(PharmaNewsWire.Com, June 05, 2018 ) Asia-Pacific Clinical Trials market has been estimated at USD 3.25 Billion in 2016 and is projected to reach USD 4.97 Billion by 2021, at a CAGR of 8.9% during the forecast period from 2016 to 2021. Clinical Trials is a part of clinical research that follows a regulated protocol. Clinical Trials are primarily performed to get data on safety and efficacy of the new developed drug. Clinical Trials data is mandatory for further approval of the drug and to bring it into the market. They allow the drug to be tested for safety by different ethnic population. Due to the higher medical needs and increasing disease prevalence, developing countries are becoming a hub for Clinical Trials implementation.
The market for Clinical Trials is mainly driven due to advancement in technology and increasing demand of innovative solutions in healthcare, the cost competitiveness factor where the cost involved in performing a Clinical Trials in emerging nations is very less compared to Western nations and lenient regulatory matters. But, the market growth will be constrained due to emerging shortage of clinical resources such as lack of naïve disease population, well trained labor, and sound medical infrastructure which are delaying the process to initiate trials.
Asia-Pacific market for Clinical Trials is segmented based on Phase, design and indication. By Phase, the market is further sub-segmented into Phase I, Phase II, phase III. By design, the market is further sub-segmented into Interventional trials, Observational trials, Expanded Access trials. By indication, the market is further sub-segmented into Autoimmune, Blood disorders, Cancer, Circulatory, CNS, Congenital, CVS, Dermatology, Ear, Gastrointestinal, Genitourinary, Infections, Mental disorders, Metabolic, Musculoskeletal, Nose, Ophthalmology. Cancer and CNS are the largest market share contributors to the market. Segments like Gastrointestinal, Circulatory, Dermatology and Mental Disorders are moving with high CAGR due to their increasing occurrence.
Geographically, Asia-Pacific market for Clinical Trials is segmented into China, India, Japan, South Korea and Australia. The Clinical Trials market in the Asia-Pacific region is projected to grow at the highest CAGR, which is greatly due to initiatives from the government and contributions from academic laboratories, which helped augment growth. Due to large population in this region, it helps in faster enrollment of the patients, and retention of the participants in the trials on the higher side; thereby helping the companies to conduct the trials on the timely basis.
Chiltern, Omnicare, PPD, Parexel, Kendle, Quintles, ICON Plc, and Charles River, are the major players of Asia-Pacific Clinical Trials market.
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