Asia-pacific Clinical Trials Support Services Market 2022-2028
MARKET OUTLOOK
A report by Triton Market Research depicts that the market for clinical trials support services in the Asia-Pacific would advance with a CAGR of 8.41% over the projected phase from 2022 to 2028. Japan, ASEAN countries, India, Australia & New Zealand, China, South Korea, and Rest of Asia-Pacific are scrutinized in the market in this region.
Japan has developed its infrastructure for clinical trials. Now, several major pharmaceutical companies or CROs are increasingly choosing it as a preferred location to conduct clinical trials. This is because the regulatory frameworks in the country now align with the timelines of drug approval in the US and Europe. Apart from leading multinationals, domestic players are also offering support services for conducting clinical trials in Japan. With the improvement in the regulatory guidelines, the bar for conducting clinical trials in Japan has risen. These developments indicate an overall positive outlook for the Japanese market.
Even in India, there are a number of domestic contract research organizations (CROs) that offer support services for clinical trials. For instance, Abiogenesis Clinpharm is a leading name in the field of support services for clinical trials of drugs, nutraceuticals, vaccines, medical devices, biosimilars, and herbal products. It offers services such as clinical operations, biostatistics, data management, site management services, and so forth. Another company, Accutest Research Laboratories, is a global independent and internationally accredited CRO. It offers bioanalytical services, assistance for seeking regulatory approvals, and customized studies for challenging drugs that require complex designs, while also ensuring special attention to safety parameters. Thus, the presence of dedicated domestic players is strengthening the growth of the Indian market.
COMPETITIVE OUTLOOK
The notable companies in the clinical trials support services market are Syneos Health, CTI Clinical Trial and Consulting Services Inc, WuXi AppTec, ICON Plc, Charles River Laboratories, Parexel, PSI CRO, and Clinipace.
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