South & Central America Clinical Trials Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis

The clinical trials market in South and Central America is projected to grow significantly, reaching approximately US$ 2,269.40 million by 2031, up from US$ 1,473.72 million in 2023. This growth represents a compound annual growth rate (CAGR) of 5.5% from 2023 to 2031.

Executive Summary and Market Analysis

The steady expansion of the clinical trials market in South and Central America is attributed to a diverse patient demographic and cost-effective research opportunities. Increased investments in healthcare infrastructure and improvements in regulatory frameworks are drawing global sponsors to the region. However, the market faces challenges, including limited access to advanced technologies and inconsistent regulatory standards across different countries, which may hinder growth.

Market Segmentation Analysis

The South and Central America clinical trials market can be segmented based on study design, indications, and phase type:

1. Study Design: The market is divided into interventional trials and expanded access trials, with interventional trials dominating the market share in 2023.
2. Indications: The market is categorized into several therapeutic areas, including autoimmune/inflammation, pain management, oncology, neurological disorders, diabetes, obesity, metabolic disorders, cardiovascular diseases, and others. Oncology emerged as the leading segment in 2023.
3. Phase Type: The market is segmented into phase I, phase II, and phase III trials, with phase II trials holding the largest market share in 2023.

Market Outlook

The integration of artificial intelligence (AI) is revolutionizing the clinical trial landscape by enhancing data collection and management while reducing reliance on manual processes. AI is becoming a pivotal tool for life sciences companies engaged in drug development. For instance, AstraZeneca has amassed clinical and imaging data from over 100,000 consenting oncology patients for various studies. Their Oncology Data Science team utilizes AI and statistical tools to formulate new hypotheses for drug development. This approach emphasizes the accessibility, interoperability, and reusability of data, adhering to the GO FAIR principles, which aim to make data findable, accessible, interoperable, and reusable.

In November 2021, AstraZeneca partnered with Tempus to utilize real-world data, ensuring patient anonymity while providing critical insights into patient outcomes. The application of AI allows companies to streamline clinical trial processes, accelerating study completion and enabling faster delivery of life-saving treatments to patients. According to Deloitte's 2023 life sciences digital innovation survey, 76% of respondents reported investing in AI for clinical development, highlighting the trend of AI-driven clinical trials in the market.

Country Insights

The clinical trials market in South and Central America includes key countries such as Brazil, Argentina, and others. Brazil is the leading country in this market, accounting for a significant share of global clinical trial activities. In 2021, Brazil represented 1.7% of global clinical trial activity, according to Clinical Trials Arena.

Boston CRO's acquisition of the Rio de Janeiro-based Instituto Brasil de Pesquisa Clinica (IBPClin) in July 2022 marked a significant step towards implementing a decentralized clinical trial model in Latin America. IBPClin is recognized as the largest research center on the continent, having conducted over 160 industry-sponsored studies with more than 7,000 participants across 12 Brazilian states. Additionally, the Fiocruz Foundation's establishment of a new hospital center in March 2020, along with its collaboration with the WHO on clinical trials, further enhances Brazil's position in the clinical trials market. This initiative, supported by the Ministry of Health, is being implemented in 18 hospitals across 12 states, contributing to the growth of clinical trials in Brazil.

Company Profiles

Key players in the clinical trials market include 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. These companies are pursuing various strategies, including expansion, product innovation, and mergers and acquisitions, to enhance their market presence and offer innovative solutions to their clients.

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