DUBLIN–(BUSINESS WIRE)–The “Omics-Based Clinical Trials Market Size, Share and Trend Analysis Report by Phase (Phase I, Phase II, Phase III, Phase IV), by Study Design, By Indication, By Region & Segment Forecast, 2022- 2030 Report” has been added to from ResearchAndMarkets.com offer.
The global omics-based clinical trial market size is expected to reach USD 49.5 billion by 2030. The market is expected to grow at a CAGR of 7.4% from 2022 to 2030.
Omics have proven to be the most advanced approach to molecular research. It includes the entire field of biological sciences that ends with the suffix – omics. Various disciplines can be categorized as omics such as proteomics, genomics, transcriptomics, and metabolomics. The coronavirus outbreak has accelerated the adoption of new approaches, models, and technologies in clinical trials, which has had a positive impact on market growth.
The COVID-19 outbreak has wreaked havoc and disrupted nearly every industry sector. Initially, the outbreak had a negative impact on the clinical trial ecosystem and affected many ongoing studies for many indications. However, in the second half of 2020, researchers started to develop innovative therapies and vaccines against COVID-19, which supported the recovery and growth of the market, as well as the continuation of CRO activities. There has been an increase in clinical trial activity with oncology trials reaching historically high levels. Extensive research to understand COVID-19 infection has drawn attention to the application of omics-based studies.
For example, in June 2021, a group of researchers from Tuebingen University Hospital launched a clinical trial on the comparative analysis of the genetic and immune response of different COVID-19 vaccine candidates using a multi-omics approach. The increasing application of space OMICS, for the identification of biomarkers, is a major factor driving the growth of the market. To study drug efficacy and toxicity, space-based OMICS play a major role and have simplified drug discovery and development. Biomarker identification as well as clinical application are widely used in drug development and discovery. Biomarkers are used to identify disease pathway and progression and help understand the cause.
Rising prevalence of chronic diseases such as cancer and heart disorders and rising demand for omics-based clinical trials in developing countries are driving the growth of the market. Cancer is one of the leading causes of death in the United States. In 2018 alone, there were approximately 1,735,350 new diagnoses and 609,640 cancer-related deaths.
Single-cell multi-OMIC analysis is a new tool that opens doors in cancer drug development and advances current treatment options. The market is also driven by an increasing number of biologics, the demand for advanced technologies, and the need for personalized drugs and orphan drugs. Additionally, growing biotechnology and pharmaceutical industry has propelled the demand for non-invasive instruments, comprehensive applications for single-cell multi-omics technology, and conventional labs bolster the future growth of the market.
Highlights of the Omics-Based Clinical Trials Market
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By phase type, the phase II segment held the largest market share in 2021 with a share of 37.8% due to the large number of ongoing clinical trials based on phase II omics
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Based on study design, interventional studies had the highest market share in 2021 since, among the three study types, interventional studies accounted for a greater number of clinical trials, especially in oncology
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The oncology segment dominated the indications segment in 2021 due to the growing research attention in the field and growing demand for omics-based clinical trials for early detection and prevention of disease
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North America is expected to maintain its market lead over the forecast period due to technological advancements, increasing R&D, and the presence of major pharmaceutical and biotech players in the region.
Market dynamics
Drivers
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Rise in investment from big pharma
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Towards personalized medicine
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Growing prevalence of chronic disorders
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Increase partnership and collaboration
Constraints
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Rising costs of clinical trials
Opportunities
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Mergers and Acquisitions for Facility Expansion
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Growing demand for omics approaches for clinical trials
Companies cited
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Parexel International Corporation
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Pharmaceutical Product Development (PPD)
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Charles River Laboratory
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SA ICON
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SGS S.A.
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Eli Lilly and company
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Pfizer Inc.
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Merck & Co., Inc.
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Covance Inc.
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Novo Nordisk
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Organic Rebus
For more information about this report visit https://www.researchandmarkets.com/r/jiygme
