Asia-Pacific clinical trial services market is expected to grow at a CAGR of 9.08% from 2020-2026
Published | 09 July 2020
Asia-Pacific Clinical Trail Services Market gained rapid growth in
recent years, and it is expected to grow at a CAGR of over 9.08% in the
forecast period 2019-2026, and expected to reach at USD 6.8 Billion by 2025 due to rising in number of disease such as diabetes
across the region.
The globalization of clinical trials across the region, coupled with the
continued need for innovative treatment options for chronic diseases, is
expected to drive the global market in the coming years. Technological
advancement, customized Medicare and tremendous demand for CRO are some of the
main factors leading to the development of the global market for clinical trial
services. Biologics is the fastest growing therapeutic class relative to
equivalents such as small molecules. The major factor responsible for the
researchers ' propensity towards biologics is selective therapies provided by
biologics. Due to the large number of major players present on the market, the
global market for clinical trial services is very competitive and in order to
position themselves on the market, the number of companies carries out several
activities such as the launch of new products, mergers and acquisitions that
drive the market across the region. Rising
healthcare expenditure and collaborations for R&D activities are also
expected to be other significant factors driving the market for clinical trial
service in the forecasting years.
Phase III segment in the
Clinical trial services market estimated to have the fastest growth during the
forecast horizon
The phase III market segment is expected to
dominating the age segment in the clinical trial services market during the
forecast period of 2026 as they occur over
a longer period of time, more patient groups are involved, and they occur under
circumstances that represent normal clinical life. In addition, researchers are
constantly seeking intervention for clinical trials. Moreover, high cost and number
of subjects are getting approved in phase III candidates.
The increasing government initiatives in R&D is
propelling the clinical trial services market
Many regions have taken proactive steps to accelerate the clinical
trial services, which in turn are expected to deliver lucrative market
opportunities. Increasing healthcare spending and
partnerships for R&D programs are also expected to be other significant
factors driving the market for clinical trials in the years ahead. Additionally,
government initiative has also motivated many market players to initiate the
development of orphaned drugs. Though different medications are in the pipeline.
The rising technology
up-gradation is fueling the clinical trial services market across the region
The rising upgrade
to technology is boosting the demand for clinical trial services across the
Asia-pacific. With technological advances and growing demand for better drugs
with fewer side-effects, the number of clinical trial services performed is
increasing. The technologies and data are at the forefront of the decision
making process for clinical trial services. With the developments in new
technologies and the rise of online communities, the pharmaceutical and biotech
industries are poised to outsource these innovations in order to reinvent
current clinical trial services processes and supply chains in the developing
economies.
Australia is expected to dominate the
clinical trial services market during the anticipated period.
Geographically, the Asia-Pacificclinical trial services market is bifurcated into China, Japan, India,
Australia, Thailand, Singapore, Indonesia, Rest of Asia-Pacific. Followed
by Australia, Singapore, China and India is the fastest-growing market and is estimated
to dominating the market across the region during the forecast period of
2020-2026. The rapid growth in this field is due
to an increase in chronic disease prevalence, low cost of performing a clinical
trial compared to the western region and increased government incentives to
conduct clinical trials. In addition, clinical material and product end-users
are estimated to increase their domestic presence in those countries due to the
strict regulations for the importation of clinical materials. Moreover, due to
the strict rules for the introduction of clinical products, clinical material
and product end-users are estimated to increase the home presence in those
countries. The increasing incidence rate of various diseases similar to but
higher than in western countries creates large pools of patients, which
simplifies patient recruitment for clinical trials.
Clinical trial services Market:
Competitive Landscape
The major market players in the clinical
trial services market are AQVIA, Thermo Fisher Scientific Inc., Catalent Inc.,
PCI Pharma Services, Almac Group, Bionical Ltd, KLIFO, Alium Medical Limited,
MYODERM, Ancillare, LP, and Other Prominent Players are expanding their
presence in the market by implementing various innovations and technology.
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