According to the research report titled ‘Asia Pacific Clinical Trials Market Forecast 2027 By Phases, By Study Design, By Therapeutic Area, Research Report, Country Outlook, COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with MarketStudyReport, Asia Pacific clinical trials market is slated to be valued at USD 12.1 billion by the end of the forecast period 2021-2027.
 

Report findings suggest that ongoing upgradation activities in the healthcare IT sector, and fast paced adoption of digital solutions are prominently pushing Asia Pacific clinical trials market growth.

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Moreover, surging demand for outsourcing clinical trials to contract research organizations, availability of ample opportunities for carrying out clinical trials, and increasing use of advanced technologies are also impelling the market development.

Notably, countries like China, Japan, India, and Australia have highly supportive regulatory frameworks, which is prompting the relocation of laboratories from western locations to developing countries. Moreover, added benefits such as lower costs, enhanced geographical presence, and higher patient retention are propelling the market remuneration scope.

Despite the positive outlook, factors such as regulatory complications, lack of sufficient infrastructure, and absence of standardized healthcare coverage by insurance providers are likely to stymie market expansion in the upcoming years.

Based on phase type, Asia Pacific clinical trials industry is segmented into phase I, phase II, phase III and phase IV. By study design, the market is split into expanded access study, interventional study, and observational study, wherein the interventional study segment is poised to accrue USD 9.5 billion by the year 2027.  

Considering therapeutic area, the industry classification comprises oncology, autoimmune disease, cardiology, infectious disease, ophthalmology, dermatology, and others.

On the regional front, countries including Japan, China, India, Australia, South Korea, Malaysia, Singapore, Thailand, Indonesia, and Philippines are evaluated in the report. Of these, China market is poised to grow at 10% CAGR over 2021-2027. This can be attributed to factors such as increasing prevalence of chronic diseases, heavy capital investments, expansive patient base, accelerated efforts towards new drug discovery, and presence of established companies in the region.

Prominent players in Asia Pacific clinical trials market include Apex Medical Research (AMR) Inc., IQVIA, Charles River Laboratories International Inc., Parexel International Corp., PRA Health Sciences, WuXi AppTec, ICON plc, PPD Inc., Medpace Inc., Laboratory Corporation of American Holding (LabCorp.), and BioClinica Inc.