Latin America Clinical Trials Support Services Market 2022-2028
MARKET OUTLOOK
The market for clinical trials support services in Latin America is predicted to exhibit growth, with a CAGR of 7.12% over the forecasting duration between 2022 and 2028, as per a report by Triton Market Research. Brazil, Mexico, and Rest of Latin America are included in the market in this region.
Over the last decade, the number of clinical research activities being conducted in Brazil has grown at an exponential rate. The last three years, especially, have seen a significant increase. In 2021, the leading therapy area for industry-sponsored clinical trials in the country was infectious disease (accounting for the highest market share at 36.4%). This was followed by oncology (accounting for 23.1% of the market share), cardiovascular diseases (accounting for 7.1% of the market share), central nervous system disorders (accounting for a 7.1% market share), and metabolic disorders (which held a market share of 6.8%).
The growing number of clinical trials have called for the use of support services to conduct these trials more efficiently. This is expected to enhance the growth of the clinical trials support services market in the country. Besides, a number of companies operating in this field are now focusing on the Brazilian market. Additionally, the number of domestic players has also increased. For instance, Synova Health, a São Paulo-based company, offers clinical monitoring services, project management services, and others. This is expected to further contribute to market growth in the coming years.
COMPETITIVE OUTLOOK
Some of the distinguished players engaged in the clinical trials support services market include Syneos Health, IQVIA, CTI Clinical Trial and Consulting Services Inc, Medpace, Charles River Laboratories, ICON Plc, WuXi AppTec, and Clinipace.
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