CONTRACT RESEARCH ORGANIZATION SERVICES MARKET ANALYSIS

Regional Analysis

Contract Research Organization Services Market - Regional Insights

North America market accounted for the largest share in the contract research organization services market, followed by Europe in 2016. This is attributed to increasing number of biotechnology-based companies with rising demand for CROs outsourcing services. Furthermore, increasing number of clinical trials and robust pipeline of Novartis, AstraZeneca, Merck and Pfizer, Inc. in the North America region are the factors responsible for growth of market in North America region over the forecast period.

In Asia Pacific region, the countries such as China and India particularly have increasing number of clinical trials for many application areas. Furthermore, due to large patient population, these countries provides a huge opportunity to the manufactures to market their drugs in Asia Pacific region, which is considered as major driver for rapid growth of CRO services. Besides, in some cases, the multinational companies are not allowed to conduct first-in-human Phase I studies in India and China where CROs plays a vital role to conduct such projects under such circumstances.

Furthermore, ongoing adoption of international standards and patent protection laws are been improved over the years particularly in India, China, and Japan. For instance, International Conference on Harmonization (ICH) Guidance document on Good Clinical Practice (GCP) followed by U.S. and Europe is been now adopted in India, Japan, and China. Hence the entrance of CROs in Asia Pacific region helps to provide clinical, regulatory infrastructure and practices in this region.