According to the research report titled ‘Global Omics-Based Clinical Trials Market Size study, by Phase (Phase I, Phase II, Phase III, Phase IV), By Study Design (Interventional Studies, Observational Studies, Expanded Access Studies), By Indication (Oncology, Cardiology, Respiratory Diseases, Skin Diseases, CNS Diseases, Immunology, Genetic Diseases (includes the rare diseases), Others (includes ophthalmic, ear diseases)) and Regional Forecasts 2022-2028’, available with MarketStudyReport, global omics-based clinical trials market was worth USD 24.4 billion in 2021 and is anticipated to witness a CAGR of 7.4% over the forecast period to accumulate USD 40.2 billion by the year 2028.
As per experts’ prediction, rising prevalence of chronic diseases, and increasing demand for omics approaches for clinical trials are the major growth determinants for global omics-based clinical trials market.
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For the unversed, omics-based clinical trials are used for the clinical analysis of patients related to metabolomics epigenomics, genomics, proteomics etc. Clinical trials using an omics platform are becoming more and more popular thanks to rising pharmaceutical company funding, which is aiding in industry expansion.
However, soaring costs of clinical trials may hamper the industry expansion in the coming years.
Based on phase, the market is divided into phase IV, phase III, Phase II, and Phase I. In terms of study design, the market is branched into expanded access studies, observational studies, and interventional studies. On the basis of indication, global omics-based clinical trials marketplace is segregated into genetic diseases (includes the rare diseases), immunology, CNS diseases, skin diseases, respiratory diseases, cardiology, oncology, and others (ear and ophthalmic diseases).
Moving on regional scope, North America market is witnessing notable growth currently, due to the rising prevalence of chronic diseases, presence of major companies, and growing investment for the advancement of healthcare vertical in the region.
Whereas Asia Pacific industry is poised to witness a healthy CAGR over the analysis timeframe, on the back of rising R&D efforts in clinical trials, and increasing government spending on healthcare.
Rebus Biosystems, Novo Nordisk A/S, Covance Inc., Pfizer Inc., Eli Lilly and Company, SGS SA, Icon plc, Charles River Laboratories International Inc., Pharmaceutical Product Development (PPD) Inc., and Parexel International Corporation are the leading players in global omics-based clinical trials market.