Press Release

Omics-Based Clinical Trials Market to grow with a CAGR of 7.25%

Increasing healthcare infrastructure and a supportive regulatory environment are the major drivers for the Global Omics-Based Clinical Trials Market.

 

According to TechSci Research report, “Global Omics-Based Clinical Trials Market Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, Global Omics-Based Clinical Trials Market has valued at USD 26.67 billion in 2022 and is anticipated to witness an impressive growth in the forecast period with a CAGR of 7.25% through 2028. This can be due to collaborations and partnerships among leading companies with a diverse approach to merge the expertise of individual companies and to strengthen their position in the market.

Personalized Medicine is a significant driver of the Global Omics-Based Clinical Trials Market. Personalized therapies are designed based on a patient's specific genetic, molecular, and clinical profile. By targeting the underlying causes of a disease or condition, these treatments have the potential to be more effective than standard treatments that may not address the individual variability in disease mechanisms. Standard treatments often have side effects that can be severe and impact a patient's quality of life. Personalized therapies aim to minimize these side effects by delivering treatments that are precisely matched to the patient's biology, reducing the risk of adverse reactions. Personalized medicine allows for earlier disease detection and more accurate diagnosis, enabling interventions at an earlier stage when treatments are often more effective. This can lead to better disease management and improved outcomes. In the case of pharmacogenomics, which is a subset of personalized medicine, genetic information is used to determine how an individual metabolizes drugs. This information helps healthcare providers select the most appropriate medications and dosages, increasing treatment effectiveness. In oncology, personalized therapies have gained prominence. Genetic testing can identify specific mutations driving cancer, allowing for the selection of targeted therapies that precisely inhibit these mutations. This approach has shown significant success in improving cancer treatment outcomes.

 

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 The pharmaceutical industry witnessed substantial investment from major players due to the COVID-19 pandemic. This surge in investment had a positive influence on omics-based clinical trials, especially as chronic diseases became more prevalent. Researchers are now exploring various biological markers that can indicate clinical risks and serve as potential therapeutic targets. This shift is in response to the rising global incidence and impact of chronic conditions like cancer.

In February 2021, Parexel, a prominent provider of solutions aimed at expediting the development and distribution of innovative therapies for global health improvement, spanning from clinical phases to commercialization, has entered a strategic partnership with NeoGenomics, Inc. NeoGenomics is a leading provider of genetic testing services with a focus on cancer and offers global oncology contract research services. This collaboration is aimed at advancing the utilization of precision medicine in clinical trials within the field of oncology. It involves the application of real-world genomics data to expedite patient matching, optimize trial design, refine site selection, enhance clinical development, and advance translational research efforts. The partnership with NeoGenomics will bolster Parexel's utilization of real-world data across a range of applications. These applications encompass tasks such as identifying and assessing the prevalence of genomic mutations in specific populations, employing genomic patterns to categorize patients based on emerging biomarkers, and leveraging de-identified patient data for precise targeting of patient groups. These collective datasets aim to enhance the assessment of clinical trial feasibility, improve patient matching, and establish a comprehensive understanding of the patient journey by linking genomic information with clinical and consumer data. Ultimately, this collaboration will expedite the enrollment of patients with both common and rare cancer mutations into relevant clinical trials, increasing the likelihood of successful treatment outcomes.

 Data privacy and security are significant challenges in the global omics-based clinical trials market. Omics-based clinical trials involve the collection of highly sensitive and personal patient data, including genetic information, medical histories, and clinical outcomes. Protecting this information from unauthorized access and breaches is paramount. Omics technologies generate vast amounts of data, making it challenging to manage and secure large datasets effectively. Ensuring the confidentiality and integrity of these data is essential. Clinical trials often involve collaborations among multiple research institutions, pharmaceutical companies, and healthcare providers. Sharing omics data while maintaining privacy can be complex, especially when different organizations are involved. Genomic data has unique privacy considerations due to its potential for re-identification. Even when data is anonymized, advances in genomic research and the availability of public databases can sometimes lead to re-identification of individuals.

