New York, July 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pediatric Clinical Trials Global Market Report 2023" - https://www.reportlinker.com/p06479812/?utm_source=GNW
, Charles River Laboratories International Inc., Covance Inc., Bristol-Myers Squibb Company and GlaxoSmithKline PLC.
The global pediatric clinical trials market is expected to grow from $15.39 billion in 2022 to $16.31 billion in 2023 at a compound annual growth rate (CAGR) of 6.00%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The pediatric clinical trials market is expected to reach $20.87 billion in 2027 at a CAGR of 4.81%.
The pediatric clinical trials market includes revenues earned by entities through clinical research services, consulting, outsourcing services, and medical communications.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Pediatric clinical trials are trials that look into the effectiveness, safety, and dosage of pharmaceuticals, medical devices, and other therapies in children. It is essential to develop age-specific, scientifically proven treatments and procedures to identify and improve the best medical therapy possible.
North America was the largest region in the pediatric clinical trials market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main pediatric clinical trials phase types are phase I, phase ii, phase iii, and phase iv.Phase I trials are primarily focused on determining the safety and dosing range of new medicine in around 20-100 healthy volunteers.
The various study designs are treatment studies, and observational studies used in various therapeutic areas that includes infectious diseases, oncology, autoimmune or inflammatory diseases, respiratory disorders, mental health disorders, and others.
The rise in pediatric cancer cases is expected to propel the pediatric cancer trials market going forward.Pediatric cancer refers to cancers that develop in children and adolescents under the age of 14.
Pediatric cancers are extremely uncommon and their growth and dissemination patterns may be distinct from those of adult tumors.Pediatric cancer clinical trials continue to play a significant role in the advancement of prognosis and treatment.
For instance, in September 2020, according to the National Cancer Institute, a US-based coordinator of the US National Cancer Program, In the US, it is predicted that 16,850 children and teenagers between the ages of 0 and 19 will be diagnosed with cancer in 2020, and 1,730 of them will pass away from it.Further, in January 2023, according to the American Cancer Society, a US-based voluntary health organization, it is estimated that about 9,910 children in the US under the age of 15 will be diagnosed with cancer and about 1,040 children under the age of 15 are expected to die from cancer in 2023.
Therefore, the growing healthcare expenditure is driving the pediatric cancer trials market.
Product innovation are a key trend gaining popularity in the pediatric clinical trial market.Companies operating in the pediatric clinical trials market are adopting new innovative products to sustain their position in the market.
For instance, in June 2022, The Leukemia & Lymphoma Society, a US-based voluntary health organization, launched Pediatric Acute Leukemia (PedAL) Master Clinical Trial. It is uniquely designed for pediatric acute leukemia where unique tumor biology of each child’s cancer is identified to help match them with the most promising treatment.
In December 2021, Thermo Fisher Scientific Inc., a US-based manufacturer of medical devices, analytical instruments, reagents and consumables software, and services, acquired PPD, Inc., for $17.4 billion. This acquisition broadens, diversifies, and enriches Thermo’s portfolio by providing a comprehensive suite of world-class clinical trial development services ranging from scientific discovery to assessing effectiveness, safety, and health care outcomes, managing clinical trial logistics, and developing and manufacturing drug products. PPD, Inc. is a US-based clinical research services provider to the biopharma and biotech industries that operates in the pediatric clinical trials market.
The countries covered in the pediatric clinical trials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resale along the supply chain, either further along the supply chain or as part of other products.
The pediatric clinical trials market research report is one of a series of new reports that provides pediatric clinical trials market statistics, including pediatric clinical trials industry global market size, regional shares, competitors with a pediatric clinical trials market share, detailed pediatric clinical trials market segments, market trends and opportunities, and any further data you may need to thrive in the pediatric clinical trials industry. This pediatric clinical trials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06479812/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
