Market Research Report
China Contract Research Organization (CRO) Industry Report, 2020-2026
|China Contract Research Organization (CRO) Industry Report, 2020-2026|
Published: November 17, 2020
Content info: 202 Pages
Delivery time: 1-2 business days
The contract research organization (CRO) industry has been galloping amid the global pharmaceutical market steadily in head way, the vibrant financing in the medical and health sector, and the proliferating expenses for pharmaceutical R&D. In 2020, the world CRO market is expected to worth $69.9 billion with a year-on-year spike of 9%.
Competition ever pricks up among at least 1,100 CRO players worldwide led by LabCorp, IQVIA, Syneos, Parexel, PRA, PPD, and Charles River. In 2019, IQVIA, LabCorp and Syneos were the three leaders sweeping a combined market share of 21.5%.
China's great competitive edge over the developed countries in pharmaceutical R&D cost has allured many world-renowned pharmaceutical corporations and boosted the country's CRO industry. With speedy development over a decade, China has been an important CRO market whose market size in 2020 will soar 10.1% on an annualized basis and reach RMB81.6 billion.
In addition to multinational giants represented by IQVIA, LabCorp, Parexel, etc., China also sees local CRO leaders including Wuxi AppTec, Pharmaron, Meidicilon, Shanghai ChemPartner, Tigermed, and Joinn Laboratories, where Wuxi AppTec with the strongest R&D strength as one of the most comprehensive service platforms integrating discovery, research and development of small-molecule chemical drugs, not only runs the China's largest small-molecule pharmaceutical R&D service business but leads the way in global market. It enjoyed a virtually 12.3% (up 1.8 percentage points over the prior year) of the world's CRO market in 2019.
China's CRO industry will be heading towards:
“China Contract Research Organization (CRO) Industry Report, 2020-2026” highlights: