As per our report, the size of the Middle East and Africa Clinical Trials Market was valued at USD 1.46 Billion in 2022 and is projected to reach USD 2.10 Billion by 2027 at a CAGR of 7.55% during the forecast period from 2022 to 2027.
The Middle East clinical trial market can be seen as a new opportunity for investment. The emergence of advanced technology is levelling up the growth rate of the market. There is a highly qualified and skilled workforce available in these countries, which are propelling market growth. The government is also providing fund for the clinical trials. An increasing number of clinical trials due to rising cases of COVID-19 is one of the factors driving the market. There are many local CROs in this region which carry out clinical trials. The University of Baghdad has launched clinical trials for COVID – 19 using Ivermectin in the Middle East. This is the key factor which is propelling the market growth in the Middle East.
The ratio of a clinical trial carried out in the African region is uneven. The funding provided in these countries is also uneven like South Africa invests more in a clinical trial compared to other African countries. There is no proper healthcare infrastructure present in most of the African countries. These are some challenges faced by the clinical trial market in Africa. The healthcare regulatory bodies in Africa are collaborating to conduct clinical trials for COVID -19.
The market for Clinical Trials is mainly driven due to alliances between the pharma-biotech companies and the clinical research organizations, increasing demand for outsourcing clinical development and increasing demand for innovative solutions in the healthcare industry. Excessive R&D investment in the healthcare industry, the risen prevalence of chronic diseases, increased outsourcing of clinical research and implementation of clinical trials by contract research organizations, and assimilation of clinical trial management systems with hospital information systems are key parameters promoting the market growth. A consequent rise in clinical trials in these countries should be associated with high population growth, demand for drugs, increased incidence of lifestyle linked and unusual genetic diseases in the MEA countries.
But, the market growth can be hampered due to the emerging shortage of clinical resources such as lack of disease population, well-trained labour, and sound medical infrastructure are delaying the process to initiate trials.
This report on MEA Clinical Trails Market has been segmented into the following categories:
Geographically, the Clinical Trials market in the Middle East and Africa region is projected to grow at the high CAGR. Emerging countries account for the largest share due to support from the respective government bodies and growing trend of rising strategic alliances, joint ventures and acquisitions of qualified investigators, all without the competition or cost they face in more developed nations.
Promising companies operating in the MEA Clinical Trails Market profiled in this report are Chiltern, Omnicare, PPD, Parexel, Kendle, Quintles, ICON Plc, and Charles River.
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