The contract research organization (CRO) market in APAC is expected to grow from US$ 4,795.6 Mn in the year 2017 and is expected to reach US$ 1,1593.7 Mn by 2025
NEW YORK, Feb. 19, 2020 /PRNewswire/ -- The contract research organization (CRO) market in APAC is expected to grow from US$ 4,795.6 Mn in the year 2017 and is expected to reach US$ 1,1593.7 Mn by 2025, growing at a healthy CAGR of 11.9% for the forecast period.
NEW YORK, Feb. 19, 2020 /PRNewswire/ -- The contract research organization (CRO) market in APAC is expected to grow from US$ 4,795.6 Mn in the year 2017 and is expected to reach US$ 1,1593.7 Mn by 2025, growing at a healthy CAGR of 11.9% for the forecast period.
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The growth of the market is driven by factors such as the rise in the number of clinical trials. On the other hand, the shortage of skilled professionals in some of the APAC countries is limiting the growth of the market is likely to have a negative impact on the market growth in the coming years.
The CRO industry is uneven, with several small and medium-sized service providers are operating in the global CRO market.There are barriers to the entry of smaller CROs into the global market whereas a full-service CRO with global capabilities requires building the necessary infrastructure with the ability to simultaneously manage multiple complex testing services across numerous geographies.
They have established requisite relationships with strategic partners, developing relevant therapeutic and development of expertise to serve the needs of the end-users.
Over the past years, the consolidation in the CRO industry is emerging.It is followed by the majority of the prime players to strengthen their service offerings and gain a significant market share in the regional CRO market.
Thus it has led to the availability handful of larger CROs with broad geographic diversification, extensive therapeutic and development expertise, enormous capital, and technical resources to manage the demanding drug development programs of pharmaceutical and biopharmaceutical companies.CRO's service market is creating various opportunities that are leading to the growth of the market and industries.
The current going trend in the CRO industry is for the consolidation of the market.Various large players have signed agreements, some of them have merged and acquired different companies.
Some of the instances are below.
The secondary sources used for validations and data mining in the Europe contract research organization market includes Pharmaceuticals and Medical Devices Agency (PMDA), Food and Drug Administration (FDA), European Federation of Pharmaceuticals Industries Associations (EFPIA), World Health Organization (WHO), are among the others.
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