Latin America Clinical Trials Market Size & Outlook
Latin America clinical trials market, 2018-2030 (US$M)
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Latin America clinical trials market highlights
- The Latin America clinical trials market generated a revenue of USD 1,682.7 million in 2023.
- The market is expected to grow at a CAGR of 6.7% 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 1,682.7 million |
| Market revenue in 2030 | USD 2,654.0 million |
| Growth rate | 6.7% (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, Phase IV |
| Key market players worldwide | Thermo Fisher Scientific Inc, Icon PLC, Charles River Laboratories International Inc, IQVIA Holdings Inc, Syneos Health, SGS AG, PAREXEL, Wuxi AppTec Co Ltd, Labcorp Holdings Inc, Eli Lilly and Co, Novo Nordisk A/S ADR, Pfizer Inc, Caidya |
Other key industry trends
- In terms of revenue, Latin America region accounted for 2.1% of the global clinical trials 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 25,992.8 million by 2030.
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Clinical Trials Market Scope
Clinical Trials Market Companies
| Name | Profile | # Employees | HQ | Website |
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Latin America clinical trials market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to clinical trials market will help companies and investors design strategic landscapes.
Phase iii was the largest segment with a revenue share of 53.28% in 2023. Horizon Databook has segmented the Latin America clinical trials market based on phase i, phase ii, phase iii, phase iv covering the revenue growth of each sub-segment from 2018 to 2030.
Latin America holds a minor share in the clinical trials market currently. However, the region is anticipated to show considerable growth owing to the growing expansion of CRO with the regional's pharmaceutical and biotechnological companies, huge patient pool, and clinical trial success rate is expected to drive the clinical trials market in the region.
In addition to patient recruitment, patient retention is high due to the health patient-physician relationship. Low costs and study coordinators with GCP-compliant knowledge contribute to a clinical trial success rate in the country.
Mexico and Brazil are expected to witness lucrative growth in the CRO market due to the cost advantage over developed economies, such as the U.S. and Germany. Furthermore, clinical studies carried out in Latin America are according to international standards, owing to the increasing inclination of international players to conduct their clinical trials in this region.
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Our clientele includes a mix of clinical trials market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America clinical trials market , including forecasts for subscribers. This continent databook contains high-level insights into Latin America clinical trials market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Latin America clinical trials market size, by country, 2018-2030 (US$M)
Latin America Clinical Trials Market Outlook Share, 2023 & 2030 (US$M)
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