China Is The Fastest Growing Country In The Global Contract Research OrganizatioPosted by sainath on October 11th, 2018 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. Order TBRC’s CRO research report at 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 USD 44.4 billion in 2017 to USD 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. Download the CRO market report at https://www.thebusinessresearchcompany.com/sample.aspx?id=791&type=smp The CRO production in China is the largest and is worth around USD 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. About The Business Research Company. The Business Research Company is a Business Intelligence Company which excels in company, market and consumer research. It has offices in the UK, the US and India and a network of trained researchers in 15 countries globally. Contact Information The Business Research Company Europe: +44 207 1930 708 Asia: +91 8897263534 Americas: +1 315 623 0293 Like it? Share it! More by this author |