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Contract Research Organization (CRO) Market in China 2020 Analysis to 2024 – Application, Emerging Trends and Leading Players
2020-7-8
From WISEGUY RESEARCH CONSULTANTS PVT LTD
China CRO market value is anticipated to reach US$27.04 billion in 2024, growing at a CAGR of 27.06%, for the period spanning from 2020 to 2024. The factors such as increasing biologics sales, rising geriatric population, growing investment in healthcare sector, accelerating number of innovative drug IND fifilings, inclining drug research and development expenditures and unmet treatment needs are expected to drive the market. However, growth of the industry would be challenged by the U.S. and China trade tensions, growing competition and regulatory compliance. A few notable trends include increasing consolidation activities, adoption of AI technology and emergence of e-clinical technology.
During previous years, CRO industry has grown from limited clinical trial services provider to a full-service industry characterized by broad relationships with clients and service offerings that encompass the entire drug development process. In addition, CROs provide services that generate high quality and timely data in support of applications for regulatory approval of new drugs or reformulations of existing drugs as well as marketing claims. They also leverage selected information technologies and procedures to efficiently capture, manage and analyze the large streams of data generated during a clinical trial.
Clinical services are the most consumed CRO service owing to growth in large molecule drug development outsourcing activities by drug-maker. Increasing research grants from the government, growing availability of skilled medical researchers and rising outsourcing of point-of-care (POC) testing services are driving the industry.
During previous years, CRO industry has grown from limited clinical trial services provider to a full-service industry characterized by broad relationships with clients and service offerings that encompass the entire drug development process. In addition, CROs provide services that generate high quality and timely data in support of applications for regulatory approval of new drugs or reformulations of existing drugs as well as marketing claims. They also leverage selected information technologies and procedures to efficiently capture, manage and analyze the large streams of data generated during a clinical trial.
Clinical services are the most consumed CRO service owing to growth in large molecule drug development outsourcing activities by drug-maker. Increasing research grants from the government, growing availability of skilled medical researchers and rising outsourcing of point-of-care (POC) testing services are driving the industry.