At 5.8% CAGR, the South & Central America Clinical Trials Market is projected to be worth US$ 2,523.98 million by 2028, says The Business Market Insights

According to the Business Market Insights’ research, the South & Central America clinical trials market was valued at US$ 1,794.69 million in 2022 and is expected to reach US$ 2,523.98 million by 2028, registering a CAGR of 5.8% from 2022 to 2028. Increasing adoption and outsourcing of clinical trials and flourishing pharmaceutical industry and increasing R&D activities in pharmaceutical industry are the critical factors attributed to the South & Central America clinical trials market expansion.  

Adoption of Artificial Intelligence (AI) offers innovative ways to collect and manage clinical trial data and reduces dependency on manual operations. Thus, AI acts as a game changer for life science companies involved in the drug development process.

The Oncology Data Science team at AstraZeneca feeds these data into a system that utilizes AI and other statistical tools to generate novel hypotheses for oncology drug development. To transform the process of oncology data feed, the team is adopting complex datasets for accessibility, interoperability, and reusability of data as per "GOFAIR (Findability, Accessibility, Interoperability, and Reuse of digital assets)"—the set of principles. Such integration empowers data collection from specific clinical trials and projects to be accessible across the company's drug development teams in compliance with data protection laws.

AstraZeneca has collaborated with companies such as Tempus to leverage real-world data and represent patients globally. Such strategic partnerships are anticipated to offer crucial evidence about patient outcomes without revealing the identification of the clinical trial participants in the datasets.

Moreover, with the power of AI, companies can rapidly digitize clinical-trial processes to complete studies faster. Life-saving medicines and treatments can be provided to patients more quickly, and life sciences companies could gain a competitive edge. Thus, the increasing application coupled with rising investments in AI for processing clinical trial data is likely to boost the South & Central America clinical trial market growth in the coming years.  

On the contrary, expensive and time-consuming process hurdles the growth of South & Central America clinical trials market. 

Based on phase, the South & Central America clinical trials market is segmented into phase I, phase II, phase III, and phase IV. The phase III segment held 53.7% share of South & Central America clinical trials market in 2022, amassing US$ 963.06 million. It is projected to garner US$ 1,362.96 million by 2028 to expand at 6.0% CAGR during 2022–2028.

Based on study design, the South & Central America clinical trials market is segmented into interventional, observational, and expanded access. The interventional segment held 47.3% share of South & Central America clinical trials market in 2022, amassing US$ 848.91 million. It is projected to garner US$ 1,212.01 million by 2028 to expand at 6.1% CAGR during 2022–2028.  

Based on Indication, the South & Central America clinical trials market is segmented into autoimmune/inflammation, pain management, oncology, CNS condition, diabetes, obesity, cardiovascular, and others.  The oncology segment held 30.1% share of South & Central America clinical trials market in 2022, amassing US$ 540.36 million. It is projected to garner US$ 790.17 million by 2028 to expand at 6.5% CAGR during 2022–2028.

Based on country, the South & Central America clinical trials market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that the Rest of South & Central America captured 38.0% share of South & Central America clinical trials market in 2022. It was assessed at US$ 682.52 million in 2022 and is likely to hit US$ 941.70 million by 2028, exhibiting a CAGR of 5.5% during 2022–2028.      

Key players operating in the South & Central America clinical trials market are Charles River Laboratories International Inc, ICON Plc, IQVIA Holdings Inc, Laboratory Corp of America Holdings, Parexel International Corp, SGS SA, Syneos Health Inc, and Thermo Fisher Scientific Inc., among others.   

• In Feb 2023, Parexel launched a new expert series, New Medicines, Novel Insights. The series features fresh insights from the company’s global, cross-functional experts analyzing drug development trends and offering evidence-based guidance to the biopharmaceutical industry.

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