The size of the Asia Pacific Clinical Trials market has been estimated at USD 4.11 Billion in 2022 and is projected to reach USD 6.29 Billion by 2027 at a CAGR of 8.9% during the forecast period.
Clinical Trial is a part of clinical research that follows a regulated protocol. Clinical Trials are primarily performed to get data on safety and efficacy of the new developed drug. Clinical Trials data is mandatory for further approval of the drug and to bring it into the market. They allow the drug to be tested for safety by different ethnic population. Due to the higher medical needs and increasing disease prevalence, developing countries are becoming a hub for Clinical Trials implementation.
The Indian clinical trials market is growing at a healthy rate. The Indian biopharmaceutical industry is one of the leading industry in the world. Many companies are conducting a clinical trial for COVID – 19 in collaboration with research centers. The vaccine is the only remedy for the viral pandemic the trials are put on the fast track to develop a vaccine as first as possible. India has a great population and geographical diversity which is important for a clinical trial. This is boosting the growth of the market in India. Glenmark Pharmaceutical has initiated phase III of clinical trials in India using Favipiravir. Even BCG is also used to develop a vaccine for COVID -19.
The Chinese clinical trial market is showcasing promising growth. The government is investing in R&D in the pharma sector, which is driving market growth. China till now has approved three COVID- 19 vaccines in the second phase of a clinical trial. China has a great infrastructure for clinical trial and a large patient population which are driving the market growth.
The Japanese government has allowed the use of foreign clinical trial data. The contract research organization has started to invest in the clinical trial market, which is boosting the market growth. Japan is expected to launch clinical trials for COVID- 19 in July.
The Australian government is investing on clinical trials to increase the research and development in the country. This is boosting the market in the country. Clinical trials are going on two vaccines for COVID- 19.
There are about 184 institutions for a clinical trial in South Korea. The Novotech is doing clinical trials for Komipharma for COVID – 19 in South Korea.
The market for Clinical Trials is mainly driven due to advancement in technology and increasing demand of innovative solutions in healthcare, the cost competitiveness factor where the cost involved in performing a Clinical Trials in emerging nations is very less compared to Western nations and lenient regulatory matters.
The Asia Pacific clinical trials market growth will be constrained due to emerging shortage of clinical resources such as lack of naïve disease population, well trained labor, and sound medical infrastructure which are delaying the process to initiate trials.
This report on APAC Clinical Trails Market has been segmented into the following categories:
Geographically, the Clinical Trials market in the Asia-Pacific region is projected to grow at the highest CAGR in the Global Clinical Trials Market, which is greatly due to initiatives from the government and contributions from academic laboratories, which helped augment growth. Due to the large population in this region, it helps in faster enrollment of the patients, and retention of the participants in the trials on the higher side; thereby helping the companies to conduct the trials on a timely basis.
Few of the major companies leading the APAC Clinical Trials Market are Chiltern, Omnicare, PPD, Parexel, Kendle, Quintiles, ICON Plc and Charles River.
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