Pediatric Clinical Trials Market To Hit Value .6 Billion By 2030 |Grand View Research, Inc.Posted by Mrudula Karmarkar on October 7th, 2022 The global pediatric clinical trials market size is expected to reach USD 23.6 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 5.1% over the forecast period. The market is growing on account of the rise in the number of pediatric clinical studies globally. As per the BMC journal, between January 2008 and December 2010, 7,029 pediatric clinical trials were registered. Whereas, between January 2017 and December 2022, the number of registered pediatric clinical trials was 11,738, which certainly reflects a significant surge in the total number of trials across the industry. The treatment options for COVID-19 pediatric patients were limited at the start of the pandemic, owing to which, in May 2020, FDA granted an Emergency Use Authorization (EUA) for Veklury (remdesivir), which could be used for the treatment of COVID-19 in adults and children. Similarly, Convalescent plasma was also granted an EUA from the FDA for the treatment of children and adults with COVID-19. Such actions by the regulatory agencies are likely to promote the demand for pediatric clinical trials. Furthermore, increasing efforts by several government bodies to support the clinical research pertaining to pediatric diseases has further supported the market growth. For instance, in March 2022, the National Cancer Institute launched the Molecular Characterization Initiative for pediatric tumors. The Initiative is offered through NCI’s Childhood Cancer Data Initiative, which was formed to promote data sharing and collection of new data among researchers who study pediatric oncology. In addition, the increasing prevalence of pediatric cancer is another significant factor supporting the market as well as the oncology segment’s growth. For instance, as stated by the American Society of Clinical Oncology (ASCO)in February 2022, in the U.S., an estimated 10,470 children are younger than 15 years of age and about 5,480 teens aged 15 to 19 years will be diagnosed with cancer by the end of 2022. The WHO states that diarrhea, malaria, pneumonia, and sepsis are the leading causes of death among children between the age of 1 month and 9 years The high burden of these diseases is contributing to the demand for new treatment opinions. Thus, is likely to have a positive impact on the market growth. Apart from the high burden of infectious diseases, a significant number of children also suffer from diabetes. For instance, according to the U.S. CDC, over 26.9 million in the U.S. were diagnosed with diabetes in 2018, which included 210,000 children and adolescents younger than age 20—or 25 years. Commercially, COVID19 vaccines were majorly focused on immunizing adults aged 18 years and above, this created a high risk of disease among children below the age of 18 years. The ClinicalTrial.GOV reports that as on 4th May 2022, over 1000 studies were in the active stage for treating and diagnosing COVID-19 for pediatric patients. The burden of COVID-19 among the kids is likely to promote the demand for COVID-19 vaccine trials for pediatrics from 2021. To Request Sample Copy of this report, click the link: The global market has noticed critical growth on account of the rising R&D investments by pharmaceutical companies owing to the high burden of chronic and infectious diseases among the pediatrics. The COVID-19 pandemic has contributed significantly to the demand for pediatric clinical trials, owing to the growing demand for vaccines to curb the spread of the infection. For instance, In March 2021, the biotechnology company Moderna Inc. reported that it is recruiting patients aged between 6 -12 years for clinical trials of mRNA-1273 COVID-19 vaccines. Pediatric Clinical Trials Market Report Highlights
Such factors are likely to have a positive impact on the market. Rising awareness among the parents for pediatric clinical trials for treating serious infections and chronic diseases, and a significant number of CROs conducting pediatric trials are also driving the market. Autism is one of the common disorders in children. As per the CDC, 1 in 44 children in the U.S. had autism in 2018. The high burden of autism among kinds is likely to drive the demand for autism clinical trials and thus is anticipated to promote market growth. Public organizations globally are providing funding to develop better treatment for the pediatric population. Trial initialization, acquisitions, and partnerships among others were the key strategies adopted by market players. For instance, in March 2022, Pfizer initiated a Phase 2/3 study for PAXLOVID tablets, specifically designed to treat COVID-19 in pediatric patients. In November 2018, a U.S.-based CRO, Synteract, acquired KinderPharm, a CRO focused on developing advanced therapies for pediatrics. This acquisition was intended to strengthen Synteract’s research activities in pediatric trials. Some of the prominent players in the global pediatric clinical trials market include:
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