Omics Based Clinical Trials Market
Omics Based Clinical Trials Market Analysis By Phase (Phase 1, Phase 2, Phase 3, Phase 4), By Study Design (Interventional, Observational, Expanded Access Studies), By Indication (Oncology, Cardiology, Skin Diseases, Immunology), By Region - Global Insights 2022-2032
Omics Based Clinical Trials Market Outlook
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.
Key Points Covered in Omics Based Clinical Trials Market Survey :
- Market Estimates and Forecasts (2017-2032)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- COVID-19 Impact on Omics Based Clinical Trials Market and How to Navigate
- Recommendation on Key Winning Strategies
Revenue of Omics Based Clinical Trials Markets from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032
As per the Omics Based Clinical Trials Markets research by Fact.MR - a market research and competitive intelligence provider, historically, from 2017 to 2021, market value of the Omics Based Clinical Trials Markets increased at around 8.0% CAGR, wherein, countries such as the US, China, Japan, Germany, and India held significant share in the global market.
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.
How the Rising Use of Multi Omics in Research is Making Omni Based Clinical Trials Markets an Essential Component?
Advanced omics technologies, including single-cell omics and multi-omics, are being used to evaluate a variety of cancer immunotherapies. Furthermore, given the precision medicine environment, the expanding use of multi-omics in research, as well as the penetration of contemporary sequencing technologies, is boosting the market.
COVID-19 has caused substantial supply chain lags in the pharmaceutical industry. The pandemic also had impact on omics based clinical trials. Using an integrative investigation of genomic, proteomic, transcriptomic, lipidomic, and metabolomic profiles, a trans-omics landscape for COVID-19 was discovered. This has created a wide window of opportunity for the market growth. The market for omics-based clinical trials has witnessed a substantial number of consolidations in recent years in the pharmaceutical industry.
To learn more about the COVID-19 virus, several small enterprises have started omics-based clinical trials. There is a growing demand for a pattern shift toward patient classification, if not even personalised care. Complex diseases that urgently required a sound understanding, analysis and effective therapeutic strategies.
Omics-based studies enable development of precision medicine-based data, For instance, DNA sequencing technique is being used to identify genetic material which addresses specific cancer. Besides, technological advancements in omics technologies enable retrieval of comprehensive and holistic data, which includes genome, proteome, transcriptome, and metabolome.
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How is Rising Chronic Disease Boosting Growth of Omics Based Clinical Trials Market?
Due to the COVID-19 epidemic, investment in the pharmaceutical business was increased significantly by prominent actors in order to increase their productivity. This also boosted the demand for omics-based clinical trials. With the rising global prevalence and burden of chronic diseases such as cancer, researchers are looking at several biological targets that could serve as biomarkers of clinical risk as well as therapeutic targets.
Omics based clinical, trials has shown to be the most advanced molecular research method. It encompasses all biological sciences fields that conclude with the suffix -omics. Proteomics, genomics, transcriptomics, and metabolomics are only a few of the omics fields. The coronavirus outbreak has hastened the use of new methodologies, models, and technologies in clinical trials, which has boosted market growth.
Which Region is projected to Offer the Largest Opportunity for Omics Based Clinical Trials Market?
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.
An Adaptive Approach to Modern-day Research Needs
Which Country Lies at the CenterStage for Omics Based Clinical Trials Market Revenue?
U.S. had the biggest revenue share of over 35% in 2021. The market is growing due to the increased prevalence of chronic diseases such as cancer and heart disorders. In the U.S., cancer is one of the prominent causes of death. There were around 1,735,350 new cancer diagnoses and 609,640 cancer-related deaths in 2018.
The single-cell multi-OMIC analysis is a revolutionary method that is helping to advance cancer drug research and therapy alternatives. A growing number of biologics, need for new technologies, and the need for tailored medications and orphan drugs are driving the industry ahead. Furthermore, rising biotechnology and pharmaceutical industry needs has boosted demand for non-invasive equipment, full applications for single-cell multi-omics technologies, and traditional labs, all of which are expected to drive future market expansion.
Why Phase II Segment Dominated over the Other Phases?
In 2021, the phase II segment dominated the market for omics-based clinical trials, accounting for 37.2% of total revenue. Over the forecast period, the overall segment is expected to grow at 7.6% CAGR. This is due to a huge number of ongoing phase II clinical trials. Phase II clinical trials had the most projects in 2020, and this trend is projected to continue as industry and non-industry sponsors increase their R&D investments. Furthermore, the globalisation of clinical trials, increasing number of industry-sponsored and non-industry-sponsored phase II clinical trials, and the complexity of phase II clinical trials are likely to propel the segment forward.
Which Segment Acquire the Largest Market Share under Study Design?
In 2021, Under Study Design segment the interventional studies category dominated the market for omics-based clinical trials, accounting for 76.4% of total revenue. Due to growing number of interventional clinical trial designs, the segment is predicted to grow at an annual rate of 8.4% throughout the projection period. Interventional studies are classified according to the intervention being researched, which can be a medication or biologic, a surgical procedure, a behavioural intervention or a device. Clinicaltrials.gov has a huge number of interventional studies, particularly in oncology. Over the time, there has been a huge increase in the number of interventional studies conducted.
What are the Market Insights about Segment Indication?
In 2021, the oncology segment dominated the market for omics-based clinical trials, accounting for 33.6% of total revenue. During the projected period, the segment is expected to grow at an annual rate of 7.5%. Global cancer incidences are forecast to increase by 50%, and global cancer fatalities are estimated to increase by 60% by 2030, indicating that omics-based clinical trials in this area have a bright future.
How Has COVID-19 Impacted Revenue Generation from Omics Based Clinical Trials Market?
COVID-19 has wreaked havoc on the pharmaceutical industry's supply chain. COVID-19, on the other hand, has produced multiple omics outcomes. A trans-omics landscape for COVID-19 was published based on an integrated investigation of genomic, proteomic, transcriptomic, lipidomic, and metabolomic profiles. As a result, the market has a significant possibility to expand. To further comprehend the COVID-19 virus, several small businesses have begun omics-based clinical trials.
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.
Some of the recent developments of key Omics Based Clinical Trials providers are as follows:
- In December 2021, Rebus Biosystems Inc., a life science technology firm based in the U.S., stated that it had acquired the assay assets and IP of EEL Transcriptomics AB, a privately held company focused on high-plex spatial transcriptomics with single-cell resolution.
- In November 2021, ICON plc announced that its Accellacare Site Network had grown in reach and capabilities as a result of new relationships with six research sites in four countries.
- In February 2021, Parexel and Neo Genomics established a strategic alliance in precision medicine with the goal of improving study designs and speeding up patient matching in oncology clinical trials.
- In March 2019, Mission Bio and Labcorp teamed to use single-cell genomics to expedite targeted medication development.
Similarly, recent developments related to companies offering Omics Based Clinical Trials have been tracked by the team at Fact.MR, which are available in the full report.
Omics Based Clinical Trials Market Report Scope
Historical Data Available for
US$ Bn for Value
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
Market Segments Covered in Omics Based Clinical Trials Market Analysis
By Phase Type :
- Phase 1
- Phase 2
- Phase 3
- Phase 4
By Study Design Type :
- Interventional Studies
- Observational Studies
- Expanded Access Studies
By Indication :
- Respiratory Diseases
- Skin Diseases
- CNS Diseases
- Genetic Diseases
- Other Indications
By Region :
- North America
- Latin America
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