Covina, Aug. 18, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global Omics-Based Clinical Trials Market size and share is projected to grow from USD 31.5 Billion in 2024 to reach USD 68.7 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 8.9% during the forecast period (2024 - 2034).
Omics-Based Clinical Trials Market Report Overview
- What is Omics-Based Clinical Trials? How big is Omics-Based Clinical Trials Market?
Omics-Based Clinical Trials represent a cutting-edge approach in the field of clinical research, leveraging comprehensive data derived from various ‘omics’ disciplines, such as genomics, proteomics, metabolomics, and transcriptomics.
The goal of omics based clinical trials is to offer a more thorough comprehension of the molecular processes underlying illness. Research can find biomarkers, therapeutic targets and individual that may have an impact on treatment outcomes by examining high volumes of omics data.
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- Overview & introduction of market study
- Revenue and CAGR of market
- Drivers & Restrains factors of market
- Major key players in market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent development/news of market
- Opportunities & Challenges of Market
Competitive Landscape:
The Omics-Based Clinical Trials Market is characterized by rapid growth, technological innovation and fierce competition. Companies are expanding their global presence, focusing on sustainability and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Parexel International Corporation
- Pharmaceutical Product Development (PPD)
- Charles River Laboratory
- ICON plc
- SGS SA
- Eli Lilly and Company
- Pfizer
- Covance
- Rebus Bio
- Novo Nordisk
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Analyst View:
The target market is primarily driven by the increasing focus on precision medicine. The requirement for clinical trials that can support this customized approach has grown essential as healthcare moves away from a one size fits all strategy and towards more customized treatment therapies.
Market Dynamics:
Drivers:
Growing Investment and Collaboration
- The target market is being also fueled by partnerships and academic and research institutions as well as rising investments from biotechnology and pharmaceutical businesses. These partnerships are focused on leveraging omics data to accelerate drug discovery and development, reduce trial timelines and also improve success rates.
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Market Trends:
Expanding Applications across Therapeutic Areas
- Although omics-based clinical trials have primarily targeted oncology, their use is spreading to other therapeutic domains as immunology, neurology, cardiology as well as rare disorders.
Segmentation:
Omics-Based Clinical Trials Market is segmented based on Phase Type, Study Design Type, Indication Type, and Region.
Phase Type Insights
- This sector includes Phase I, Phase II, and Phase III. Phase III segment is expected to dominate the target market growth as this phase is crucial in the clinical trial process, particularly for trails incorporating omics technologies such as genomics, proteomics and metabolomics.
Study Design Type Insights
- In the target market interventional studies is the most dominant segment as these studies involve a controlled experimental design where researchers actively intervene by administering treatments or exposures to study participants.
Indication Type Insights
- In the target market oncology is the most dominant segment as oncology has significantly shift towards precision medicine where treatment strategies are tailored to the individual genetic, molecular and environmental characteristics of cancer patients.
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Recent Development:
- In May 2024, Mayo Clinic’s Center for Individualized Medicine has launched a new "omics" strategy designed to integrate precision medicine into everyday clinical practice. The approach will support Rare Disease Omics, Population Omics, Functional Omics and Digital Omics.
Regional Insights
- North America: The broad use of next-generation sequencing (NGS), the existence of top biotech and pharmaceutical firms, and significant government financing for precision medicine programs are important drivers of this market's expansion.
- Asia Pacific: Omics-based clinical trial demand is expanding quickly in the Asia-Pacific area thanks to growing government efforts, healthcare spending, and the desire for personalized medication.
Browse Detail Report on "Omics-Based Clinical Trials Market Size, Share, By Phase Type (Phase I, Phase II, Phase III, and Phase IV), By Study Design Type (Interventional Studies, Observational Studies, and Expanded Access Studies), By Indication Type (Oncology, Cardiology, Respiratory Diseases, Skin Diseases, CNS Diseases, Immunology, Genetic Diseases, and Others), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/omics-based-clinical-trials-market-5557
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