Pediatric Clinical Trials Market Outlook 2031:
The global pediatric clinical trials market size was valued at USD 15.24 Billion in 2022 and is projected to reach USD 23.85 Billion by 2031, expanding at a CAGR of 5.1% during the forecast period 2023 - 2031. Growth of the market is attributed to rapid urbanization, increasing number of clinical trials for covid-19, and increasing awareness about pediatric medicines.
Clinical trials typically test for identification of procedure & medicine which is suitable specific diseases. The test that is conducted on patient is in form of procedures, drug, and medical. During the pediatric clinical trial, the research protocol is followed by professional which is established by investigator.
The Covid-19 pandemic affected the demand and supply of pediatric clinical trials market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Pediatric Clinical Trials Market Trends, Drivers, Restraints, and Opportunities
- Increasing burden of pediatric diseases such as diabetes is projected to boost the market.
- Rising importance of clinical research trials is the major factor fueling the pediatric clinical trials market growth.
- High termination rate of clinical trials is projected to restrict the market expansion during the forecast period.
- High price of services is anticipated to hamper the pediatric clinical trials market growth in the coming years.
- R&D investment and technological advancement in pediatric clinical trials market is projected to offer lucrative opportunities for the market players.
Scope of Pediatric Clinical Trials Market Report
The report on the pediatric clinical trials market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Pediatric Clinical Trials Market– Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
2016 - 2021
2023 - 2031
Phases (Phase IV, Phase III, Phase I, and Phase II), Study Designs (Observational Studies, Treatment Studies, and Others), Therapeutic Areas (Diabetes, Respiratory Diseases, Oncology, Infectious Diseases, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players covered in the Report
The Emmes Company, LLC; Syneos Health Inc.; Pfizer, Inc.; IQVIA; GlaxoSmithKline plc; Charles River Laboratories International Inc.; ICON plc; Bristol-Myers Squibb Company; Covance Inc.; Novartis AG; Pharmaceutical Product Development, LLC; and Paidion Research Inc.
Pediatric Clinical Trials Market Segment Insights
The oncology segment accounts for key share of the market
Based on therapeutic areas, the pediatric clinical trials market is fragmented into diabetes, respiratory diseases, oncology, infectious diseases, and others. The oncology segment accounts for a key share of the market. Growth of the market is attributed to rapid development in pediatric trials and increasing technological advancement in hospital sector.
However, the diabetes segment is anticipated to expand at a rapid pace during the forecast period due to rapid expansion in development & research, wide range of applications in respiratory diseases, and increasing per capita income.
The treatment studies segment is anticipated to hold significant market share
On the basis of study designs, the pediatric clinical trials market share is divided into observational studies, treatment studies, and others. The treatment studies segment accounts for a significant share of the market. Growth of the market is attributed to rapid shift in pharmaceutical industry from in house clinical research to contract research organization.
The observational studies are anticipated to expand at a rapid pace during forecast period due to factors such as rapidly growing pharmaceutical industry, rising investment by government & private sectors, and increasing population.
The phase IV segment accounts for key share of the market
On the basis of phases, the pediatric clinical trials market share is segmented into phase IV, phase III, phase I, and phase II. The phase IV segment accounts for a key share of the market. Growth of the market is attributed to increasing number of small & medium pharmaceuticals industry and presence of major market players.
The phase III is anticipated to expand at a rapid pace during the forecast period due to factors such as increasing healthcare expenditure, growing rate of approval of new pediatric drugs, and rising prevalence of cancer in the pediatric age group.
North America is estimated to hold major market share
Based on regions, the pediatric clinical trials market share is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is estimated to expand at a high CAGR during the forecast period due to factors such as increasing number of pediatric diabetes worldwide, institution focusing on development of therapeutic drugs, and increasing awareness among patents about trials.
The market of North America is estimated to hold major market share due to presence of major market players, increasing production capacity of pharmaceutical manufactures, and increasing research & development activities in pediatric clinical trials.
The pediatric clinical trials market has been segmented on the basis of
- Phase IV
- Phase III
- Phase I
- Phase II
- Observational Studies
- Treatment Studies
- Respiratory Diseases
- Infectious Diseases
- Other Areas
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- The Emmes Company, LLC
- Syneos Health Inc.
- Pfizer, Inc.
- GlaxoSmithKline plc
- Charles River Laboratories International Inc.
- ICON plc
- Bristol-Myers Squibb Company
- Covance Inc.
- Novartis AG
- Pharmaceutical Product Development, LLC
- Paidion Research Inc.
Key players competing in the pediatric clinical trials market include The Emmes Company, LLC; Syneos Health Inc.; Pfizer, Inc.; IQVIA; GlaxoSmithKline plc; Charles River Laboratories International Inc.; ICON plc; Bristol-Myers Squibb Company; Covance Inc.; Novartis AG; Pharmaceutical Product Development, LLC; and Paidion Research Inc.
Some of these players are using several market strategies such as collaborations, acquisitions, partnerships, merger, product launches, and capacity expansion to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.