The size of the Asia Pacific clinical trials market has been estimated at USD 4.48 Billion in 2023 and is projected to reach USD 6.86 Billion by 2028, growing 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 the safety and efficacy of the newly 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.
APAC clinical trials market share is growing at a higher rate due to the increasing number of patient population with chronic diseases. The growing patient population is escalating the need to invent new drugs and medical interventions, which is escalating the demand for the clinical trials market. The APAC market for clinical trials is mainly driven by advancements in technology and increasing demand for innovative solutions in healthcare, the cost competitiveness factor, where the cost involved in performing Clinical Trials in emerging nations is much less compared to Western nations and lenient regulatory matters. The Australian government is investing in clinical trials to increase research and development in the country. Clinical trials are going on two vaccines for COVID-19.
The Asia Pacific clinical trials market growth will be constrained due to an emerging shortage of clinical resources, such as a lack of naïve disease population, well-trained labor, and sound medical infrastructure, which is delaying the process of initiating trials.
This report on the APAC clinical trials 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. The large population in this region 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.
The Indian biopharmaceutical industry is one of the leading industries 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 soon 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 government of China 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 trials and a large patient population, which are driving the market growth.
Japan has a highly advanced healthcare infrastructure with a skilled healthcare workforce. The country is sustained to offer high-quality research and development activities in healthcare with advanced technologies. Transparent approvals for clinical trials are greatly influencing the demand for the Japanese clinical Trials market. 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.
South Korean Food and Drugs Administration strictly ensures the safety of the patients, emphasizing quality standards in clinical research activities. Steadily growing cancer patients are ascribed to bolster the demand of the market. There has been an increasing survival rate of cancer patients in the past few years, whereas in a recent study, the survival rate of cancer patients in South Korea is up to 70.04%. Therefore, the high-quality treatment procedures in this country are likely to leverage the demand for the market. 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.
Stringent rules and regulations by the government to provide assurance for investors in research and development activities are merely propelling the growth rate of the market in Singapore. Favor to the biomedical research ecosystem to promote innovative products and collaborations of the key players is amplifying the demand for the market.
KEY MARKET PARTICIPANTS:
Companies playing a noteworthy role in the APAC clinical trials market are Chiltern, Omnicare, PPD, Parexel, Kendle, Quintiles, ICON Plc and Charles River.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2000
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: email@example.com