Updated on 14 September 2012
APAC clinical trials market is witnessing a steady growth
The clinical trials market in the Asia Pacific (APAC) region has been steadily growing with increased focus primarily on India and China, with South Korea, Singapore and Taiwan being the other favorite destinations. India and China are rapidly becoming global hubs for the clinical trials market, with increased presence of international and domestic clinical research organizations (CROs). A look at the clinical trials scenario in each of these countries.
The number of clinical trials conducted in India was 467 in 2010, with MNCs representing more than 75 percent of the pie. The number of clinical trials is expected to grow at a compound annual growth rate (CAGR) of 17.4 percent to reach 1,217 trials in 2016. This growth is likely to be fueled by the fact that India is a low-cost destination with a large patient pool and with a broad spectrum of diseases.
However, lengthy approval time, a regulatory system that is still evolving, concerns over the quality and authenticity of data generated, lack of quality infrastructure and ethical concerns due to increasing number of illegal trials are serious challenges that plague the Indian clinical trials industry.
China is an equally attractive destination for conducting clinical trials. The Chinese pharmaceutical industry witnessed 207 mergers and acquisitions (M&As) between 2010 and April 2012. This significant trend of M&As in the Chinese pharmaceutical industry is a clear evidence of global pharma majors showing interest in the Chinese market.
The over-sized population and increasing presence of pharma majors are expected to propel clinical trials in China. The market for CROs in China is expected to witness a CAGR of 15 percent between 2010 and 2015, and reach $768 million by 2015.