New York, United States, March 06, 2024 (GLOBE NEWSWIRE) -- For many pediatric indications, only pediatric clinical trials can approve novel medications. Pharmaceutical and biotechnology businesses have shifted from in-house clinical research to CRO contracts (CRO).
Due to unmet pediatric medical needs, there is a considerable clinical product pipeline. A solid pipeline of novel pharmaceuticals will benefit the pharmaceutical business soon. Growing awareness of pediatric medicine, a shift away from in-house clinical trials to CROs, and an increase in pediatric disorders like diabetes are boosting the market for pediatric clinical trials. Due to pediatric medicine's growing importance, the market for pediatric clinical trials is expected to develop.
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Global Pediatric Clinical Trials Market: Drivers
Need For New Vaccines, Biologics
According to Straits Research, “The global pediatric clinical trials market size was valued at USD 14.33 billion in 2021 and is predicted to reach at USD 22.69 billion by 2030, increasing at a CAGR of 5.24% from 2022 to 2030.” Demand for innovative vaccines and other biologic products to treat measles, mumps, TB, and rubella may fuel market growth. WHO reports that 86% of infants are inoculated against 26 diseases, while 19.5 million children are not, resulting in 2-4 million child deaths every year.
According to the CDC, 0.6% of 0-17-year-old American children have epilepsy (CDC). According to the IDF's Diabetes Atlas 2017, 463 million people will have diabetes by 2019. One million kids and teens have type 1 diabetes.
Pediatric Cancer Cases Are Soaring
Medical facilities and research organizations around the world are working on developing therapeutic drugs for pediatric cancer, increasing pediatric clinical trials. According to a February 2022 report from ASCO, 10,470 children under 15 would be diagnosed with cancer in the U.S. According to the WHO, diarrhea, malaria, pneumonia, and sepsis are the leading causes of death in 1-9-year-olds. The rise in these illnesses has fueled the search for new therapies. So, market growth should increase.
Many children have diabetes and viral disorders. 210,000 kids and teens under 25 were diagnosed with diabetes in 2018, according to the CDC. The market is expected to rise as major research institutes focus more on pediatric cancers.
Global Pediatric Clinical Trials Market: Key Future Opportunities
Growing Pediatric Clinical Trial R&D Spending
Investors are focusing on pediatric trials employing new chemicals in R&D. Pediatric patients have unmet medical needs, and the market's top players are creating new and improved treatments to satisfy them. A robust medicinal development pipeline helped fuel the market's growth. More than 1,300 industry-sponsored pediatric clinical trials were going place in 2018 across a wide range of therapy categories, including infectious disorders, neurologic difficulties, genetic abnormalities, and cancer. Key market participants focus on acquisitions to gain access to new items and expand their product offerings. These will create opportunities in the future.
Regional Overview of Global Pediatric Clinical Trials Market
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa make up the Global Pediatric Clinical Trials Market.
In 2021, North America's pediatric clinical trials market was the most lucrative, accounting for 45% of global revenue. The region has many pharmaceutical companies and CROs that conduct pediatric studies. Public groups also help pediatric research. NIH currently contributes $4 billion to pediatric research. These activities contribute to the region's market growth.
Throughout the projected period, the US is expected to hold a substantial market share. According to clinicaltrials.gov, there were more than 1,265 pediatric clinical studies in the U.S. as of June 2021.
Asia Pacific should have the highest CAGR over the predicted period. The Asia-Pacific region has swiftly become a clinical trial hub due to easy regulatory compliance, inexpensive study costs, and a growing pediatric patient population. Boosting pediatric research in the region also drives market expansion.
Key Highlights
- By Phase, the Global Pediatric Clinical Trials Market is segmented into Phase I, Phase II, Phase III, and Phase IV. In 2021, the phase II trials market segment held the largest market share.
- By Study Design, the Global Pediatric Clinical Trials Market is segmented into Treatment Studies and Observational Studies. More than 67 percent of the global market's revenue in 2021 was attributable to treatment studies.
- By Therapeutic Areas,the Global Pediatric Clinical Trials Market is segmented into Infectious Diseases, Oncology, Autoimmune/Inflammatory Diseases, Respiratory Disorders, Mental Health Disorders, and Others. In terms of revenue share, the oncology therapeutic area sector ranked second globally in 2021.
- By Region or Geography, the Global Pediatric Clinical Trials Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2021, North America held a lion's share of the global market.
Major Players in Global Pediatric Clinical Trials Market
List of major competitor companies in the Pediatric Clinical Trials Market across the globe are:
- Medpace, Inc.
- PPD Inc.
- ICON plc
- Syneos Health
- QPS Holdings.
- Pfizer Inc.
- IQVIA Inc.
- Premier Research
- LabCorp Drug Development
- The Emmes Company, LLC
Recent Developments
- March 2022 - As the first of numerous significant enhancements to its leading life science customer engagement platform, IQVIA had announced the launch of OCE+. With the addition of IQVIA's Next Best recommendation engine to its Orchestrated Customer Engagement (OCE) platform, OCE+ provides enhanced HCP experiences, higher efficiency, and increased ROI for healthcare professionals (HCPs).
- March 2022 - Pfizer started Phase 2/3 research in March 2022 for PAXLOVID pills, which are intended to treat COVID-19 in young patients. Within three days of the onset of symptoms, PAXLOVID decreased the probability of hospitalization or mortality from any cause by 89 percent and 88 percent, respectively (within five days of appearance of symptoms).
Global Pediatric Clinical Trials Market: Segmentation
By Phase
- Phase I
- Phase II
- Phase III
- Phase IV
By Study Design
- Treatment Studies
- Observational Studies
By Therapeutic Areas
- Infectious Diseases
- Oncology
- Autoimmune/Inflammatory Diseases
- Respiratory Disorders
- Mental Health Disorders
- Others
By Geography
- North America
- Europe
- Asia Pacific (APAC)
- Latin America
- Middle East and Africa (MEA)
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