Omics-Based Clinical Trials Market Size is valued at USD 29.51 billion in 2023 and is predicted to reach USD 54.42 billion by the year 2031 at a 8.13% CAGR during the forecast period for 2023-2031.
Omics-based clinical trials represent a significant shift towards more precise and personalized healthcare, offering the promise of better-targeted therapies with higher efficacy and fewer side effects. As the field evolves, continued advancements in omics technologies, bioinformatics, and regulatory policies will further enable the integration of these approaches into clinical research and practice. The omics-based clinical trials market focuses on clinical studies that employ omics technologies. Omics is the comprehensive study of various biological components such as genomics, transcriptomics, proteomics, metabolomics, and epigenomics, which allows researchers to analyze and understand an organism's molecular profiles and interactions, resulting in advances in personalized medicine and targeted therapies.
Pharmaceutical and biotechnology companies, academic research institutions, contract research organizations (CROs), and government agencies are among the stakeholders in the omics-based clinical trials market. They work together to design and conduct clinical trials that incorporate omics technologies, with the goal of accelerating the development of targeted therapies and better patient outcomes. With continued breakthroughs and increased use, omics-based trials are predicted to have a significant impact on the future of precision medicine and personalized healthcare.
Several market drivers contribute to the growth of the omics-based clinical trials market, including technological advancements, precision medicine, the rising burden of chronic diseases, regulatory support, collaborations and partnerships, cost reduction and accessibility, and increasing data availability and analysis capabilities. Technology has enhanced the efficiency, accuracy, and cost-effectiveness of biological data analysis, whereas precision medicine seeks to give tailored therapies based on an individual's genetic and molecular traits. Regulatory agencies acknowledge the importance of omics technologies in drug development and patient care, and stakeholder alliances and partnerships promote knowledge exchange, speed research, and drive market expansion. Cost reduction and accessibility have enabled greater implementation of omics-based techniques, resulting in market growth. Data availability and processing skills have enabled researchers to extract useful insights from complicated biological data, resulting in increased demand for omics-based clinical trials.
Competitive Landscape
Some Major Key Players In The 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,
- Other Prominent Players
Market Segmentation:
The Omics-Based Clinical Trials Market is segmented by phase type, study design type and indication type. Based on phase type, the market is divided into Phase I, Phase III, Phase II and lastly, Phase IV. By study design type, the market is segmented into interventional studies, observational studies, and expanded access studies. By indication type, the market is segmented into oncology, respiratory diseases, cardiology, skin diseases, CNS diseases, immunology, genetic diseases, and others.
Based On Phase Type, The Phase II Category Controlled The Market For Omics-Based Clinical Studies.
The phase II category controlled the market for omics-based clinical studies. This is due to the enormous number of current clinical trials in phase II. In 2023, phase II clinical trials had the most projects, and this trend is projected to continue as company and non-industry sponsors increase their R&D investments. Furthermore, the segment's expansion is predicted to be driven by the globalization of clinical trials, the increasing number of industry-sponsored and non-industry-sponsored clinical studies in phase II, and the complexity of phase II clinical trials.
The Expanded Access Studies Segment Is Expected To Experience A Favorable CAGR.
The expanded access studies segment is expected to grow at a lucrative CAGR of 8.6% during the forecast period. Interventional study designs have been shown to produce the most trustworthy results in epidemiology research in genomics and other omics-based investigations. Intervention studies are often classified as either preventative or therapeutic. When an interventional study design is significantly randomized, the statistical test of significance is easily interpretable for researchers, making the study extremely useful in omics-based research.
In The Region, The North America Omics-Based Clinical Trials Market Holds A Significant Revenue Share.
North America led the market for omics-based clinical trials. This might be ascribed to significant R&D investments, the existence of multinational players, and efforts to develop fresh patents. Furthermore, Asia Pacific is the rapidly expanding market, as many developed countries invest in Asia-Pacific regions. Furthermore, recruitment for clinical trials is increasing in Asia compared to North America and Europe. This is owing to the vast patient population and low trial costs. The region has a well-developed clinical research industry, with numerous international pharmaceutical companies and CROs operating there for over two decades. Many organizations are expanding production facilities in the region to conduct omics-based research.
Recent Developments:
- In Jan 2023, Rznomics Inc. and Charles River Laboratories International, Inc. entered into a contract development and manufacturing organization (CDMO) partnership for viral vectors. By capitalizing on Charles River's expertise in viral vector CDMO, Rznomics intends to commence clinical development for liver cancer patients using its RNA-based anticancer gene therapy.
- In Jan 2022, Pfizer Inc. and BioNTech SE commenced a clinical trial to assess the safety, tolerance, and immune response of an Omicron-derived vaccination in healthy persons aged 18 to 55. The trial included three groups that investigated various dosages of the existing Pfizer-BioNTech COVID-19 vaccine or a vaccination based on the Omicron variant.
- In February 2021, Parexel and Neo Genomics developed a precision medicine strategic alliance with the goal of improving study designs and speeding up patient matching in cancer clinical trials.
Omics-Based Clinical Trials Market Report Scope
|
Report Attribute |
Specifications |
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Market Size Value in 2023 |
USD 29.51 Bn |
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Market Size Value in 2031 |
USD 54.42 Bn |
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Growth Rate CAGR |
CAGR of 8.13% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Phase Type, Study Design Type and Indication Type |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
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Competitive Landscape |
Parexel International Corporation, Pharmaceutical Product Development (PPD), Charles River Laboratory, ICON plc, SGS SA, Eli Lilly and Company, Pfizer Inc., Covance Inc., Novo Nordisk, and Rebus Bio |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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