capabilities, only a handful have the global scale infrastructure. However, the services offered by these large companies are difficult to differentiate.
CROs are expanding their accessible market through increased volume of solutions across the entire drug development life cycle. Pre-clinical research and clinical testing are the two broad segments of the CRO market. The US$5 billion Pre-clinical research segment is a relatively small segment with minimal competition compared to the US$21 billion clinical testing market that benefits from the tendency of biotechnology companies to keep clinical testing in house. With the introduction of wearables, companies are looking to use data from the wearables to improve the efficiency of trials. As pharmaceutical companies look to reduce costs and increase efficiency in operation, by outsourcing, CROs stand to benefit the most.