Global Omics-Based Clinical Trials Market is segmented based on Phase, Study Design, By Indication, and by region.

Based on Phase, Global Omics-Based Clinical Trials Market is segmented into (Phase I, Phase II, Phase III, and Phase IV. Phase III of a clinical trial is a critical stage in the drug development process, where a new medical intervention, typically a drug or therapy, is rigorously evaluated for its safety, efficacy, and potential benefits in a larger and more diverse patient population. Phase III trials follow Phase I and Phase II trials and precede regulatory submission for approval. Phase III trials involve a larger number of patients, often numbering in the hundreds or even thousands. This is necessary to detect statistically significant differences between the treatment group and the control group. Patients are randomly assigned to either the treatment group (receiving the investigational drug or therapy) or the control group (receiving a placebo or standard of care). The primary objective of Phase III trials is to assess the efficacy of the investigational treatment. Researchers aim to determine whether the treatment is more effective than existing therapies or a placebo. Phase III trials continue to monitor the safety profile of the treatment, identifying any potential side effects or adverse reactions, especially those that may be rare or delayed. Phase III trials are typically longer in duration compared to earlier phases, often lasting several years. This extended timeline allows for the collection of long-term safety and efficacy data.

Based on Region, North America dominated the Global Omics-Based Clinical Trials Market. The United States has well-established regulatory agencies like the FDA (Food and Drug Administration), which have experience in evaluating omics-based therapies and diagnostics. A clear regulatory framework facilitates clinical trial approvals. Leading academic and research institutions in North America collaborate with the pharmaceutical industry to conduct clinical trials. These institutions often have the expertise and infrastructure needed for omics research. North America has access to substantial funding sources for clinical trials, including government grants, venture capital, and philanthropic organizations that support medical research. Close collaborations between academia, healthcare institutions, and the private sector contribute to the success of omics-based clinical trials. These partnerships accelerate the translation of research into clinical applications. Patients in North America tend to be well-informed and proactive in participating in clinical trials. Public awareness campaigns and patient advocacy groups also play a role in patient engagement. North America has extensive healthcare databases and bioinformatics resources, which are valuable for omics-based research and patient data analysis.

The Asia-pacific region witnesses the fastest growth in the Global Omics-Based Clinical Trials Market. The Asia-Pacific region is home to a vast and diverse population, including various ethnic groups. This diversity is valuable for clinical trials, as it allows for the inclusion of a wide range of genetic and demographic backgrounds, making research findings more applicable to global patient populations. Asia-Pacific countries are experiencing a growing burden of chronic diseases such as cancer, cardiovascular diseases, and diabetes. These diseases often require personalized treatment approaches, driving the demand for omics-based clinical trials to develop targeted therapies. Many countries in the Asia-Pacific region have been increasing their healthcare expenditure and infrastructure. This investment supports the growth of clinical research and trials, including those that leverage omics technologies. The pharmaceutical and biotechnology industries in Asia-Pacific countries, particularly in countries like China and India, have been expanding rapidly. These companies are increasingly involved in clinical research and are driving the demand for omics-based trials.

 

Some of the major companies operating in the Global 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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“Certain areas, particularly in North America, are projected to exert significant demand for Omics-Based Clinical Trials. The growth in the competitive landscape and the presence of well-established companies in the market, committed to enhance the overall wellbeing of people each year, are expected to contribute to a remarkable growth of the Global Omics-Based Clinical Trials Market in the forecast period," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.

Omics-Based Clinical Trials Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Phase (Phase I, Phase II, Phase III, and Phase IV), By Study Design (Expanded Access Studies, Interventional Studies, and Observational Studies), By Indication (Cardiology, CNS Diseases, Genetic Diseases, Immunology, Oncology, Respiratory Diseases, and Skin Diseases), by region, and Competition evaluated the future growth potential of Global Omics-Based Clinical Trials Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Omics-Based Clinical Trials Market.

 

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