The increasing R&D investments from pharmaceutical companies and extensive drug pipelines for the treatment of various chronic diseases, such as immunological disorders, metabolic disorders, and neurological disorders, are the predominant growth drivers for the global contract research organization market. Additionally, the increasing outsourcing of pharmaceutical and biopharmaceutical R&D activities, high failure rate of drug clinical trials, and low cost of conducting clinical trials in emerging countries are also driving the growth of the market. The growing numbers of mergers and acquisitions is a key trend observed in the market. Among the various end-user segments of CRO, the last-stage development service accounted for the largest and fastest growing segment in the global market.
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CROs provide support and services in form of research facilities outsourced on contract basis to life sciences, pharmaceutical, and medical device industries. The major services offered by CROs include preclinical research, biologic assay development, biopharmaceutical and pharmaceutical development, commercialization, clinical trials management, and clinical research. These organizations also provide support to research organizations, academic institutes, and government organizations.
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The Asian market is growing with a significant rate, owing to increasing prevalence of chronic diseases, and growing demand of innovative and advanced pharmaceutical and biopharmaceutical products in the region. In addition, the low R&D costs, and increasing investments by several pharmaceutical and biopharmaceutical drugs manufacturing companies are also supporting the growth of the Asian CRO market. The countries, such as India, Japan, and China, are the major markets in the region.
Some of the major players operating in the global CRO market include WuXi AppTec, Viva Biotech, Ltd., TCG Lifesciences Pvt. Ltd., Sygnature Discovery Ltd., Sundia MediTech Company Ltd., Shanghai Medicilon Inc., ChemPartner, Selvita S.A., Selcia Ltd., Scynexis Inc., Ricerca Biosciences LLC, Pharmaron Inc., Nanosyn Inc., Jubilant Biosys Ltd., Hutchison MediPharma Ltd., Graffinity Pharmaceuticals GmbH, Albany Molecular Research Inc., Argenta Discovery Ltd., Aptuit LLC, Asclepia MedChem Solutions, AsisChem Inc., Caliper Life Sciences, CreaGen Biosciences Inc., Chemical Diversity Inc., BioDuro, Emerald Biostructures, and Jubilant Biosys Ltd.
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