Asia Pacific Clinical Trials Market size crossed USD 7.1 billion in 2020 and is predicted to observe around 8.1% growth rate from 2021 to 2027.
The increasing potential in the regional market is due to the challenges faced while conducting clinical trials in developed countries of North America and Europe such as increased costs and reduced patient count. Also, the rapidly developing healthcare infrastructure in countries in Asia, particularly Southeast Asia, contributes to the regional market growth.
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The upgradation of healthcare IT capabilities coupled with the large-scale adoption of digital solutions to capture as well as store healthcare records is noted to act as a catalyst in the region’s prominence. Moreover, the supportive regulatory framework eases the entry point of clinical trials in the region. As the demand for novel drugs and advanced medical devices emerges, a subsequent demand for efficient, fast-paced, and reliable clinical trials program is also noted to rise.
Asia Pacific Market, By Phases
Phase III segment revenue was more than USD 3.6 billion in 2020. The focus of phase III clinical trials is to demonstrate and confirm the preliminary evidence gathered in the previous trials that drug is safe, beneficial and offers effective treatment for the intended indication.
Additionally, phase III clinical trials determine if the new drug or combination of drugs is better or equivalent to the standard of care. Furthermore, significant revenue generation from phase III clinical trials is noted owing to relatively higher costs associated with it and a large patient pool involved in the study.
Asia Pacific Market, By Study Design
Interventional study segment will show significant growth in the Asia Pacific clinical trials market to surpass USD 9.5 billion valuation by 2027. Interventional study is noted to be amongst the top hierarchical pyramid of evidence, as it offers a better way to measure the efficacy of novel interventions. The interventional study design is widely preferred over other study designs owing to several factors such as elimination of recall bias as well as enhanced efficiency of new interventions.
Asia Pacific Market, By Therapeutic Area
Oncology segment accounted for USD 2.6 billion revenue in 2020. The increasing prevalence of cancer is one of the prominent factors leading to the increased investments in the clinical trials surrounding oncology. For instance, high prevalence of liver cancer is South Korea demands increasing clinical trials in the country surrounding studies involving cancer treatments.
Asia Pacific Market, By Country
China clinical trials market size is set to observe around 10% gains during the forecast timeframe. Emergence of severe diseases, huge patient population, increasing clinical trials and R&D are some of the country level market growth driving factors. Also, the local government is funding for drug discovery and related research studies.
Rising number of COVID-19 cases are attracting firms to conduct trials to take advantage of the large patient pool and fast-track procedures, thereby fostering the market demand. Furthermore, increasing number of biotechnology firms are looking for APAC region including Singapore, India, China, South Korea, and Japan has propelled the regional market expansion.
Competitive Industry Landscape
Prominent companies in the market are Laboratory Corporation of America Holdings, IQVIA, Pharmaceutical Product Development, and PRA Health Science.
Industry players undertake various strategies such as mergers, collaborations, acquisitions, and geographic expansions to strengthen their market share. For instance, In February 2020, PAREXEL International announced that it has completed the acquisition of Model Answers, a consultancy firm. The company has significant experience developing preclinical PK and PD models for effectiveness and neutropenia, scaling to first-in-human studies, then supporting Phase I through to NDA submission.