Dublin, Nov. 07, 2018 (GLOBE NEWSWIRE) -- The "Singapore Contract Research Outsourcing 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" report has been added to ResearchAndMarkets.com's offering.
The report includes market projections for the future and analyst recommendations highlighting the major opportunities and cautions.
Singapore CRO market has inclined at positive CAGR during 2013-2017. The market is majorly driven by patent expiration of main revenue-generating drugs, competition from the generic versions of branded drugs, and increasing research and development costs which have pushed pharmaceuticals manufacturers to look for strategies to cut costs and speed up the R&D processes.
The manufacturers struggle to renew their pipelines while facing the challenges of efficient drug discovery which has propelled growth in the contract research outsourcing industry in Singapore. Further, the market is supported by best in class infrastructure for research, highly skilled workforce, Strong intellectual property (IP) and legal infrastructure and government support.
Singapore CRO Market Segmentation
The CRO market includes revenue generated from Phase I, II, II, IV clinical trials, Pre-clinical market, data management, biostatistics, and central laboratory services, Pharmacovigilance, Bioanalytics and HEOR. Growing emphasis on translational research within pharmaceutical R&D due to the government's commitment to scientific research has propelled the growth of pre-clinical market in Singapore.
Early phase clinical trials such as Phase I and Phase II are rising rapidly owing to its small patient pool, strong legal and political system, world-class infrastructure and connectivity, and access to talents. Other services such as Pharmacovigilance has witnessed increase in revenue as their scope expanded from just addressing ADR (Adverse Drug Reaction) to risk management plans and also because it also complies with local and global regulations.
Bioanalytics is growing, as high cost and risk has led pharmaceutical companies to outsource more of pre-clinical and early phase development services.
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. Other major therapeutic segments include clinical pharmacology, gastroenterology & hepatology, cardiology, diagnostic imaging, infectious diseases, ophthalmology and others.
Singapore CRO Market Competition Overview
CRO market in Singapore is dominated by MNCs that are capitalizing on the increasing government support for clinical research and foreign investment. The number of clinical trials increased due to establishment of more clinical trial units and more patient participation that gives them the opportunity to access innovative experimental treatments that are not yet available in the market.
The market is concentrated with top 10 companies occupying more than half of the overall market revenue. Major competition parameters include service portfolio and therapeutic areas covered by the Contract Research organization
Singapore CRO Market Future Potential
Singapore CRO market is expected to grow at a positive CAGR during 2018-2022. 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.
Key Topics Covered:
1. Research Methodology
2. Singapore Contract Research Organization Market - Executive Summary
3. Singapore Healthcare Ecosystem
4. Singapore Healthcare System
5. Singapore Healthcare Key Metrics
6. Comparative Analysis with Other Asian Countries
7. Singapore Contract Research Organization Market: Overview and Market Size- 2013-2017
8. Singapore Contract Research Organization Market Segmentation
9. Singapore Contract Research Organization Market - Growth Drivers
10. Singapore Contract Research Organization Market - Government Regulations
11. Value Chain in Contract Research Organization
12. CRO Market Competitive Landscape
13. Singapore CRO Market Future Outlook and Projections, 2018-2022
- Covance (Asia) Pte Ltd
- EPS Global Research Pte Ltd.
- ICON Clinical Research Pte Ltd
- Maccine Pte Ltd
- PAREXEL International Corporation
- Phoenix Pharma Central Services (S) Pte Ltd
- PPD Development (S) Pte Ltd
- PRA Singapore
- Quintiles East Asia Pte Ltd
- Singapore Clinical Research Institute (SCRI)
- Syneos Health
For more information about this report visit https://www.researchandmarkets.com/research/zx4rzw/singapore?w=12
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