- July 2020 |
- Healthcare & Pharmaceutical / Health Care
Asia-Pacific clinical trial services Market By Phase (Phase I, Phase II, Phase III, Phase IV), By Application (Cancer, Cardiovascular, CNS, Infectious Disease, Metabolic Disease, Others), By Product (Pharmaceuticals, Biologics, Medical Devices, Others), By End User (CRO, Pharmaceutical & Biotech Companies), By Region (China, Japan, India, Australia, Thailand, Singapore, Indonesia, Rest of Asia-Pacific); Trend Analysis, Competitive Market Share & Forecast, 2016-26
Asia-Pacific clinical trial services Market Forecast and Trends
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. on account of raising health concerns, increase in population and moreover change in new regulatory changes across the region are further expected to surge the demand for Clinical Trail Services market in the region.
The increasing prevalence of life-threatening allergic diseases is also estimated to fuel market growth. Developing a new drug or therapy is an extensive process that takes approximately ten years before it hits the market for official usage, while the significant risk is associated with every step. In addition, government initiative has also motivated many players in the market to initiate orphan drug development. Thus, there are various drugs in the pipeline. There is a considerable sum of money invested in bringing one successful medicine in the market for patient use, and with each phase of the clinical trial, there is a chance of failure and losing all the money. Rising healthcare expenditure and collaborations for R&D activities are also expected to be other significant factors driving the market for clinical trial services in the forecasting years.
Clinical trial services Market: Overview
Clinical trials are tests or clinical-research findings. CROs offer a variety of clinical trial programs and conduct several additional operations. Sponsors of drug development research, such as pharmaceutical and biotechnology companies, rely on CROs to help reduce costs and speed the process of bringing a drug to market. This prospective biomedical or behavioral research studies on human subjects are designed to answer specific questions about biomedical or behavioral therapies, including new treatments (such as innovative vaccines, medications, dietary choices, dietary supplements, and medical devices) and existing interventions that require further analysis and comparison. Most clinical trials include healthy subjects that do not have pre-existing conditions. Other clinical trials involve people with specific health conditions willing to try an experimental treatment.
Growing Investments in R&D sector by Pharmaceutical Companies.
Pharmaceutical drug discovery and...