The Worldwide Omics-Based Clinical Trials Industry is Expected to Reach $49.5 Billion by 2030 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Omics-Based Clinical Trials Market Size, Share & Trends Analysis Report by Phase (Phase I, Phase II, Phase III, Phase IV), by Study Design, by Indication, by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.

The global omics-based clinical trials market size is anticipated to reach USD 49.5 billion by 2030. The market is expected to expand at a CAGR of 7.4% from 2022 to 2030.

Omics has turned out to be the most advanced approach in molecular research. It includes all the field of biological sciences that ends with the suffix - omics. Various disciplines can be classified as omics such as proteomics, genomics, transcriptomics, and metabolomics. The outbreak of coronavirus accelerated the adoption of new approaches, models, and technology in clinical trials, this has positively impacted market growth.

The outbreak of COVID-19 has caused havoc and has disrupted almost every sector of industry. Initially, the outbreak has negatively impacted the ecosystem of clinical trials and affected many ongoing studies for numerous indications. However, in the second half of 2020, researchers started developing innovative therapeutics and vaccines against COVID-19, which has supported the market recovery and growth, and continuance of business by CROs. There has been an increase in the clinical trials activity with oncology trials attaining historically high levels. The extensive research for understanding the COVID-19 infection has turned the attention to the application of omics-based studies.

For instance, in June 2021, a group of researchers at University Hospital Tuebingen initiated a clinical trial on comparative genetic and immune response analysis of different COVID-19 vaccine candidates using a multi-omics approach. The growing application of spatial OMICS, for the identification of biomarkers, is a major factor boosting the growth of the market. To study the efficacy and toxicity of the drug, spatial OMICS play a major role and have simplified drug discovery and development. Biomarker identification along with the clinical application is widely used in drug development and discovery. Biomarkers are used to identify the pathway of the diseases and the progression and help to understand the cause.

The rising prevalence of chronic diseases such as cancer and cardiac disorders and the increasing demand for omics-based clinical trials in developing countries are boosting the market's growth. Cancer is one of the leading causes of death in the United States. In 2018 alone, there were an estimated 1,735,350 new diagnoses and 609,640 cancer-related deaths.

Single-cell multi-OMIC analysis is a novel tool that is opening doors in cancer drug development and further advance the current treatment options. The market is also driven by a rising number of biologics, demand for advanced technologies, and the need for personalized medicines and orphan drugs. Additionally, growing biotechnology and the pharmaceutical industry have propelled the demand for non-invasive instruments, full applications for single-cell multi-omics technology, and conventional labs are bolstering future market growth.

Omics-Based Clinical Trials Market Highlights

• By phase type, phase II segment held the largest market share in 2021 with a share of 37.8% due to the major number of phase II omics-based ongoing clinical trials
• Based on the study design, interventional studies had the highest market share in 2021 since, among the three types of studies, interventional studies accounted for a larger number of clinical trials, especially in oncology
• The oncology segment dominated the indication segment in 2021 owing to the rising research attention in the field and increasing demand for omics-based clinical trials for early detection and prevention of the disease
• North America is expected to maintain its lead in the market over the forecast period owing to technological advancements, rising R&D, and the presence of major pharmaceutical and biotechnology players in the region

Market Dynamics

Drivers

• Rising investment by major pharmaceutical companies
• Shift towards personalized medicine
• Growing prevalence of chronic disorders
• Increasing partnership and collaboration

Restraints

• Rising costs of clinical trials

Opportunities

• Mergers & acquisitions for facility expansion
• Growing demand for omics approaches for clinical trials

Companies Mentioned

• Parexel International Corporation
• Pharmaceutical Product Development (PPD)
• Charles River Laboratory
• ICON plc
• SGS SA
• Eli Lilly and Company
• Pfizer Inc.
• Merck & Co., Inc.
• Covance Inc.
• Novo Nordisk
• Rebus Bio

For more information about this report visit https://www.researchandmarkets.com/r/jiygme