The Asia Pacific drug development market is expected to reach USD 62.46 billion by 2026 and is projected to expand at a CAGR of 6.54%, according to a new report by Grand View Research, Inc. Challenges pertaining to the escalating research costs and shrinking revenue faced by major pharma companies have led to the significant expansion of Asian drug development sector. A rapidly expanding healthcare infrastructure, low operating costs, and a growing patient population have contributed to the recognition of Asian countries as an ideal site for low-cost drug development.
Furthermore, the growing acceptance of clinical trial data generated in Asia by Western drug regulators, including the EMA and U.S. FDA, is one of the key market drivers. This is primarily because of the increasing similarities of Asian disease demographics to that of the Western nations.
Various government policies have been formulated to promote implementation of digital and advanced analytics, such as artificial intelligence, in the region. Moreover, the pharma companies are collaborating with AI-based companies to leverage algorithms and cloud computing to transform their drug development process.
The contract research organizations are experiencing increasing levels of interest in Asian countries from their U.S. –based client base. This is a testament to the lucrative growth of Asia Pacific market, driving its growth in the coming years.
Browse Full Report (Tables & Figures) @ https://www.grandviewresearch.com/industry-analysis/asia-pacific-drug-development-market
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