SAN FRANCISCO, Jan. 19, 2022 /PRNewswire/ -- The global omics-based clinical trials market size is anticipated to reach USD 49.5 billion by 2030, according to the new report of Grand View Research, Inc. The market is expected to expand at a CAGR of 7.4% from 2022 to 2030. Omics has turned out to be the most advanced approach in molecular research. It includes all the field of biological sciences that ends with the suffix - omics. Various disciplines can be classified as omics such as proteomics, genomics, transcriptomics, and metabolomics. The outbreak of coronavirus accelerated the adoption of new approaches, models, and technology in clinical trials, this has positively impacted market growth.
Key Insights & Findings from the report:
- By phase type, phase II segment held the largest market share in 2021 with a share of 37.8% due to the major number of phase II omics-based ongoing clinical trials
- Based on the study design, interventional studies had the highest market share in 2021 since, among the three types of studies, interventional studies accounted for a larger number of clinical trials, especially in oncology
- The oncology segment dominated the indication segment in 2021 owing to the rising research attention in the field and increasing demand for omics-based clinical trials for early detection and prevention of the disease
- North America is expected to maintain its lead in the market over the forecast period owing to technological advancements, rising R&D, and the presence of major pharmaceutical and biotechnology players in the region
Read 180 page market research report, "Omics-Based Clinical Trials Market Size, Share & Trends Analysis Report By Phase (Phase I, Phase II, Phase III, Phase IV), By Study Design, By Indication, By Region, And Segment Forecasts, 2022 - 2030", by Grand View Research
The outbreak of COVID-19 has caused havoc and has disrupted almost every sector of industry. Initially, the outbreak has negatively impacted the ecosystem of clinical trials and affected many ongoing studies for numerous indications. However, in the second half of 2020, researchers started developing innovative therapeutics and vaccines against COVID-19, which has supported the market recovery and growth, and continuance of business by CROs. There has been an increase in the clinical trials activity with oncology trials attaining historically high levels. The extensive research for understanding the COVID-19 infection has turned the attention to the application of omics-based studies.
For instance, in June 2021, a group of researchers at University Hospital Tuebingen initiated a clinical trial on comparative genetic and immune response analysis of different COVID-19 vaccine candidates using a multi-omics approach. The growing application of spatial OMICS, for the identification of biomarkers, is a major factor boosting the growth of the market. To study the efficacy and toxicity of the drug, spatial OMICS play a major role and have simplified drug discovery and development. Biomarker identification along with the clinical application is widely used in drug development and discovery. Biomarkers are used to identify the pathway of the diseases and the progression and help to understand the cause.
The rising prevalence of chronic diseases such as cancer and cardiac disorders and the increasing demand for omics-based clinical trials in developing countries are boosting the market's growth. Cancer is one of the leading causes of death in the United States. In 2018 alone, there were an estimated 1,735,350 new diagnoses and 609,640 cancer-related deaths. Single-cell multi-OMIC analysis is a novel tool that is opening doors in cancer drug development and further advance the current treatment options. The market is also driven by a rising number of biologics, demand for advanced technologies, and the need for personalized medicines and orphan drugs. Additionally, growing biotechnology and the pharmaceutical industry have propelled the demand for non-invasive instruments, full applications for single-cell multi-omics technology, and conventional labs are bolstering future market growth.
Grand View Research has segmented the global omics-based clinical trials market on the basis of phase, study design, indication, and region:
- Omics-Based Clinical Trials Phase Outlook (Revenue, USD Million, 2018 - 2030)
- Phase I
- Phase II
- Phase III
- Phase IV
- Omics-Based Clinical Trials Study Design Outlook (Revenue, USD Million, 2018-2030)
- Interventional Studies
- Observational Studies
- Expanded Access Studies
- Omics-Based Clinical Trials Indication Outlook (Revenue, USD Million, 2018-2030)
- Respiratory Diseases
- Skin Diseases
- CNS Diseases
- Genetic Diseases (includes the rare diseases)
- Others (includes ophthalmic, ear diseases, etc)
- Omics-Based Clinical Trials Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players of Omics-Based Clinical Trials Market
- Parexel International Corporation
- Pharmaceutical Product Development (PPD)
- Charles River Laboratory
- ICON plc
- SGS SA
- Eli Lilly and Company
- Pfizer Inc.
- Covance Inc.
- Novo Nordisk
- Rebus Bio
Check out more studies related to clinical trials, published by Grand View Research:
- Clinical Trials Market Report | 2021-28 – The global clinical trials market size was estimated at USD 44.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028. However, the market growth was hindered in 2020 due to the COVID-19 pandemic.
- COVID-19 Clinical Trials Market Report | 2020-27 – The global COVID-19 clinical trials market size is valued at 5.0 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.5% from 2021 to 2027. The market is majorly driven by the rapid spread of coronavirus leading to a staggering number of deaths globally thus putting pressure on healthcare organizations to provide therapeutics/vaccines.
- Clinical Trials Management System Market Report | 2021-25 – The global Clinical Trials Management System (CTMS) market size was valued at USD 592.07 million in 2016. It is anticipated to expand at a CAGR of 12.1% over the forecast period. Rapid growth of healthcare IT and increasing R&D expenditure by life science and clinical research organization and increasing adoption of CTMS solutions is anticipated to drive the growth of the market.
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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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