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Asia-Pacific Clinical Trials Market is Expected to Reach $19.8 billion by 2032
Published : December 2022

According to a market report, published by Sheer Analytics and Insights, The Asia-Pacific clinical trials market was valued at $7.8 billion in 2021 and it is expected to reach $19.8 billion at a CAGR of 8.7% between 2022 and 2032.  A regulated protocol is used in clinical trials, a subset of clinical research. Clinical trials are mostly carried out to gather information on the efficacy and safety of the newly created medicine. Data from clinical trials are necessary to further approve the medicine and market it. They enable many ethnic groups to evaluate the drug's safety. Developing nations are being used as centers for the execution of clinical trials due to the greater medical needs and rising disease prevalence. In addition, the market for clinical trials in India is expanding profitably. One of the most important sectors in the world is the biopharmaceutical sector in India. For a clinical trial, India's large population and geographic diversity are crucial. This is accelerating the market's expansion in India. Clinical trials employing Favipiravir in phase III have been started by Glenmark Pharmaceutical in India. Even BCG is employed in the creation of several diseases vaccines.

Moreover, the clinical trial market in China is showing signs of encouraging expansion. The government is funding R&D in the pharmaceutical industry, which is fueling market expansion. China's strong clinical trial infrastructure and sizable patient base are propelling the market's expansion. A few top clinical institutions that serve as sites are also present in the Asia-Pacific region, which has developed into a hotbed for conducting clinical trials because of how simple it is to comply with regulations, how inexpensive studies are to run, how many patients there are, and how many patients there are, and more.

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To make China a more desirable place for clinical trials, numerous pharmaceutical companies have recently intensified their attention on China with rising government assistance. Furthermore, because Japanese regulatory frameworks are now concentrating on synchronizing medication approval schedules with those of the United States and Europe, pharmaceutical companies or CROs prefer to perform clinical studies in Japan. Additionally, a supportive regulatory framework is being developed by Asia Pacific nations including China, India, Japan, Australia, and others. Many worldwide industrial giants are moving their laboratories from western regions to developing countries to reduce the time it takes for their products to reach the market because of the regulatory challenges they are currently facing.                          

On the other hand, the need for new medical equipment and pharmaceuticals among end users, together with rising investments in research and development operations for the creation of efficient medications, are the key drivers of the worldwide clinical trials market. Pharmaceutical and biopharmaceutical businesses are expanding their R&D expenditures, which has boosted the demand for contract research organizations and the outsourcing of trials to save costs. Medical research efforts are also being promoted by growing government financing as well as investments made by biotechnology and pharmaceutical companies. It is projected that this factor, together with technical improvements, will accelerate market expansion throughout the projection period.  

Some new developments in the Asia-Pacific clinical trials market:

  • On 7th November, 2022, rising cancer occurrences and increased need for cutting-edge diagnostic methods are what are driving the overall market for lancet and lancing devices. Along with rising healthcare costs, government funding for R&D has also increased. The market is flourishing as hospitals, diagnostic facilities, and research institutions use lancing devices more frequently.
  • On 7th November, 2022, Selinexor preliminary results from two clinical studies will be presented this year at the ASH Annual Meeting. The investigator-initiated LAUNCH trial's preliminary findings will also be included in an online abstract.
  • On 11th October, Walmart establishes a research center to encourage greater diversity in clinical trial participants. The initial goal of the Walmart Healthcare Research Institute will be to promote better fairness in drug development trials for chronic diseases. Even though chronic illnesses frequently affect all of these demographics, older folks, women, people of color and rural areas are frequently underrepresented in such trials.

According to the study, key players dominating the Asia-Pacific clinical trials market are Aragen Life Sciences (India), Advanced Clinical (India), Alcura (U.K), Accelsiors (Hungary), Charles River Laboratories (U.S), Cliniminds (India), ERT (U.S), IQVIA (U.S), ICON PLC (India), JSS Medical Research (Canada),  J.K Organization (India), LabCorp (U.S), PSI CRO (Switzerland), Parexel (U.S), Syneos Health (U.S), SGS SA (Switzerland), Thermo Fisher Scientific (U.S), Veeva Systems (U.S), Wuxi Apptec (China), Wipro (India), among others.

The Asia-Pacific Clinical Trials Market Has Been Segmented Into:

The Asia-Pacific Clinical Trials Market – by Phase Type:

  • Phase I
  • Phase II
  • Phase III
  • Phase IV
  • Others

The Asia-Pacific Clinical Trials Market – by Indication Type:

  • Pain Management
  • Oncology
  • CNS Condition
  • Diabetes
  • Obesity
  • Cardiovascular
  • Others   

The Asia-Pacific Clinical Trials Market – by Regions

Asia Pacific

  • India
  • China
  • Japan
  • South Korea
  • Australia
  • Singapore
  • Thailand
  • Sri Lanka
  • Others

Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/asia-pacific-clinical-trials-market-21

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