At 5.5% CAGR, the South & Central America Clinical Trials Market is Projected to be Worth US$ 2,269.40 Million by 2031, Says Business Market Insights

According to Business Market Insights research, the South & Central America clinical trials market was valued at US$ 1,473.72 million in 2023 and is expected to reach US$ 2,269.40 million by 2031, registering a CAGR of 5.5% from 2023 to 2031. Adoption of decentralized clinical trials and hybrid clinical trials and AI-driven clinical trials are among the critical factors attributed to the South & Central America clinical trials market expansion.

Subjects enrolled in decentralized clinical trials (DCT) do not need to access hospital-based trial sites frequently. In DCTs, digital technologies are used to enable access of patients for clinical research, remote data collection and monitoring, and communication between investigators and participants. A hybrid clinical trial approach combines home-based and on-site activities, bringing the best patient experience and meeting complex protocol regimes, gaining traction across various therapeutic areas and trial phase journeys. Initially, the adoption of DCT was affected due to challenges such as patient privacy, data security, regulatory barriers, and complex protocol regimes. However, the COVID-19 pandemic compelled the sponsors of clinical trials to adopt decentralized and hybrid clinical techniques for developing drugs, as in-person studies were not feasible amid this health crisis. With restrictions imposed on commute, the only way to gather data and keep trials going was to work remotely and make optimal use of technologies to accelerate processes. According to the data provided by McKinsey, ~70% of the potential participants for clinical trials stay away from trial sites. Therefore, decentralization broadens trial access to reach a larger number of subjects, consisting of potentially a more diverse pool of patients.

Hybrid clinical trials allow sponsors to strategically incorporate DCT elements into study designs. These trial models offer unprecedented flexibility; thus, more companies are showing interest in hybrid trials, which is redefining the industry landscape. According to ObvioHealth, the FDA had plans to unveil protocols to support the use of DCT methods in 2023 to enhance the credibility of future clinical research. Thus, the increasing focus on using decentralized and hybrid clinical trials over traditional clinical trial methods is expected to provide lucrative opportunities for the clinical trials market during the forecast period.

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

Based on study design, the South & Central America clinical trials market is bifurcated into interventional trials and expanded access trials. The interventional trials segment held 88.6% share of the South & Central America clinical trials market in 2023, amassing US$ 1,305.45 million. It is projected to garner US$ 2,057.07 million by 2031 to expand at 5.8% CAGR during 2023–2031.

Based on indications, the South & Central America clinical trials market is segmented into autoimmune/inflammation, pain management, oncology, neurological disorders, diabetes, obesity, metabolic disorders, cardiovascular, and others. The oncology segment held 28.4% share of the South & Central America clinical trials market in 2023, amassing US$ 417.85 million. It is projected to garner US$ 696.87 million by 2031 to expand at 6.6% CAGR during 2023–2031.

Based on phase type, the South & Central America clinical trials market is segmented into phase I, phase II, and phase III. The phase II segment held 49.2% share of the South & Central America clinical trials market in 2023, amassing US$ 724.61 million. It is projected to garner US$ 1,157.41 million by 2031 to expand at 6.0% CAGR during 2023–2031.

Based on country, the South & Central America clinical trials market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil held 61.5% share of South & Central America clinical trials market in 2023, amassing US$ 906.11 million. It is projected to garner US$ 1,471.10 million by 2031 to expand at 6.2% CAGR during 2023–2031.

Key players operating in the clinical trials market are QVIA Holdings Inc, Parexel International Corp, IXICO Plc, Charles River Laboratories International Inc, ICON Plc, WuXi AppTec Co Ltd, SGS SA, Syneos Health Inc, Thermo Fisher Scientific Inc, Laboratory Corp of America Holdings, CliniRx Research Private Limited, Caidya, Oracle Corp, Medpace Holdings Inc, and SIRO Clinpharm Pvt Ltd, among others.

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