Press release
Omics Based Clinical Trials Market Tends To Account For Over US$ 26.6 By 2031
Fact.MR offers detailed analysis on the global omics based clinical trials market with a 360-degree view for the forecast period of 2022 to 2032. It also provides key information such growth drivers, trends, and opportunities across multiple segments including phase type, study design type, indication, and application across seven major regions.The global omics-based clinical trials market is projected to expand by 2.2x, exhibiting growth at 8.1% CAGR during the forecast period. As per the study, the sales in omics based clinical trials market is projected to reach a valuation of US$ 61.7 Bn by 2032.
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Surging need for the stratification of patients to understand complex diseases and therapeutic strategies will create substantial growth prospects for the market. Besides this, rising adoption of new technologies, methods, and models in clinical trials following the outbreak of COVID-19 will positively impact the market.
In addition to this, increasing number of oncology trials has turned the focus on the application of omics-based studies. This will propel the growth in the market over the coming years.
With growing requirement of personalized medicine and orphan drugs, the demand for omics technologies and sequencing technologies is spurring. This is expected to boost the demand for omics based clinical trials in the market.
Further, rising investments in the research & development (R&D) activities to develop precision medicine-based data by prominent players to update their product line is likely to drive the market.
Subsequently, increased application of single-cell multi-omics technology, non-invasive instruments, and traditional labs will surge the demand in the market. This is expected to bolster the growth in omics based clinical trials market.
Report Attributes Details
Base Year Value (2021A) US$ 26.2 Bn
Projected Year Value (2032F) US$ 61.7 Bn
Global Growth Rate (2022-2032) CAGR 8.1%
Key Takeaways:
• The U.S. omics based clinical trials market is expected to hold over 35% of demand share due to the growing prevalence of cancer and cardiovascular disorders.
• Based on indication, the oncology segment is estimated to register growth at 7.5% CAGR between 2022 and 2032.
• Asia Pacific omics based clinical trials market is anticipated to grow at a CAGR of nearly 9.0%.
• In terms of study design type, the interventional studies segment is expected to grow at an annual rate of 8.4% over the forecast period.
• By phase type, phase II segment is projected to dominate the market, exhibiting growth at a 7.6% CAGR through 2032.
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Growth Drivers:
• Prevalence of chronic illnesses is increasing the demand for biological targets, such as biomarkers, serving as clinical risks and therapeutic target. This is likely to augment the growth of the market.
• Advancements in omics technologies allows detailed analysis of proteome, metabolome, genome, and transcriptome, thereby, enabling the growth in the market.
Restraints:
• Increase in expenditure during the omics based clinical trials is projected to hinder the growth in the market.
Competitive Landscape:
The market for omics based clinical trials is highly competitive due to the presence of small & medium enterprises and large enterprises. Besides this, the adoption of diverse tactics by the manufacturers is likely to aid their businesses.
Prominent companies operating in the global omics based clinical trials market are focusing on innovating their manufacturing capabilities and product lines to enhance their global footprint.
For instance,
• February 2021: Parexel entered into strategic partnership with Neo Genomics to advance their study designs and surge patient matching in oncology clinical trials.
• December 2021: Rebus Biosystems Inc., a U.S. based life science technology company, acquired EEL Transcriptomics AB's assay assets and investigational products (IP).
Key Companies Profiled by Fact.MR
• Parexel International Corporation
• Charles River Laboratory
• Pharmaceutical Product Development (PPD)
• Pfizer Inc.
• Covance Inc.
• ICON plc
• SGS SA
• Rebus Bio
• Eli Lilly and Company
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More Valuable Insights on Omics Based Clinical Trials Market
Fact.MR, in its latest report, provides in-depth market analysis on the global omics based clinical trials market for the forecast period of 2022 to 2032. This study also offers crucial insights into the growth opportunities and key trends impacting the sales in the omics based clinical trials market
through detailed segmentation as follows:
By Phase Type:
• Phase 1
• Phase 2
• Phase 3
• Phase 4
By Study Design Type:
• Interventional Studies
• Observational Studies
• Expanded Access Studies
By Indication:
• Oncology
• Cardiology
• Respiratory Diseases
• Skin Diseases
• CNS Diseases
• Immunology
• Genetic Diseases
• Other Indications
By Region:
• North America
• Latin America
• Europe
• APAC
• MEA
Key Questions Covered in the Omics Based Clinical Market Report
• What will be the growth rate of the global omics based clinical market during 2022-2032?
• Who are the manufacturers dominating the global omics based clinical market?
• Which are the latest trends contributing to the growth of the omics based clinical market?
• What is the forecast sales of omics based clinical market in 2022?
• Which are the factors hampering the expansion of the global omics based clinical market?
• What is the estimated market share of global omics based clinical market during the forecast period (2022-2032)?
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