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Pediatric Clinical Trials Market Size, Share, Growth And Forecast To 2033
Pediatric Clinical Trials Market Size
According to The Business Research Company's, The pediatric clinical trials market size has grown strongly in recent years. It will grow from $16.31 billion in 2023 to $17.29 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to regulatory incentives, unmet medical needs, advancements in pediatric medicine, global public health initiatives, ethical imperatives, pediatric vaccination programs.
The pediatric clinical trials market size is expected to see strong growth in the next few years. It will grow to $22.52 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to integration of real-world evidence, pediatric biomarker discovery, expanded access programs, pediatric infectious disease research, pediatric cardiology advancements. Major trends in the forecast period include patient-centric trial design, adoption of adaptive trial designs, digital health technologies, global collaboration and consortia, pediatric oncology advancements.
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Market Drivers and Trends:
The rise in pediatric cancer cases is expected to propel the pediatric clinical trials market going forward. Pediatric cancer refers to cancers that develop in children and adolescents under the age of 14. Pediatric cancers are extremely uncommon, and their growth and dissemination patterns may be distinct from those of adult tumors. Pediatric clinical trials continue to play a significant role in the advancement of prognosis and treatment. For instance, in January 2023, according to the American Cancer Society, a US-based voluntary health organization, it is estimated that about 9,910 children in the US under the age of 15 will be diagnosed with cancer and about 1,040 children under the age of 15 are expected to die from cancer in 2023. Therefore, the growing healthcare expenditure is driving the pediatric clinical trials market.
Product innovation are a key trend gaining popularity in the pediatric clinical trial market. Companies operating in the pediatric clinical trials market are adopting new innovative products to sustain their position in the market. For instance, in June 2022, The Leukemia & Lymphoma Society, a US-based voluntary health organization, launched Pediatric Acute Leukemia (PedAL) Master Clinical Trial. It is uniquely designed for pediatric acute leukemia where unique tumor biology of each child's cancer is identified to help match them with the most promising treatment.
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Major Key Players of the Market:
Medpac Inc.; Pharmaceutical Product Development Inc.; ICON plc; Syneos Health Inc.; QPS Holdings LLC; Pfizer Inc.; IQVIA Inc.; Premier Research; Labcorp - Laboratory Corporation of America Holdings; The Emmes Company LLC; Synteract Inc.; Charles River Laboratories International Inc.; Covance Inc.; Bristol-Myers Squibb Company; GlaxoSmithKline plc; BioNTech SE; Moderna Inc.; Parexel International Corporation; PRA Health Sciences; Wuxi AppTec; Merck & Co. Inc.; AstraZeneca plc; Sanofi S.A.; Johnson & Johnson; Eli Lilly and Company; Takeda Pharmaceutical Company Limited; C.H. Boehringer Sohn AG & Co. KG; AbbVie Inc.; Teva Pharmaceutical Industries Ltd.; Oracle Health sciences
Pediatric Clinical Trials Market 2024 Key Insights:
• The pediatric clinical trials market will grow to $22.52 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Rising Pediatric Cancer Cases Propel Growth In Pediatric Cancer Trials Market
• Pediatric Clinical Trial Market Embraces Product Innovation
• North America was the largest region in the pediatric clinical trials market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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