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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