Market revenue in 2023 | USD 912.7 million |
Market revenue in 2030 | USD 1,865.2 million |
Growth rate | 10.7% (CAGR from 2023 to 2030) |
Largest segment | Toxicology testing |
Fastest growing segment | Bioanalysis and DMPK studies |
Historical data covered | 2018 - 2022 |
Base year for estimation | 2023 |
Forecast period covered | 2024 - 2030 |
Quantitative units | Revenue in USD million |
Market segmentation | Bioanalysis and DMPK studies, Toxicology Testing, Compound Management, Chemistry, Safety Pharmacology |
Key market players worldwide | Eurofins Scientific SE, Icon PLC, Wuxi AppTec Co Ltd, Medpace Holdings Inc, Charles River Laboratories International Inc, Thermo Fisher Scientific Inc, Intertek Group PLC, Labcorp Holdings Inc, Crown Bioscience, SGA |
Toxicology testing was the largest segment with a revenue share of 22.55% in 2023. Horizon Databook has segmented the Asia Pacific preclinical cro market based on bioanalysis and dmpk studies, toxicology testing, compound management, chemistry, safety pharmacology covering the revenue growth of each sub-segment from 2018 to 2030.
The changing business model of MNC outsourcing and the rising cost of R&D is expected to increase preclinical outsourcing in Asia Pacific owing to cost efficiency offered by CROs in countries such as India and China. Established companies located in Western Europe and the U.S. pursue analytical services, site research development, and clinical activities in the Asia Pacific region.
The establishment of several CROs across the Asia Pacific region has also strengthened the preclinical trial outsourcing market in this region. For instance, Singapore has several CROs to support the growing needs of pharmaceutical and biopharmaceutical companies. Some of these CROs include IQVIA and ICON, which manage regional preclinical and clinical trials from Singapore.
Growth in the market is due to the advanced healthcare infrastructure in the region. Moreover, an increasing number of CROs are focusing on partnerships and investments. Likewise, the development of outsourcing hubs, the expansion of market players along with the availability of skilled practitioners further contribute to the growth of the market.
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