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 amass a valuation of USD 12.1 billion during 2021-2027.

Constant upgradation of healthcare IT sector, and widespread incorporation of digital solutions across medical domain given the ease of accessibility to healthcare records for efficient workflow are parameters accelerating Asia Pacific clinical trials industry development.

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Moreover, stringent regulatory obstacles are faced by leading players in the world, making them shift to developing nations to speed up the product’s time-to-market. This trend is leading to lowered costs, and higher patient retention, which is further amplifying the scope of market.

During the COVID-19 pandemic, the medical industry was severely hit due to delayed surgeries and the lack of availability of doctors who were employed for coronavirus treatment. However, this gave rise to fast-tracked research activities in cohorts with governmental support which led to the development of numerous medicinal trials. Countries like Singapore, India, China, etc. have accelerated the number of biotechnology organizations which is likely to further increase the service uptake of Asia Pacific clinical trials market in the forthcoming years.

In terms of study design, the interventional study segment is estimated to accrue USD 9.5 billion by 2027, owing to its associated benefits like the elimination of recall bias and offering better pathways for efficacy of the latest clinical trials.

Concerning regional front, China market is poised to expand at 10% CAGR during the assessment timeframe, attributed to rising volumes of investments, enhanced drug discoveries, massive patient base, and increased prevalence of chronic diseases.

Meanwhile, Japan market is anticipated to develop at 8.3% CAGR during the speculated timeline, ascribed to the soaring geriatric population, launch of new drugs against infectious diseases, and surging COVID-19 cases which is prompting the focus on improved medicines.

The key players in Asia Pacific clinical trials market include names such as IQVIA, Inc., Bioclinica, Inc., Apex Medical Research, ICON plc, Charles River Laboratories, Laboratory Corporation of American Holding, Parexel International Corporation, Medpace, Inc., WuXi AppTec, Pharmaceutical Product Development, LLC (PPD), and PRA Health Sciences among others.