Singapore CRO Market is expected to Reach USD 280 Million by 2022: Ken Research

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CRO market in Singapore is dominated by MNCs that are capitalizing on the increasing government support for clinical research and foreign investment

The oncology segment has accounted for more than half of the clinical trials in 2015. Major factor driving the oncology segment include rising cases of cancer, availability of government funding for research purposes, and growing expertise for cancer by CROs. Immunodeficient mice based models are commonly utilized to conduct oncology research. Within the oncology segment, major research has been in the field of solid tumors

The market is concentrated with the top 10 companies occupying more than 60% of the market. Major Contract Research Organizations include Maccine Pte Ltd, Quintiles East Asia Pte Ltd, and Covance (Asia) Pte Ltd, Phoenix Pharma Central Services (S) Pte Ltd, Parexel International Corporation, Innoheart and others.

Singapore Contract Research Organization (CRO) Market

Singapore CRO market will be led by increased investment in biopharmaceutical manufacturing and growing research and development activities in the space. The two most significant market growth drivers are the reduction of drug lag and cost. Other growth drivers such as vendor consolidation and increased outsourcing penetration will further augment the CRO market in Singapore

There is an increased focus on virtual trials and utilizing novel technology and data collection tools to access data in more real-world settings. This focus coincides with more evidence-based research and changing clinical trial designs to incorporate input from patient communities. E-clinical technologies have introduced new capabilities for managing clinical data. It has opened large opportunities for CROs to expand their core competencies within Clinical Data Management (CDM) services. Further introduction of Electronic Data Capture (EDC) will enable CROs to significantly increase data accuracy and decrease the time needed to collect data for studies of drugs and medical devices. As the market moves towards maturity, price competition will intensify. In order to survive the competition, major CROs will increase investment in marketing activities to highlight their value addition in terms of scope of services, flexibility, reliability and customer services.

The market will witness challenges in terms of increasing complexity of clinical trials in terms of the amount of data collected per patient, the numbers of studies and tests performed, and the numbers of endpoints included in therapeutic segments such as oncology, autoimmune diseases, and rare diseases. For instance, it has become more challenging to design a protocol for a specific indication, particularly one that includes an investigational drug in combination with a checkpoint inhibitor, due to the pace of new approvals and rapidly shifting standards of care.

Growing complexity of drug trials, technology upgradation, increasing role of bid data analytics and e-services will facilitate the revenue generated by CROs in Singapore.

Ken Research in its latest study, “Singapore Contract Research Organization Market Outlook to 2022 – by Phase I, Phase II, Phase III, Phase IV, Pre-Clinical Market, Data Management, Biostatistics, Central Laboratory Services, Pharmacovigilance, Bioanalytics and HEOR”, suggested that demand for CRO services in the market will continue to grow in Singapore owing to growing public-private partnerships in R&D and clinical trials and expansion of multinational pharmaceutical companies in the space.

Key Topics Covered in the Report:

CRO Central Laboratory Services Market Singapore

Government Regulations CRO Market

Number of Clinical Trials Singapore

Singapore CRO Market

Clinical Trials Market Singapore

Number of Phase I Clinical Trial Singapore

Number of Phase II Clinical Trial Singapore

Number of Phase III Clinical Trial Singapore

Clinical Trials by Therapeutic Class Singapore

Products Covered:

CRO market segment (by Phase I, Phase II, Phase III, Phase IV, Pre-Clinical Market, Data Management, Biostatistics, Central Laboratory Services, Pharmacovigilance, Bioanalytics and HEOR),by Number of Clinical Trials by Therapeutic Area (Oncology, Clinical Pharmacology, gastroenterology & hepatology, Dermatology, cardiology, diagnostic imaging, infectious diseases, ophthalmology and others)

Companies Covered:

Singapore Clinical Research Institute (SCRI), Phoenix Pharma Central Services (S) Pte Ltd, Maccine Pte Ltd, Covance (Asia) Pte Ltd, Quintiles East Asia Pte Ltd, EPS Global Research Pte Ltd., ICON Clinical Research Pte Ltd, PPD Development (S) Pte Ltd, PAREXEL International Corporation, PRA Singapore, Syneos Health, Novotech, and SGS

For more information on the research report, refer to below link:

https://www.kenresearch.com/healthcare/pharmaceuticals/singapore-contract-research-outsourcing-market/150980-91.html

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Ken Research

Ankur Gupta, Head Marketing & Communications

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+91-9015378249

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