According to Future Market Insights, the Global Pediatric Clinical Trials Market Demand is expected to increase at a 5.3% annual pace between 2022 and 2032, with the market’s value rising from around US$ 15.8 billion in 2022 to US$ 26.47 billion in 2032. The rise in demand can be ascribed to the increasing prevalence of chronic and hereditary disorders among youngsters around the world.
The demand for innovative vaccines and biopharmaceuticals to tackle infectious illnesses including as polio, tuberculosis, measles, influenza, and malaria is also driving market growth. Parental knowledge of clinical trials for serious infections and chronic conditions, as well as the involvement of multiple CROs in pediatric research, are further driving market expansion.
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Cancer is the biggest cause of death worldwide, and pediatric cancer cases are anticipated to climb to 291,000 by 2040 in the global oncology therapeutic field category. This has resulted in a greater emphasis on therapeutic medication development in hospitals and institutes, increasing the number of Pediatric Clinical Trials worldwide.
Despite these encouraging trends, the global Pediatric Clinical Trials market may encounter challenges. The high rate of clinical trial discontinuance due to many causes, including as patient enrollment, behavioural issues, formulation difficulties, informative termination, regulatory challenges, and pharmaceutical toxicity during clinical investigations, may impede market growth.
Key Takeaways from the Market Study
- The global Pediatric Clinical Trials market is expected to be worth US$ 15.8 billion in 2022.
- North America’s Pediatric Clinical Trials market will account for 45% of the worldwide market.
- APAC is expected to capture 25% of the worldwide market.
- The phase II clinical trials category accounted for 33% of the worldwide Pediatric Clinical Trials market.
- Treatment studies for clinical trials accounted for 66% of the global market share by study design.
- The oncology therapeutic area category accounted for over 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.
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Competitive Landscape
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.
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 Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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