DUBLIN--(BUSINESS WIRE)--The "Asia Pacific Contract Research Organization Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Type; End User and Geography" report has been added to ResearchAndMarkets.com's offering.

The Asia-Pacific contract research organization market was valued at US$ 8,112.00 million in 2020, and it is projected to reach US$ 18,399.87 million by 2028; it is expected to grow at a CAGR of 11.2% during 2021-2028.

The market growth is attributed to the key driving factors such as the increasing R&D expenditures and outsourcing activities and rising number of clinical trials in Asia-Pacific. However, the availability of skilled professionals hinders the growth of the market.

A contract research organization (CRO) provides support services to the pharmaceutical, biotechnology, and medical device companies throughout the development of the product.

Pharmaceutical & biotechnology companies and the medical device industry require various testing services such as preclinical services, clinical research services, analytical testing services, bioanalytical testing services, and regulatory services. CROs are specifically designed to perform these testing services to reduce the in-house cost and time of the companies required to conduct the extensive range of testing services to comply with the national and international regulatory standards.

Based on type, the Asia-Pacific contract research organization market is segmented into early phase services, clinical research services, laboratory services, and post-approval services. The clinical research services segment held the largest market share in 2020, and the same segment is expected to register the highest CAGR during the forecast period.

By end user, the Asia-Pacific contract research organization market is segmented into pharmaceutical & biotechnology companies and medical devices companies. The pharmaceutical & biotechnology companies segment held larger share of the market in 2020 and the same segment is expected to register higher CAGR in the market during 2021-2028.

Key Market Dynamics

Market Drivers

• Increasing R&D Expenditures and Outsourcing Activities
• Increasing Number of Clinical Trials in Asia Pacific

Market Restraint

• Availability of Skilled Professionals

Market Opportunity

• Rising Demand for Specialized Testing Services

Future Trend

• Rising Market Consolidation

Companies Mentioned

• IQVIA Inc.
• Parexel International Corporation
• Charles River Laboratories, Inc.
• ACM Global Laboratories
• Merck KGaA (Bio Reliance Corporation)
• Celerion
• Clinitude
• Laboratory Corporation of America Holdings (Covance Inc.)
• Novotech
• Icon PLC

For more information about this report visit https://www.researchandmarkets.com/r/vesp5s

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