Oncology studies underway to increase demand for omics-based clinical trials by 7.5% CAGR through 2032
Omics-Based Clinical Trials Market to Hit $61.7 billion in 2032; Oncology app to contribute more than 33.6% of global sales
Fact.MR offers a detailed analysis of the Global Omics-Based Clinical Trials Market with a 360 degree view for the forecast period 2022 to 2032. It also provides key insights such as growth drivers, trends, and opportunities across multiple segments including phase type, design type study, indication and application in seven major regions.
NEW YORK, April 7, 2022 /PRNewswire/ — The global omics-based clinical trial market is expected to grow 2.2x, growing at 8.1% CAGR during the forecast period. According to the study, the sales of the omics-based clinical trials market are expected to reach a valuation of $61.7 billion by 2032.
The growing need for patient stratification to understand complex diseases and therapeutic strategies will create substantial growth prospects for the market. Additionally, the increasing adoption of new technologies, methods, and models in clinical trials as a result of the COVID-19 outbreak will positively impact the market.
In addition to this, the growing number of oncology trials has emphasized the application of omics-based studies. This will propel the growth of the market over the coming years.
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With the growing demand for personalized medicine and orphan drugs, the demand for omics technologies and sequencing technologies is driven. This is expected to drive the demand for omics-based clinical trials in the market.
Also, increasing investment in research and development (R&D) activities to develop precision medicine-based data by leading players to update their product range is likely to boost the market.
Subsequently, the increased application of single-cell multi-omics technology, non-invasive instruments and traditional labs will increase the demand in the market. This is expected to drive the growth of the omics-based clinical trials market.
Base year value (2021A)
Projected year value (2032F)
World growth rate (2022-2032)
Key points to remember:
The U.S. omics-based clinical trial market is expected to hold more than 35% of the demand share owing to the growing prevalence of cancer and cardiovascular disorders.
Indications are that the oncology segment is expected to register a CAGR growth of 7.5% between 2022 and 2032.
Asia Pacific The omics-based clinical trial market is expected to grow at a CAGR of nearly 9.0%.
In terms of study design type, the interventional studies segment is expected to grow at an annual rate of 8.4% over the forecast period.
By phase type, the phase II segment is expected to lead the market, growing at a CAGR of 7.6% through 2032.
The prevalence of chronic diseases increases the demand for biological targets, such as biomarkers, serving as clinical risks and therapeutic targets. This is likely to increase the growth of the market.
Advancements in omics technologies enable detailed analysis of proteome, metabolome, genome, and transcriptome, thereby enabling the growth of the market.
Rising expenditure during omics-based clinical trials is expected to hamper the market growth.
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The omics-based clinical trial market is highly competitive owing to the presence of small and medium-sized enterprises and large corporations. In addition to this, the adoption of various tactics by manufacturers is likely to help their businesses.
Leading companies operating in the global omics-based clinical trials market are focusing on innovating their manufacturing capabilities and product lines to enhance their global footprint.
February 2021: Parexel has entered into a strategic partnership with Neo Genomics to advance their study designs and strengthen patient matching in oncology clinical trials.
December 2021: Rebus Biosystems Inc., a US-based life science technology company, has acquired the test assets and investigational products (IP) of EEL Transcriptomics AB.
Top Companies Featured by Fact.MR
Parexel International Corporation
Charles River Laboratory
Pharmaceutical Product Development (PPD)
Eli Lilly and company
More Valuable Insights into the Omics Based Clinical Trials Market
Fact.MR in its latest report provides an in-depth market analysis on the global Omics-Based Clinical Trials Market for the forecast period 2022 to 2032. This study also offers crucial insights on growth opportunities and Key trends impacting sales in the Omics-Based Clinical Trials Market by detailed segmentation as follows:
What will be the growth rate of the global Omics-Based Clinical Market in 2022-2032?
Who are the manufacturers dominating the global clinical omics market?
What are the latest trends contributing to the growth of the clinical omics market?
What is the sales forecast of the omics-based clinical market in 2022?
What are the factors hindering the expansion of the Global Clinical Omics Market?
What is the estimated market share of the global clinical omics market over the forecast period (2022-2032)?
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eCOA, eSource and clinical trials market: The growing number of problems associated with paper-based data collection is expected to increase the adoption of new technologies. This will likely create prolific opportunities for the eCOA, eSource, and clinical trial market. In addition to this, the increasing use of digital solutions to save time and money in carrying out trials will further increase the sales in the market.
clinical trial logistics market: Rising number of clinical trials conducted by government and pharmaceutical companies will fuel the growth of the market. Additionally, advancements in drugs and biologics such as testing and development of new products, operations, drugs, and experiments are driving the clinical trial logistics market.
Clinical EHR Systems Market: Global clinical EHR system sales in healthcare are driven due to providing easier access to patient data, patient safety via decision support and accurate structuring of information. Also, the growing need for remote monitoring of geriatric patients will drive the expansion of the market.
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