The Asia Pacific Clinical Trial Services Market was valued at USD 3,169.44 million in 2019 and is expected to reach USD 6,876.49 million by 2025, at a CAGR of 9.08% during the forecast period.
The clinical trial support facilities market will display fast development owing to the request for clinical trials in the developing markets, high R&D expenditure, and the growing number of CROs and the occurrence of illnesses. In developing countries, there are many unmet demand of clinical trials for novel drugs, due to increasing presence of infectious and tropical diseases. The number of persons suffering from insulin resistance, hyperlipidaemia, and obesity is overgrowing in these areas. The cost of leading clinical hearings is relatively cheaper due to fewer labor costs and low costs for handling clinical trial supplies. Thus, the demand for clinical trials in developing countries is predictable to impact the clinical trials support services markets growth over the prediction period. The research and development (R&D) spending of pharmaceutical companies has also been progressively growing over the past few years, majorly due to frequent patent expirations. Because of the patent expiration, many pharmaceutical companies will have no other option but to mature new revolutionary molecules for existence. Therefore, the companies outlay more on R&D to fasten the growth of drugs through clinical trials, and henceforth growing the complete market.
The health industry is witnessing a continuous progress in development of new drugs, which has created various growth opportunities in the Asia Pacific region. The research procedures consist of a broad application of clinical trials with an introduction of new medicaments. In the age of online announcements and technology, the use of latest demand in clinical trials is beneficial and essential. Clinical Trial Management System (CTMS) is one of the newest inventions in the life sciences field. The system became crucial in the trial processes, ensuring organized operation and regularization. The number of data duplication, as well as process redundancy, has widely surged that has additionally improved the request for clinical trial management systems. Therefore, the growth of a combined technology helped in enhancing usability and thus increased the acceptance of the Asia Pacific clinical trial management system over the past few years.
Access to a large, treatment-na?ve patient pool
Disease occurrences that are alike to or advanced than of Western nations are making large patient pools. The high occurrence rate of hepatitis, stroke, and lung cancer make APAC the only end to conduct clinical trials. Clinical trial diffusion in the region is low likened with the United States, which could streamline recruiting. Restricted government or insurance repayments make clinical trials a great way for patients to gain admittance to novel treatments that they otherwise could not avail. Asian countries have mirrored the occurrence rates of Western countries in the past decade. Several illnesses have higher occurrence rates than the West, such as stomach cancer and lung diseases.
Increasing R&D activities
The R&D outlay of pharmaceutical companies has also been progressively growing over the past few years, majorly due to many patents expiration. Because of the patent pending, many pharmaceutical companies will have no other choice but to grow new revolutionary molecules for living. Therefore, the companies outlay more on R&D to boost the growth of drugs through clinical trials, henceforth growing the complete market.
Technological progressions and increasing requests for advanced IT-based CTM solutions to improve executive control in numerous clinical trial processes will enlarge the complete business growth. Clinical trial management systems’ capability to oversee intricate protocol designs in clinical trials will surge its acceptance over approaching years. However, high costs related to clinical trial management systems may limit the market growth over the years.
Asia Pacific Clinical Trial Services Market: Competitive Landscape
Some of the leading players operating in the Asia Pacific Clinical Trial Services Market are DSG, Medidata Solutions, Forte, DataTrak, Bio-Optronics, Bioclinica, Oracle, MasterControl, Merge Healthcare (IBM Watson Health), OmniComm Systems, Veeva Systems and PAREXEL International and other prominent players.