Latin America Clinical Trial Supplies Market Size & Outlook
Latin America clinical trial supplies market, 2018-2030 (US$M)
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Latin America clinical trial supplies market highlights
- The Latin America clinical trial supplies market generated a revenue of USD 47.7 million in 2023.
- The market is expected to grow at a CAGR of 5.1% from 2024 to 2030.
- In terms of segment, phase iii was the largest revenue generating phase in 2023.
- Phase I is the most lucrative phase segment registering the fastest growth during the forecast period.
- Country-wise, Argentina is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 47.7 million |
| Market revenue in 2030 | USD 67.6 million |
| Growth rate | 5.1% (CAGR from 2023 to 2030) |
| Largest segment | Phase iii |
| Fastest growing segment | Phase I |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Phase I, Phase II, Phase III |
| Key market players worldwide | Almac Group, Catalent Inc, Waldencast PLC Class A, PCI Technology, Sharp Corp, Thermo Fisher Scientific Inc, PAREXEL, Marken, KLIFO, BioCair |
Other key industry trends
- In terms of revenue, Latin America region accounted for 1.9% of the global clinical trial supplies market in 2023.
- Globally, North America is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 704.4 million by 2030.
Phase iii was the largest segment with a revenue share of 53.67% in 2023. Horizon Databook has segmented the Latin America clinical trial supplies market based on phase i, phase ii, phase iii covering the revenue growth of each sub-segment from 2018 to 2030.
Latin America is one of the fastest growing regions in terms of number of clinical trial sites owing to its diverse population, ease in access to patients, proximity to North America, and relatively low transportation cost. These factors are driving the market for clinical trials in this region.
Colombia, Peru, Chile, Argentina, Mexico, and Brazil accounted for 90.0% of the total clinical trials conducted in Latin America. Recent regulatory reforms to reduce clinical trial application approval period in Brazil, China, and Argentina are expected to boost the clinical trial supplies market.
In 2012, PAREXEL International Corporation, a global leader of clinical trial supplies, expanded its presence in Latin America by launching a new enlarged depot in Santiago, Chile to enhance supply chain management in this region, thereby enhancing the growth of Latin America clinical trial supplies market.
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Clinical Trial Supplies Market Scope
Clinical Trial Supplies Market Companies
| Name | Profile | # Employees | HQ | Website |
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Latin America clinical trial supplies market size, by country, 2018-2030 (US$M)
Latin America Clinical Trial Supplies Market Outlook Share, 2023 & 2030 (US$M)
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