Global Pediatric Clinical Trials Market, by Clinical Trial Phase (Pre-clinical, Phase I, Phase II, and Phase III), by Study Design (Treatment Studies and Observational Studies), by Medical Condition (Neuropsychiatric Conditions, Infectious Diseases, Maternal and Perinatal Conditions, Respiratory Diseases, Cardiovascular Diseases, Cancer, Digestive Diseases and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 14,869.5 Million in 2022 and is expected to exhibit a CAGR of 9.3% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
The increasing adoption of inorganic strategies such as partnerships and acquisitions by the key players in market is expected to drive the market growth over the forecast period. For instance, in March 2021, Camargo Pharmaceutical Services, which develops and executes comprehensive drug development programs tailored to meet the needs of specific compound, acquired Paidion Research, Inc., a global pediatric clinical research organization (CRO). This acquisition will help Camargo Pharmaceutical Services to expand services in order to provide leading integrated solutions tailored to the needs of emerging biopharma companies addressing unmet medical needs in rare and complex areas for pediatric population.
Global Pediatric Clinical Trials Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
The COVID-19 pandemic has curtailed most clinical research, pausing trials for new enrollment to minimize participants' risk of exposure to COVID-19. From March 1 to April 26, 2020, globally, 905 clinical trials reported the COVID-19 pandemic as the reason for suspension. The suspension of these trials posed significant clinical implications on patients as it slowed potential treatments for non-COVID-19 diseases, e.g., participants with end-stage diseases where drugs offered by clinical trials may be their only potential hope for treatment. The pandemic was especially devastating for oncology patients in clinical trials because they could not receive the investigational treatments outside of the clinical research unit, nor could clinical researchers provide investigational treatments to their participants outside of their facilities due to research regulations.
Global Pediatric Clinical Trials Market: Key Developments
In April 2022, Lupin Limited, announced that the company entered into a strategic partnership with Yabao Pharmaceutical Co. Inc., which manufactures and markets pharmaceutical preparations and chemical synthetic pharmaceuticals. to meet the growing demand for quality drugs with pediatric formulations in the Chinese markets.
In March 2022, Pfizer, which is a multinational pharmaceutical and biotechnology corporation initiated Phase 2/3 Study of Novel COVID-19 Oral Treatment in pediatric participants.
Browse 36 Market Data Tables and 31 Figures spread through 160 Pages and in-depth TOC on “Global Pediatric Clinical Trials Market”- Forecast to 2030, Global Pediatric Clinical Trials Market, by Clinical Trial Phase (Pre-clinical, Phase I, Phase II, and Phase III), by Study Design (Treatment Studies and Observational Studies), by Medical Condition (Neuropsychiatric Conditions, Infectious Diseases, Maternal and Perinatal Conditions, Respiratory Diseases, Cardiovascular Diseases, Cancer, Digestive Diseases and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/pediatric-clinical-trials-market-397
Moreover, increasing prevalence of chronic diseases like cancer, hypertension are expected to drive the market growth over the forecast period. For instance, according to data published on February 2022, by National Library of Medicine, stated that approximately there were 41,600 new cases of diagnosed type 2 diabetes among children and adolescents in 2021 worldwide.
Key Takeaways of the Global Pediatric Clinical Trials Market:
- Global pediatric clinical trials market is expected to exhibit a CAGR of 9.3% during the forecast period due to the increasing pediatric population. For instance, according to data published on The Children’s Defense Fund, which is a nonprofit agency that advocates for children's rights, stated that in 2019, there were over 73 million children in the U.S., making up 22 percent of U.S. population.
- Among study design, treatment studies segment is estimated to hold a dominant position in the global pediatric clinical trials market over the forecast period, owing to the increase in clinical trials. For instance, according to data published in April 2021, on BioMed Central Ltd, which is a U.K.-based, for-profit scientific open access publisher that produces over 250 scientific journals, stated that according to ClinicalTrials.gov report, globally about 53,060 clinical studies related to children were registered from January 2008 to December 2019.
- On the basis of region, North America is estimated to account for the largest market share in the global pediatric clinical trials market over the forecast period, owing to increasing chronic diseases in pediatric population in the region. For instance, according to data published on July 2020, on American Childhood Cancer Organization (ACCO), each year in the U.S. there are an estimated 15,780 children between the ages of birth and 19 years of age who are diagnosed with cancer.
- Major players operating in the global pediatric clinical trials market include Syneos Health Inc., IQVIA Holdings, Inc., Charles River Laboratories International Inc., Covance Inc., ICON plc, Pharmaceutical Product Development, LLC, Genentech (F. Hoffmann-La Roche AG), Pfizer, Inc., Bristol - Myers Squibb, GlaxoSmithKline plc., Sanofi S.A., Novartis AG, Johnson & Johnson, Merck & Co., Inc., Takeda Pharmaceutical Company Limited, and Vertex Pharmaceuticals Inc.
