Newly-released Omics Based Clinical Trials Market analysis report by Fact.MR shows that global sales of Omics Based Clinical Trials Market in 2021 was held at US$ 26.2 Bn. With 8.1%, the projected market growth during 2022 – 2032 is expected to be significantly higher than the historical growth. Interventional Studies is expected to be the highest revenue generating segment, accounting for an absolute dollar opportunity of nearly US$ 26.6 Bn during 2022 – 2032.
The constant surge in demands for Omics-Based Clinical Trials is due to Covid-19 pandemic. The main drivers were rising investment in the pharmaceutical industry by the prominent participants to enhance their productivity, rising demand for omics-based clinical trials, and increasing prevalence of chronic disorders. Owing to this, Omics Based Clinical Trials Markets is projected to grow at a CAGR of 8.1% over the coming 10 years.
Omics-Based Clinical Trials Market was valued at US$ 26.2 Bn in 2021. Covid 19 emerged as a turning point for Omics Based Clinical Trials Market and it grew at a 7.5% annual pace compared to the previous year 2020, wherein the valuation was US$ 24.2Bn. According to Fact.MR, Omics Based Clinical Trials Market revenue is projected to increase 2.2X times between 2022 and 2032, reaching roughly US$ 61.7 Bn in 2032.
In terms of Study Design, the sub-segment Interventional Studies accounts for more than 75% of the market.
In terms of Indication, Oncology, Cardiology and Respiratory Diseases accounted for a combined share of 58.3%.
North America is the dominant region in Omics Based Clinical Trials Markets with absolute dollar opportunity of US$ 13.4 Bn during the forecast period.
Owing to the ease of regulatory compliance, low study costs, growing patient population, and the existence of a few elite clinical institutions acting as sites, Asia-Pacific has become a hotspot for conducting clinical trials. Omics Based Clinical Trials Market revenue is estimated to expand at the fastest rate in APAC between 2022 and 2032, with a projected growth rate of around 9.0%. China’s regulatory bodies, for example, are attempting to improve the clinical trial process by shortening the total review and approval procedure.
Due to the presence of a large number of developed as well as medium to small-sized organisations, the market for omics-based clinical trials is significantly competitive. A number of market participants are privately held or are part of the portfolios of private equity companies. Some of the key prominent players in the Omics Based Clinical Trials market include: 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.
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