China Is The Fastest Growing Country In The Global Contract Research Organization Market

A Contract Research Organization (CRO) is a service provider, which offers end-to-end solutions in conducting clinical trials for biopharmaceutical and medical device companies. The core services offered by CROs to biopharmaceutical companies include initial drug discovery solutions, toxicology studies, bio-analytical services, central laboratory, site monitoring, data management services, vigilance, bio-statistics, study and development program design and consulting, regulatory affairs and a variety of post-marketing surveillance services.

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Pharmaceutical and biopharmaceutical companies have been researching new biologics for chronic ailments, which has been driving the CRO industry. New and emerging biotechnology companies often lack the resources and infrastructure to carry out extensive clinical trials.

CRO Market Share

The global CRO market is expected to grow from $44.4 billion in 2017 to $70.2 billion by 2021.

North America was the largest region in the global CRO market, with a 40% share of the market. This was mainly due to the presence of a large number of pharmaceutical companies and large drug development pipeline in the region.

Asia-Pacific had the highest CAGR (compound annual growth rate) of 15% during 2013 – 2017; this region is expected to grow at a CAGR of 17% during 2017 – 2021. This was due to the presence of fastest growing economies, increasing health care expenditure, growing patient population and favorable regulatory policies.

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The CRO production in China is the largest and is worth around $8.5 billion, accounting nearly 20% of the global CRO production, while the CRO consumption in China accounts for around 11% of the global CRO consumption. The discrepancy between consumption and production can be attributed to the favorable drug development policies in the country. Many global companies are outsourcing R&D services to CROs in China due to factors such as has low-production costs, sound infrastructure for research and development along with skilled labor force.

Drug discovery was the largest segment in the Asia-Pacific CRO market, with 30% share of the market. Oncology was the largest segment in China’s CRO market, with 27% share of the market.

TBRC’s CRO analysis report also covers contract research organization industry trends, oncology CRO services, clinical research industry growth, and pharma outsourcing trends.

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