(Health-NewsWire.Net, June 05, 2018 ) Latin America Clinical Trials market has been estimated at USD 1.48 Billion in 2016 and is projected to reach USD 2.19 Billion by 2021, at a CAGR of 8.20% during the forecast period from 2016 to 2021. Clinical trials are conducted to collect data regarding the safety and efficacy of new drug and device development. There are several steps and stages of approval in the clinical trials process before a drug or device can be sold in the consumer market, if ever. Human testing of experimental drugs and devices is typically conducted in three phases.
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The market for Clinical Trials is mainly driven due to factors like increasing research and development expenditure of life science and clinical research industries, lenient regulatory affairs, and wide range of diseases in the market and the number of patients getting affected by them. But, the market growth is constrained due to hassles of regulatory issues and patient enrollment burden from the research and development phase.
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Latin America market for Clinical Trials is segmented based on Phase, design and indication. By Phase, the market is further sub-segmented into Phase I, Phase II, Phase III. By design, the market is further sub-segmented into Interventional trials, Observational trials, Expanded Access trials. By indication, the market is further sub-segmented into Autoimmune, Blood disorders, Cancer, Circulatory, CNS, Congenital, CVS, Dermatology, Ear, Gastrointestinal, Genitourinary, Infections, Mental disorders, Metabolic, Musculoskeletal, Nose, Ophthalmology. Cancer and CNS are the largest market share contributors to the market. Segments like Gastrointestinal, Circulatory, Dermatology and Mental Disorders are moving with high CAGR due to their increasing occurrence.
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Geographically, Latin America market for Clinical Trials is segmented into Brazil, Argentina, Mexico and Rest of Latin America. The Clinical Trials market in the Latin America 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.
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Chiltern, Omnicare, PPD, Parexel, Kendle, Quintles, ICON Plc, and Charles River, are the major players of Latin America Clinical Trials market.
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