Pediatric Clinical Trials Market Forecast to Grow at 9% CAGR
The Pediatric Clinical Trials Market report presents the industry sales and revenue by companies, regions, type and application and forecast to 2028. This report also studies the market status, competition landscape, market share, growth rate, future trends, market drivers, opportunities and challenges, sales channels, distributors and Porter’s Five Forces Analysis.
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Pediatric clinical trials are typically designed and carried out with children in mind as their primary participants. As with other clinical trials, it starts with an extensive detailed program for study activities and then the initial detailed plan for study activities. But unlike other clinical trials, a pediatric clinical trial is specifically designed with specific considerations for children. The age and overall health of the child must be considered above all else. This will include details about the child’s medical history as well as any family medical history and any environmental factors which may be relevant to the study. Pediatric clinical trials have specific procedures which must be followed in order to minimize risks and ensure accuracy of results. Most researchers work with hospitals that are associated with the research organization. The hospital staffs are fully aware of the procedures and the protocols to follow.
Key Market Drivers:
The increasing prevalence of newborns in the world is the main factor that is estimated to augment the growth of the pediatric clinical trials market. For instance, according to North Leeds Mumbler, around 130 million babies take birth annually in the world. In Regions such as Central Asia, Europe, and the UK, around 0.35 babies are born each second, which equals around 21 every minute. It is the responsibility of the parents to ensure that their child is not involved in the process of the study. Parents need to understand and provide complete information about their child’s participation in the research studies. The hospital should inform the parents about the registration process as well as the date when the participant registration will begin. Hence, several strategies taken by key market players for improving the experience are expected to fuel the growth of the pediatric clinical trials market.
During the COVID-19 pandemic, the birth rate in several nations fell. For instance, according to the Indian Express, in 2021 US witnessed a big reduction in birth rate, France and China also recorded very low birth rates. This decreasing birth rate increased the requirements for pediatric clinical trials and hence helped the growth of the global pediatric clinical trials market.
Key Takeaways:
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The size of the global pediatric clinical trials market is assessed to increase at a CAGR of 14.5%, owing to increasing clinical trials in the world. For instance, in June 2021, Pfizer Inc. announced that is operating Phase 2/3 pediatric clinical trials in the United States, for a lower dose than the vaccine dose for adults, and also started enrolling children.
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North America is expected to hold a major share of the global pediatric clinical trials market, owing to the increasing rate of pediatric clinical trials in the region, along with the growing prevalence of pediatric hospitals in the region. For instance, according to the U.S. National Institutes of Health, there are more than 250 children’s hospitals.
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The Asia Pacific is estimated to witness high growth in the global pediatric clinical trials market, owing to the increasing incidence of birth rates in regions such as India and China. For instance, according to The Hindu, on 1st January 2020, around 67,385 babies were born in India, and 46,299 babies were born in China.
Top Key Players Include In Pediatric Clinical Trials Market: Syneos Health Inc., IQVIA Holdings, Inc., Charles River Laboratories International Inc., Covance Inc., ICON plc, Pharmaceutical Product Development, LLC, Genentech (F. Hoffmann-La Roche AG), Pfizer, Inc., Bristol – Myers Squibb, GlaxoSmithKline plc., Sanofi S.A., Novartis AG, Johnson & Johnson, Merck & Co., Inc., Takeda Pharmaceutical Company Limited, and Vertex Pharmaceuticals Inc.
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