China Contract Research Organization (CRO) Industry Report, 2015-2018 (PR Newswire)
NEW YORK, Sept. 9, 2015 /PRNewswire/ — In recent years, China’s contract research organization (CRO) industry has developed rapidly, with the market size rising from RMB8.5 billion in 2007 to RMB42.6 billion in 2014, registering a CAGR of 25.9%. With so many favorable policies, especially when a number of well-known proprietary drugs are about to expire, China’s CRO market size is expected to continue to grow by around 20% in the years ahead, to an estimated RMB 83.2 billion by 2018.
At present, some European and American CRO enterprises represented by Quintiles and Covance have penetrated the Chinese market by establishing branches or through acquisition and cooperation. These foreign giants, which occupy the majority of China’s CRO market share, are driving the industry to develop toward standardization.
There are more than 500 Chinese CRO enterprises, such as WuXi AppTec, Tigermed Consulting, Boji Medical Biotechnological, and HD Biosciences, which have a relatively large scale and develop very well. In 2014, WuXi AppTec represented a 9.69% market share while Tigermed Consulting and Boji Medical Biotechnological accounted for 1.47% and 0.34%, respectively.
As a leader in China’s CRO industry, WuXi AppTec posted revenue of RMB4.1266 billion (equivalent to USD674.3 million) in 2014, up 16.6% from a year earlier. In recent years, the company has seen rapid expansion by acquiring AppTec, ABGENT, Shanghai Medkey Med-Tech Development Co., and NextCODE Health.
Tigermed Consulting is a CRO company that specializes in the services related to clinical trials and clinical research. In 2014, the company recorded RMB624.6 million in revenue, up as high as 85.6%. In August 2012, the company completed its IPO, and then continuously strengthened its competitiveness through M&A and investment in subsidiaries. During 2013-2014, Tigermed Consulting founded Fantastic Bioimaging, Shanghai Tigermed Consulting Co., Hangzhou Talent MedCinsultant, and Tigermed-IntelliPV Ltd., and purchased BDM and Frontage Labs. In 2015, the company announced a proposed acquisition of Beiyi Renzhi ( Beijing) Medical Technology Development Co. and DreamCIS Inc, a South Korean company.
Boji Medical Biotechnological, a comprehensive CRO company, was publicly traded on GEM of Shenzhen Stock Exchange in April 2015. As of the end of 2014, it had provided an accumulated more than 400 clinical research services and over 200 preclinical research services. In recent years, it has begun to focus on international expansion, successively undertaking the service projects of some overseas companies including Sweden’s Astrom Research International and South Korea’s Hyundai Pharmaceutical.
China Contract Research Organization (CRO) Industry Report, 2015-2018 is mainly all about the following:
Status quo, related policies, market size, competitive landscape, development trends, etc. of China’s CRO industry;
Development environment of China’s CRO industry, including international environment, industry environment, and regional market;
Operation, R&D and investment, development in China, etc. of 5 global and 13 Chinese CRO companies;
Development prediction of China’s CRO industry as well as operation of major enterprises.
Read the full report: http://www.reportlinker.com/p0590608-summary/view-report.html
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