Asia Pacific Clinical Trial Services Market

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.