Latin America Clinical Trials Market

Latin America Clinical Trials Market Size (2024 to 2032)

As per our report, the clinical trials market size in Latin America is anticipated to be worth USD 4.08 billion by 2032 from USD 2.17 billion in 2024, growing at a CAGR of 8.2% from 2024 to 2032.

Complexities and volumes of data are constantly increasing in clinical trials. As the cost of development breaks records and patent cliffs approach, there is an urgent need for pharmaceutical companies to raise R&D efforts. Cloud and analytics convergence is omnipresent, and systematic improvements are being made in the clinical trial phase by digital technologies. Healthcare models are witnessing tectonic shifts and seeing a large inflow of new models of clinical trials that are structured, standardized, and foster patient interest. Drug companies are pushing the boundaries of R&D initiatives to improvise their models of clinical trials that will help them cope with ever-increasing development costs. For pharmaceutical and medical device firms, speedier clinical trials are crucial as they are time and capital-intensive.

One of the key factors that can be related to the growth of clinical research in Latin America is their ability to meet the requirements for subject enrolment, particularly as the need for more subjects and greater diversity of patients is increasing. In addition, retention rates are generally twice that in Latin America and in Western Europe, and significantly higher than in the United States and Canada. The key drivers of the clinical trial industry in LATAM usually involve rising disease prevalence, high pharmaceutical industry R&D expenditure, and growth in new treatments such as personalized medicine that support market growth.

Regulatory systems, however, continue to evolve, and differences between different populations of patients pose ethical problems. Last but not least, there is a need to address substantial variations in regional Spanish and cultural differences among ethnic minority communities, particularly in the preparation of patient services. Some groups of patients may have reduced readability and low economic status. Specific measures need to be taken in such situations to ensure patient rights are protected.

This report on the Latin American clinical trials market has been segmented and sub-segmented into the following categories.

Latin America Clinical Trials Market - By Phase

• Phase I
• Phase II
• Phase III

Latin America Clinical Trials Market - By Design:

• Interventional Trials
• Observational Trials
• Expanded Access Trials

Latin America Clinical Trials Market - By Indications:

• Autoimmune
• Blood Disorders
• Cancer
• Circulatory
• CNS
• Congenital
• CVS
• Dermatology
• Ear
• Gastrointestinal
• Genitourinary
• Infections
• Mental Disorders
• Metabolic
• Musculoskeletal
• Nose
• Ophthalmology  

Latin America Clinical Trials Market - By Country:

• Mexico
• Brazil
• Chile
• Peru
• Argentina
• Rest of Latin America

Geographically, the clinical trials market in the Latin American region is proceeding with a high CAGR. Emerging market destinations in Latin America are attractive because of the opportunity to collect data from patients with diverse ethnic backgrounds, as well as the availability of qualified investigators, all without the competition or cost they face in more developed nations.

In Brazil, new clinical studies have safety concerns about coronavirus patients who are taking a high dose of chloroquine drug for malaria. Brazil’s Techtrials Partnered with TriNetX healthcare organization, which has a database of 64 million patients all over the country. It covers 90% of the Brazilian population having various diseases, and it is beneficial for the institutes to conduct clinical trials on various diseases by knowing the availability of participants. This is the major factor responsible for the growth of the clinical trials market in Brazil. The available data about patients gives the current idea about active corona patients and encourages them to treat them wisely by focusing on the research. The ongoing research and development to find this vaccine will give Brazil's clinical trial market to set its position worldwide. 

KEY MARKET PLAYERS

Companies playing a major role in the Latin America clinical trials market profiled in this report are Chiltern, Omnicare, PPD, Parexel, Kendle, Quintles, ICON Plc, and Charles River.