APAC Clinical Trial Market size is poised to surpass USD 12.1 billion by 2027, according to a latest forecast report by Graphical Research.
The shifting trend from performing clinical trials in developed countries to its developing counterparts is largely propelled by the challenges faced in those countries, especially countries in North America and Western Europe. One of the prominent setback companies are witnessing in these regions is related to participant recruitment and subsequent retention. Failing to match patient numbers or timelines can significantly delay the product launch, resulting in increased costs associated with it. Furthermore, the pharmaceutical firms or companies are focusing on geographical expansion especially in developing countries that will offers the market growth.
However, conducting clinical trials in Asia Pacific involves multiple regulatory hurdles. These can be streamlined with the help of diversified regulatory authorities but currently a sluggish operational pace is observed. For instance, the Institutional Review Board (IRB) approval, regulatory, import licensing and contract negotiations are processed simultaneously in certain countries while others are observed to process these separately, leading to increased time to launch clinical trials.
Phase I segment accounted over USD 1.1 billion revenue in 2020 and is expected to witness 8.8% CAGR during the forecast time period. Phase I studies are intended to measure the safety of an Investigational New Drug (IND) to comprehend its PK and PD properties and to detect a potential therapeutic dosage. Additionally, several pharmaceutical and biotechnology firms are currently initiating clinical trials for severe infectious and chronic conditions including cancer and HIV that is anticipated to drive the clinical trial market demand.
Browse detailed statistical insights from the report, “Asia Pacific Clinical Trials Market Forecast 2027 By Phases (Phase I, Phase II, Phase III, Phase IV), By Study Design (Interventional Study, Observational Study, Expanded Access Study), By Therapeutic Area (Autoimmune Disease, Oncology, Cardiology, Infectious Disease, Dermatology, Ophthalmology), Research Report, Country Outlook (Japan, China, India, Australia, South Korea, Singapore, Malaysia, Indonesia, Thailand, Philippines), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The observational study segment will showcase around 7.4% CAGR from 2021 to 2027. Observational studies are ones where researchers observe the effect of a risk factor, diagnostic test, treatment or other intervention. This study is the fundamental part of epidemiological research. Additionally, observational studies help researchers know what happens in real life situations. These studies serve as a collection of data from standard practice.
Cardiology segment is set to reach USD 1.2 billion by 2027 owing to collaborative efforts of CRO industry players in the field of cardiology. For instance, Cardialysis, a leading clinical research organization focusing on cardiology, provides a wide range of clinical research and cardiovascular core laboratory services. Such unique services offered by companies in the field of cardiology creates an opportunity for multinational investigator-initiated studies that will boost the market revenue.
The Japan clinical trial market is anticipated to exhibit a CAGR of 8.3% during the forecast period. The country’s mix of clinical experience, infrastructure, population density (50 million, with 25 percent concentrated in the Seoul metropolitan area), and a supportive government has boosted it into the top locations worldwide to conduct a clinical study. In addition, rising number of COVID-19 cases are also attracting firms to conduct trials to take advantage of the large patient pool and fast-track procedures, thereby augmenting the country level market growth.
The APAC clinical trial market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027, for the following segments:
Asia Pacific Market, By Phases
- Phase I
- Phase II
- Phase III
- Phase IV
Asia Pacific Market, By Study Design
- Interventional study
- Observation study
- Expanded access study
Asia Pacific Market, By Therapeutic Area
- Autoimmune disease
- Infectious disease
The above information has been provided for the following countries:
- Asia Pacific
- South Korea