According to report the worldwide pediatric clinical trials market is expected to reach US$ 26.2 Billion by 2028, up from US$ 7.5 Billion in 2017. This is because the number of children that need supervision in clinical trials is growing each year, and more paediatric researchers are involved in these type of trials.
Pediatric Clinical Trials Market Drivers
Some clinical trials have failed due to efficacy, insufficient enrollment, and cost-to-benefit. It is predicted that the pediatric clinical trial market will continue to transform with increasing emphasis on registries as well as tiered opportunities for research sponsors to either conduct or not conduct a trial based on various commitments and competitive pricing models.
Adult Clinical Trials Market
It’s been 4 years since the onset of the pediatric clinical trials boom. With the increase in demand for pediatric clinical trials has come a rise in the number of companies willing to conduct research on children and adolescents. This trend is expected to continue both globally and regionally with additional opportunities opening up as more scientific evidence continues to emerge on how to improve treatment regimens for childhood disease by optimizing them as trial-designs.
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Global Adult Clinical Trials market United States
Global Adult Clinical Trials market was valued at US$5.5 billion in the year 2012, and is anticipated to rise at a compound annual growth rate of 6.4% with the United States market being worth US$2.6 billion by 2028. The lead-time between new clinical trials markets are getting shorter and shorter, especially in areas where treated patient populations are changing rapidly. Based on these findings, Transparency Market Research expects significant growth potential for global adult clinical trials market during the forecast period 2018 to 2028 .
The market is defined for the global market to include the regions, which includes North America (the U.S. and Canada), Middle America (Mexico and Central America), Europe
Asia-Pacific Ex-Japan (China and India), Japan, Asia ROW countries (Latin America , including Seireitei and North Africa, such as the Latin America ,South Africa and North Africa). The Asia ROW countries are expected to register the fastest growth rate in terms of investments, technological advancements and services in 2018 compared to previous years. Europe, Middle East and Africa (MEA ) region is increasingly focusing on generative energy by setting up large scale solar parks for power generation benefits.
Global pediatric trials market Germany
The global pediatric clinical trials market is expected to surpass US $1 billion by 2028. The European region was the largest overall regional markets with a market size of US $325.9 million in 2017. North America held the second place with a total market worth of US$318.4 million in 2017, followed by Asia Pacific with an estimated year-end value of US$195 million and Middle East & Africa with an estimated year-end value of
US 201 million.
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Implications of Technologies in the Clinical Trial Process
With more patients trying to enroll in clinical trials than ever before and issues with recruiting qualified trial participants, finding new tools is key for the pharmaceutical industry. Technologies like cloud and artificial intelligence solutions are making progress in advancing the clinical research process and freeing hours of work from researchers who previously relied on hand calculations. Examples from the field illustrate that there are opportunities to improve efficiency and make clinical trials more transparent while bringing patients closer to benefiting from new treatments.
Key Challenges: Evaluating products/trials in different countries, Recording of side effects, Risk to society
The global market for pediatric clinical trials alone is projected to reach around $262 billion by 2028, according to Med tech Insight. However, it will become increasingly challenging in the coming years for government officials involved in healthcare policy to ensure that products being tested on children are safe and effective for them. One of the key obstacles is how these trials will be conducted in different countries as well as how these studies are supervised and how side effects from products are recorded. In addition, there is a danger that unsupervised clinical trials will detract from patient safety if they go unreported. The proper supervision of biomedical trial results remains a cause for concern throughout all research projects: specifically with life-saving medicines.