Pediatric Clinical Trials Market to reach US$ 26.47 Billion by 2032; Phase II Trials to comprise 1/3rd of Global Market Share: FMI Study
16 Jun 2022
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The pediatric clinical trials market is projected to have a global size of $15.8 billion by 2022, with North America's share at 45%. The APAC region will account for 25% while the rest comes from elsewhere around world.
NEWARK, Del., June 16, 2022 /PRNewswire/ -- During the forecast period 2022-2032, the pediatric clinical trials market is expected to grow at a value
of 5.3%, according to Future Market Insights. In 2021, this market was predicted to have a global valuation of
US$ 15 Billion, and is expected to reach a sum of
US$ 26.47 Billion by 2032. The market is going to face increasing demand owing to the increase of pediatric chronic and genetic diseases all across the world.
The growing need for novel vaccines and biopharmaceuticals to treat infectious diseases such as measles, polio, tuberculosis, rubella, influenza, mumps, whooping cough, malaria, chickenpox, and staphylococcus pharyngitis is expected to drive market growth. At the same time, diabetes is a big worry among today's children. The market is being driven by rising parental awareness of children clinical trials for severe infections and chronic diseases, as well as a large number of CROs doing pediatric research.
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In 2021, the oncology therapeutic field category had the world's second-largest revenue share. Cancer is the top cause of death in the globe. Cancer cases in children under the age of 19 are anticipated to reach 291,000 by 2040. With the increasing number of pediatric cancer cases worldwide, many hospitals and institutes are focusing on the development of therapeutic drugs, resulting in an increase in the number of pediatric clinical trials globally.
Irrespective of all these growth factors, the global market for pediatric clinical trials can be hindered for some specific reasons. The high rate of pediatric clinical trial discontinuation for a number of reasons is expected to impede growth in the pediatric clinical trials market. Pediatric studies have a high failure rate due to reasons such as patient enrollment. Other concerns include behavioral disorders and trial conduct issues such as inappropriate dosing, formulation difficulty, and informative termination, as well as regulatory challenges and pharmaceutical toxicity during clinical investigations.
Leading Companies Profiled in Pediatric Clinical Trials Market are
Syneos Health
LabCorp Drug Development
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Key Takeaways from the Market Study
In 2022, the global pediatric clinical trials market is estimated to have a global market size of US$ 15.8 Billion
The pediatric clinical trials market in North America to acquire 45% of the global market share
APAC projected to acquire 25% of the global market share
By phase, the phase II clinical trials segment took over 33% of the global pediatric clinical trials market share
By study design, the treatment studies for clinical trials acquired 66% of the global market share
By therapeutic area, the oncology therapeutic area segment acquired almost 17% of the global market share
"The rising prevalence of chronic and hereditary diseases in children is driving this market to conduct more studies to improve treatment efficiency. Simultaneously, many clinical trials for COVID-19 vaccinations for children are being done, which is predicted to greatly increase market development. " comments a Future Market Insights analyst.
Key Segments Covered in the Pediatric Clinical Trials Market Report
Pediatric Clinical Trials Market by Phase Type:
Phase I Pediatric Clinical Trials
Phase II Pediatric Clinical Trials
Phase III Pediatric Clinical Trials
Phase IV Pediatric Clinical Trials
Pediatric Clinical Trials Market by Study Design:
Treatment Studies of Pediatric Clinical Trials
Observational Studies of Pediatric Clinical Trials
Pediatric Clinical Trials Market by Therapeutic Areas:
Pediatric Clinical Trials for Infectious Diseases
Pediatric Clinical Trials for Oncology
Pediatric Clinical Trials for Autoimmune/Inflammatory Diseases
Pediatric Clinical Trials for Respiratory Disorders
Pediatric Clinical Trials for Mental Health Disorders
Pediatric Clinical Trials for Other Therapeutic Areas
Pediatric Clinical Trials Market by Region:
North American Pediatric Clinical Trials Market
Europe Pediatric Clinical Trials Market
Asia Pacific Pediatric Clinical Trials Market
Middle East & African Pediatric Clinical Trials Market
Latin America Pediatric Clinical Trials Market
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Competitive Landscape
The industry analyzed is consolidated due to the sheer existence of a few key competitors in the market, with very few extra participants. Market participants' key strategies included trial initialization, acquisitions, and collaborations.
In March 2022, Pfizer initiated a Phase 2/3 study for PAXLOVID tablets, which are specifically designed to treat COVID-19 in young patients. PAXLOVID reduced the risk of hospitalization or death from any cause by 89 percent (within three days of symptom onset) and 88 percent (within five days of appearance of symptoms).
In April 2021, Novartis announced plans to initiate SMART, a Phase 3b clinical trial to examine the safety and efficacy of Zolgensma (onasemnogene abeparvovec) in young children with spinal muscular atrophy.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global pediatric clinical trials market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of By Phase (Phase II, IV), By Study Design (Treatment, Observational Studies), By Therapeutic areas(Infectious Diseases, Oncology, Autoimmune/Inflammatory Diseases, Respiratory Disorders, Mental HealthMental Health Disorders) and Region (North America, South America, Europe, Asia Pacific and Middle East & Africa).
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About the Healthcare Division at Future Market Insights
The healthcare team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 8-years.
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SOURCE Future Market Insights
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