As per the research report, the size of the Asia Pacific Preclinical CRO Market was valued at USD 0.76 billion in 2023 and estimated to be growing at a CAGR of 8.59%, to reach USD 1.15 billion by 2028 during the forecast period 2023 to 2028.
The APAC preclinical CRO agents market will show lucrative growth due to increased R&D spending and growing outsourcing trends. The increasing number of new drugs entering the preclinical phase is also expected to drive the market during the analysis period. The rising cost of research is very highly developed nations such as the United Kingdom, the U.S.A, Canada, etc., compared to developing countries in the APAC region.
This factor, coupled with other drivers such as strict regulations and pricing policies and significant budget cuts for biomedical research, has increased interest in outsourcing clinical trials. The APAC pharmaceutical market is growing faster than the rest of the world, but it has a sizeable skilled population. In addition, it has shown improvements in the regulatory environment, quickly making it a preferred outsourcing destination for clinical trials.
The increasing incidence of various chronic illnesses such as cancer, heart disease, neurological and infectious conditions further encourages biopharmaceutical companies to increase their investment in developing newer drugs with lesser side effects to meet the demand for preclinical CRO services. In addition, the number of recruiting centers indicates increased patient access for pharmaceutical companies. Hence, biopharmaceutical companies are adopting strategies to remain competitive and flexible in increasing knowledge, advanced technologies, and sustaining an unstable economical environment.
Cost estimates for conducting clinical trials have ranged from the US $ 200 million to over US $ 2 billion in recent years and continue to rise in the future. The average increase in the cost of conducting clinical trials is 7.23% above the average inflation rate over the past 20 years. This high cost will challenge the studied market in the years to come. In addition, due to stringent regulatory policies in APAC regions, biopharmaceuticals companies are facing difficulties in growing in the market.
This research report on the APAC Preclinical CRO Market has been segmented and sub-segmented into the following categories:
By Service Type:
By End User:
By Country:
Geographically, the China preclinical CRO market had market revenue of over $ 25- 38 billion dollars in 2007-2017 in the pharmaceutical industry. This growth can be attributed to robust research infrastructure, skilled labor, and a lenient regulatory approval system in China. In addition, China is home to several global pharmaceutical players, which have increased reliance on CROs for market penetration.
One of the greatest strengths of the Asia-Pacific preclinical CRO agents market is access to a large population with unmet medical treatment. Asia's emerging middle-class countries like the Philippines, Malaysia, and India are growing due to increased clinical trials in the Asia-Pacific region. Several multinational CROs agents in India have end-to-end development capabilities and partnerships with local stakeholders.
The Japanese preclinical CRO market has grown over the past ten years, reaching $ 4.5 billion in 2019. It has come a long way in reducing regulatory delays and increasing harmonization with the standardization of regulatory processes. The market is looking for unique and innovative drugs for acute diseases like regenerative drugs.
Other APAC regions such as Singapore and Australia will show consistent growth during the studied period, owing to high investments and growing demand for better healthcare infrastructure.
KEY MARKET PLAYERS
The Top companies leading in the APAC Preclinical CRO Market profiled in the report are Charles River Laboratories International, Inc.; Laboratory Corporation of America; Envigo, Eurofins Scientific; PRA Health Science, Inc.; Wuxi AppTec; Medpace, Inc.; Pharmaceutical Product Development, LLC.; and Paraxel International Corporation.,
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