Pediatric Clinical Trials Market to Hit $23.6 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, May 26, 2022 /PRNewswire/ -- The global pediatric clinical trials market size is expected to reach USD 23.6 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 5.1% over the forecast period. The market is growing on account of the rise in the number of pediatric clinical studies globally. As per the BMC journal, between January 2008 and December 2010, 7,029 pediatric clinical trials were registered. Whereas, between January 2017 and December 2019, the number of registered pediatric clinical trials was 11,738, which certainly reflects a significant surge in the total number of trials across the industry. The treatment options for COVID-19 pediatric patients were limited at the start of the pandemic, owing to which, in May 2020, FDA granted an Emergency Use Authorization (EUA) for Veklury (remdesivir), which could be used for the treatment of COVID-19 in adults and children.
Key Insights & Findings from the report:
- The observational segment is expected to witness a considerable growth rate over the forecast period. These studies are done to investigate rare outcomes of the treatment and to detect unusual adverse effects. Such factors are driving the demand for observational studies in paediatrics.
- The Phase II segment accounted for the largest share in 2021. Phase II studies consist of a high number of pediatric subjects; moreover, studies in this phase are more complex than that in other phases. Such factors are contributed to the segment's high share.
- Based on therapeutic area, the oncology segment accounted for the largest share in 2021, after the others segment, owing to the high burden of cancer among the pediatrics, thus contributing to the demand for clinical studies.
- Asia Pacific is projected to witness the fastest CAGR during the forecast years owing to the high population of the region, which contributes to the demand for new treatments.
Read 275-page market research report, "Pediatric Clinical Trials Market Size, Share & Trends Analysis Report By Phase (Phase II, IV), By Study Design (Treatment, Observational Studies), By Therapeutic Areas (Mental Health Disorders, Oncology), And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Pediatric Clinical Trials Market Growth & Trends
Similarly, Convalescent plasma was also granted an EUA from the FDA for the treatment of children and adults with COVID-19. Such actions by the regulatory agencies are likely to promote the demand for pediatric clinical trials. Furthermore, increasing efforts by several government bodies to support the clinical research pertaining to pediatric diseases has further supported the market growth. For instance, in March 2022, the National Cancer Institute launched the Molecular Characterization Initiative for pediatric tumors. The Initiative is offered through NCI's Childhood Cancer Data Initiative, which was formed to promote data sharing and collection of new data among researchers who study pediatric oncology.
In addition, the increasing prevalence of pediatric cancer is another significant factor supporting the market as well as the oncology segment's growth. For instance, as stated by the American Society of Clinical Oncology (ASCO)in February 2022, in the U.S., an estimated 10,470 children are younger than 15 years of age and about 5,480 teens aged 15 to 19 years will be diagnosed with cancer by the end of 2022. The WHO states that diarrhea, malaria, pneumonia, and sepsis are the leading causes of death among children between the age of 1 month and 9 years The high burden of these diseases is contributing to the demand for new treatment opinions. Thus, is likely to have a positive impact on the market growth. Apart from the high burden of infectious diseases, a significant number of children also suffer from diabetes.
For instance, according to the U.S. CDC, over 26.9 million in the U.S. were diagnosed with diabetes in 2018, which included 210,000 children and adolescents younger than age 20—or 25 years. Commercially, COVID19 vaccines were majorly focused on immunizing adults aged 18 years and above, this created a high risk of disease among children below the age of 18 years. The ClinicalTrial.GOV reports that as on 4th May 2022, over 1000 studies were in the active stage for treating and diagnosing COVID-19 for pediatric patients. The burden of COVID-19 among the kids is likely to promote the demand for COVID-19 vaccine trials for pediatrics from 2021.
Pediatric Clinical Trials Market Segmentation
Grand View Research has segmented the global pediatric clinical trials market on the basis of phase, study design, therapeutic areas, and region:
Pediatric Clinical Trials Market - Phase Outlook (Revenue, USD Million, 2018 - 2030)
- Phase I
- Phase II
- Phase III
- Phase IV
Pediatric Clinical Trials Market - Study Design Outlook (Revenue, USD Million, 2018 - 2030)
- Treatment Studies
- Observational Studies
Pediatric Clinical Trials Market - Therapeutic Areas Outlook (Revenue, USD Million, 2018 - 2030)
- Infectious Diseases
- Oncology
- Autoimmune/Inflammatory Diseases
- Respiratory Disorders
- Mental Health Disorders
- Others
Pediatric Clinical Trials Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- India
- Japan
- China
- Thailand
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
List of Key Players of Pediatric Clinical Trials Market
- ICON plc
- Syneos Health
- Medpace, Inc.
- PPD Inc.
- Premier Research
- LabCorp Drug Development
- QPS Holdings.
- Pfizer Inc.
- The Emmes Company, LLC
- IQVIA Inc.
Check out more related studies published by Grand View Research:
- Pediatric Vaccines Market - The global pediatric vaccines market is expected to reach USD 60.4 billion by 2025 at an 11.7% CAGR, according to a new report by Grand View Research, Inc. Advancements in development of vaccines and new product launches are some of the major drivers of the market.
- Pediatric Imaging Market - The global pediatric imaging market size is expected to reach USD 12.2 billion by 2027, registering a CAGR of 7.6% over the forecast period, according to a new report by Grand View Research, Inc. Increasing incidences of pediatric trauma cases are expected to accelerate the demand for innovative patient screening, which is expected to augment the market growth.
- Pediatric Home Healthcare Market - The global pediatric home healthcare market size is expected to reach USD 68.6 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.8% from 2021 to 2028. The growing population of Children with Medical Complexities (CMC) requiring in-home care is expected to drive the market during the forecast period.
Browse through Grand View Research's Medical Devices Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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