According to a recently released Fact.MR report, the Omics Based Clinical Trials Market revenues were estimated to be US$ 26.2 Bn in 2021 and are projected to increase at a CAGR of 8.1% from 2022 to 2032. The market is anticipated to reach US$ 61.7 billion by the end of 2032. Throughout the analysis period, it is anticipated that the market for Interventional Studies will continue to be profitable.
Key market players made significant investments in the pharmaceutical sector as a result of the COVID-19 outbreak, which had a positive effect on omics-based clinical trials where the prevalence of chronic illnesses was the main driver. In light of the rising global prevalence and burden of chronic diseases like cancer, researchers are examining a wide range of biological targets that may act as markers of clinical risk as well as therapeutic targets.
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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
Key Takeaways from the Market Study
- Global Omics Based Clinical Trials Market is expected to reach a market size of US$ 28.3 Bn by 2022.
- The phase II segment, which accounted for 37.2% of total revenue in 2021, dominated the market for omics-based clinical trials.
- Interventional Studies is expected to be the highest revenue generating segment between 2022 and 2032, with an expected growth of 4.9X.
- North America is projected to experience a CAGR of 8.1% across the 2022-2032 forecast period.
The market for omics-based clinical trials is extremely competitive due to the presence of a significant number of developed as well as medium to small-sized organizations. The increased frequency of chronic diseases including cancer and heart disorders, as well as the growing demand for omics-based clinical trials in emerging countries, are propelling the market forward. Several strategies are being employed by companies to remain competitive.
- In December 2021, Rebus Biosystems Inc., a US-based life science technology company, announced that it has acquired the assay assets and intellectual property of EEL Transcriptomics AB, a privately held company specialized on high-plex spatial transcriptomics with single-cell resolution.
- In November 2021, ICON plc announced that its Accellacare Site Network had expanded its reach and capabilities as a consequence of new partnerships with six research sites in four countries.
- In February 2021, Parexel and Neo Genomics formed a precision medicine strategic alliance, with an objective of improving study designs and accelerating patient matching in oncology clinical trials.
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