Report Overview

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.

Growth Drivers

Growing Investments in R&D sector by Pharmaceutical Companies.

Pharmaceutical drug discovery and advancement have grown increasingly over the years.  The pharmaceutical industry has one of the biggest R&D intensity measures of any sector worldwide, indicating that R&D persists at the core of innovation. Additionally, change in regulations around generic approvals will help companies increase penetration in the markets, which will improve the R&D.

Increase in technology up-gradation

The technologies and data are at the forefront of the decision making process for clinical trial services. With advances in technology and the growing demand for better drugs with fewer side-effects, the number of clinical trial services performed is increasing. 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 re-invent current clinical trial services processes and supply chains in the developing economies.

Restraint

High Cost of Drug Discovery and Development

High Cost of Drug Discovery and Development is hindering the clinical trial services market across the region. It is found that hospital budget pressures resulting from the continued dramatic increases in drug prices have negative impacts on patient care, with hospitals being forced to delay infrastructure investments, reduce staffing, and identify alternative therapies.

Clinical trial services Market: Phase

Based on phase, the clinical trial services are segmented into Phase I, Phase II, Phase III, Phase IV. Phase III is estimated to dominating the market during the forecast period of 2020-2026 and has a lucrative growth across the region. As phase III is associated with the high cost and number of subjects, several complexities are observed for getting approval in phase III candidates.

Clinical trial services Market: Application

Based on application, the clinical trial services are segmented into Cancer, Cardiovascular, CNS, Infectious Disease, Metabolic Disease, Others. The oncology segment is projected to dominate the market and has lucrative growth during the forecast period of 2026 due to the growing and aging population in markets. In addition, increase in disposable income, a boom in the medical technology sector, and an increase in demand for cancer treatment, increased purchasing power and access to quality healthcare and pharmaceuticals for poor and middle-class families worldwide are also driving the growth of the global oncology industry. Another factor that leads this development is growing attention of pharmaceutical companies to tap into the demand for rare and specialty disease is Innovations in advanced biologics, therapeutics of nucleic acids, cell therapies, and bioelectronics & implantable have attracted investments in the industry that drive the development.

Clinical trial services Market: Product

Based on the product, the clinical trial services market is segmented into Pharmaceuticals, Biologics, Medical Devices, Others. Pharmaceuticals segment is estimated to dominate the market and is estimated to grow at a significant CAGR during the forecast period of 2026 across the region due to rising trend of R&D in pharmaceuticals companies by the government to developing the new drugs and to check the effectiveness of the drugs, which is fueling the growth of pharmaceuticals segment.

Clinical trial services Market: End User

Based on end-user, the clinical trial services are segmented into CRO, pharmaceutical & Biotech Companies. CRO segment is expected to have the fastest growth due to the growing interest of drug producers in outsourcing their clinical trials to the CROs. In addition, the pharmaceutical segment is dominating the market across the region. They have the necessary expertise and infrastructure that simultaneously delivers the advantage of expense, time, and performance. According to the Association of Clinical Research Organization, more than 50% of CROs conduct outsourced clinical study work for the pharmaceutical industry, 27 percent for the biotech industry, and the remainder for the medical device industry, foundations, and governments. Preferred for outsourcing operations for CRO’s are emerging economies such as Japan, India, and China.

Clinical trial services Market: Regional Insights

Based on the region, the clinical trial services market is segmented 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 anticipated to dominating the market across the region during the forecast period of 2020-2026 due to favorable regulatory conditions, aging populations, a rapidly growing middle class, and increased market access Singapore and Japan, the IPR and legal framework are the strongest in the world with limited legal hassles in hiring patients for clinical trials. In addition, due to the strict regulations for the importation of clinical materials, clinical material and product end-users are likely to increase their domestic presence in those countries.

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.

Recent Developments:

• In February 2020, IQVIA Launches FluSTAR Mobile App to Help Consumers Manage Their Health During Flu and Cold Season.

• In September 2019, IQVIA MedTech Launches Enhanced EQMS including EU MDR Support.

The objective of the Study:

• To analyze and forecast the Asia-Pacific clinical trial services market size of the market, in terms of value.

• To examine the careful market segmentation and forecast the market size, in terms value, based on the region by segmenting the Asia-Pacific clinical trial services market into five regions, namely, China, Japan, India, Australia, Thailand, Singapore, Indonesia, Rest of Asia-Pacific.

• To outline, categorized and forecast the Asia-Pacific clinical trial services market based on the phase, application, product, end-user and region.

• To examine competitive developments like technological advancement, services, and regulative framework within the Asia-Pacific clinical trial services Market.

• To highlight the impact analysis of the factors, affecting the market dynamics such as drivers, restraints, opportunities, and challenges.

• To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.

Scope of the Report

 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