PUBLISHER: Market Research Future | PRODUCT CODE: 1426885
PUBLISHER: Market Research Future | PRODUCT CODE: 1426885
Asia CRO Market is expected to register a significant CAGR of 12.87% during the review period. The increasing outsourcing of R&D and the growing complexity of drug development are boosting the demand for CRO services. Moreover, the rising prevalence of chronic diseases and government support for R&D are also fueling the growth of the market. However, a lack of experienced and skilled professionals to run tech-based equipment in CRO laboratories is hindering the growth of the Asia CRO market. Additionally, increasing number of clinical trials, growing demand for precision medicine, and the high incorporation of artificial intelligence (AI) and machine learning (ML) in CROs are creating lucrative opportunities for the market during the forecast period.
Contract research organization (CRO) is a company that provides research services to other companies on a contract basis. CROs are commonly used by pharmaceutical, biotechnology, and medical device companies to outsource certain aspects of their research and development (R&D) process. CROs can offer several benefits to sponsors, including access to a wide range of expertise in drug and device development, help sponsors reduce the cost of R&D by offering economies of scale, and provide sponsors with the flexibility to scale their R&D operations up or down as needed.
Based on the service type, the market has been segmented into pharmacovigilance, clinical research services, formulation, development service, laboratory services, consulting services, data management services, and interactive web response systems (IWRS) services.
On the basis of the application, the market has been segmented into vaccines, oncology, cardiovascular, respiratory, central nervous system, diabetes, autoimmune disorders, infectious diseases, and others.
On the basis of end user, Asia CRO market has been segmented into pharmaceutical and biopharmaceutical companies, medical device companies, academic institute, and others.
Asia-pacific contract research organization (CRO) market consists of Singapore, Malaysia, Thailand, Taiwan, South Korea, Philippines, Sri Lanka, Bangladesh, Vietnam and Rest of Asia-Pacific. The South Korea accounted for largest market share in 2022 and registered the highest CAGR during the forecast period.
In recent years, the Asia-Pacific region has become the hot spot for conducting clinical trials. As per Pharma Intelligence UK Limited (UK), the Asia-Pacific (APAC) region accounted for 50% of clinical trial activity globally in 2021. Moreover, in APAC, South Korea accounted for approximately 13% of the region in 2021.
ClinActis (Singapore), OrciTrials (Singapore), Celero (Singapore), Expecto Health Science (Singapore), ACROSS Global Alliance Pte. Ltd. (Singapore), ClinActis Pte. Ltd. (Singapore), TMC Solutions Pte Ltd (Singapore), Experimental Drug Development Centre (Singapore), Info Kinetics Sdn Bhd (Penang, Malaysia), Clinical Research Malaysia (Kuala Lumpur, Malaysia), ACLIRES Bangkok Ltd. (Bangkok, Thailand), Asia Global Research Co., Ltd. (Bangkok, Thailand), Clinixir (Bangkok, Thailand), LSK Global Pharma Services Co., Ltd. (Seoul, South Korea), ADM Korea Inc. (Seoul, South Korea), Synex Consulting Ltd. (Seoul, South Korea), Seoul CRO (Seoul, South Korea), C&R RESEARCH Inc. (Seoul, South Korea),nMedi Helpline (Seoul, South Korea), Total Trial Management Consulting Co. Ltd. (Taipei, Taiwan), T-TOP Clinical Research Co., Ltd. (Taiwan), Efficient Pharma Management Corp. (EffPha) (Taiwan), Bangladesh Clinical Trials Limited (Dhaka, Bangladesh), Medica Innova Co,. Ltd. (Bangkok, Thailand), AMARC (Bangkok, Thailand), A2 Healthcare Taiwan Corp. (Taiwan), PROMEDIS (Seoul, South Korea), PiVOT (Pasig, Philippines), Pharmalytics Corporation (Cavite, Philippines), and RemediumOne (Colombo, Sri Lanka).
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