Clinical trials are the gold standard and must for generating evidence-based data and knowledge in medicine. Clinical trials conducted on children (between age group of 0 to 18) for research and development of drugs or formation of new drugs are called as pediatric clinical trials. Pharmaceuticals and biotechnological industries and government regulatory bodies are collectively focused on improving research and development for pediatrics population. A new law in the U.S. and Europe was passed as pediatric regulation 2007 that required new adult drugs to be tested for use in children. This in turn is expected to lead to increasing number of pediatric clinical trials in the U.S. and worldwide.
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Robust product pipeline, increasing approval of new pediatric drugs and high outsourcing for drug development are major factors driving pediatric clinical trials market growth. According to Pharmaceutical Research and Manufacturers’ Association (PHRMA) data in 2018, over 1,300 industry-sponsored pediatric clinical trials are underway across a variety of therapeutic areas, including diseases where there is significant unmet need such as infectious diseases, neurologic conditions, genetic disorders, and several forms of cancer. Similarly, 5 pediatric drugs received U.S. FDA approvals in 2018 and 4 and 7 in 2017 and 2015, respectively.
Moreover, introduction of new approaches in clinical research and implementation of advanced technology is expected to boost the market growth. Adoption of data analytics and machine learning platforms is expected to help in better management of the data generated during trials, which can play key role in faster drug development.
Key features of the study:
This report provides in-depth analysis of the pediatric clinical trials market, provides market size (US$ million) and Compound Annual Growth Rate (CAGR %) for the forecast period (2018 – 2026), considering 2017 as the base year
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategy adopted by key players
It profiles key players in the global pediatric clinical trials market based on the following parameters–company overview, financial performance, product portfolio, market presence, distribution strategies, key developments, strategies, and future plans
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Robust product pipeline, increasing approval of new pediatric drugs and high outsourcing for drug are factors driving growth of the market
Increasing number of drugs under clinical stage of development in order to cater to unmet medical needs for pediatric patient population is expected to boost the market growth. According to Pharmaceutical Research and Manufacturers’ Association (PHRMA) data in 2018, over 1,300 industry-sponsored pediatric clinical trials are underway across a variety of therapeutic areas, including diseases where there is significant unmet need such infectious diseases, neurologic conditions, genetic disorders, and several forms of cancer. Furthermore, robust product pipeline and increasing approval of new pediatric drugs is expected to boost the market growth.
Major players operating in the global pediatric clinical trials market include, Syneos Health Inc., IQVIA Holdings, Inc., Charles River Laboratories International Inc., Covance Inc., ICON plc., Pharmaceutical Product Development, LLC, Genentech (F. Hoffmann-La Roche AG), Pfizer, Inc., Bristol - Myers Squibb, GlaxoSmithKline plc., Sanofi S.A., Novartis AG, Johnson & Johnson, Merck & Co., Inc., Shire plc., and Vertex Pharmaceuticals Inc.