During the forecast period 2022 to 2032, the global 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
- Synteract
- ICON Plc.
- Syneos Health
- Medpace, Inc
- PPD Inc.
- Premier Research
- LabCorp Drug Development
- QPS Holding
- Pfizer Inc.
- The Emmes Company, LLC
- IQVIA Inc.
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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.
Competitive Landscape
Key Players:
- Synteract
- ICON Plc.
- Syneos Health
- Medpace, Inc
- PPD Inc.
- Premier Research
- LabCorp Drug Development
- QPS Holding
- Pfizer Inc.
- The Emmes Company, LLC
- IQVIA Inc
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.
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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
About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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