SEATTLE, Feb. 08, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global pediatric clinical trials market was valued at US$ 9,885.7 million in 2017, and is projected to exhibit a CAGR of 8.8% over the forecast period (2018 – 2026).
Key Trends and Analysis of the Pediatric Clinical Trials Market:
Market players are focused on investing in research and development activities for pediatric trials with novel molecules. Moreover, key players in the market are focused on offering new and improved products in order to address the critical unmet needs for pediatric patients. Moreover, robust drug development pipeline also contributed to the market growth. According to Pharmaceutical Research and Manufacturers’ Association (PHRMA) data in 2018, over 1,300 industry-sponsored pediatric clinical trials were underway across a variety of therapeutic areas, including diseases where there is significant unmet needs such as infectious diseases, neurologic conditions, genetic disorders, and several forms of cancer.
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Moreover, key players operating in the market are focused on adopting acquisition strategies in order to gain access to innovative products and expand their product offerings in the potential markets. For instance, in September 2017, LabCorp completed acquisition of Chiltern, which will become part of the company’s Covance Drug Development business. The acquisition creates a market-leading CRO, with over 20,000 employees around the world, enhancing Covance’s offerings to include a dedicated focus on the high-growth emerging and mid-market biopharma segments. Similarly, in April 2017, Charles River entered into a strategic collaboration with Nimbus Therapeutics that was aimed at advancing new programs in immunology, metabolic disorders, and oncology from the discovery phase to Investigational New Drug (IND) submission. In October 2018, the pharmaceuticals division of Roche selected IQVIA’s commercial technology suite for deployment across over 100 markets.
However, difficulty in conducting clinical trials for pediatric population is expected to hinder the market growth. Pediatric population consists of infants and children and conducting clinical trials for this population presents significant challenges such as including regulatory, behavioral, toxicity, and challenge of recruitments. Low pediatric patient population creates challenges in recruitment and enrollment of clinical trials. According to PHRMA data, only around 10,300 children in the U.S. under age 15 were diagnose with cancer in 2017.
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Key Market Takeaways:
- The pediatric clinical trials market is expected to exhibit a CAGR of 8.8% during the forecast period (2018 – 2026), attributed to increasing number pediatric clinical trials and approval of new pediatric drugs and high outsourcing for drug development. According to a report published by the International Federation of Pharmaceutical Manufacturer and Association in 2017, the global pharmaceutical industry invested around US$ 149.8 billion on research and development, annually. Companies in the market are downsizing this cost by outsourcing clinical research activities. There are over 7,000 compounds in preclinical stage of development, out of which around 56 were launched in 2015 and around 225 new chemical and biological entities were launched between 2011 and 2015.
- For instance, in April, 2017, BioMarin received the U.S. Food and Drug Administration (FDA) approval for Brineura (cerliponase alfa) for the treatment of late infantile neuronal ceroid lipofuscinosis type 2. In November 2017, Genentech received the U.S. FDA approval for Hemlibra (emicizumab-kxwh) for the prevention or reduction of bleeding episodes in patients with or without FVIII inhibitors. In June 2017, Novo Nordisk received the U.S. FDA approval for Rebinyn (Coagulation Factor IX (Recombinant), GlycoPEGylated) for the treatment of hemophilia B.
- Key players in the market are focused on adopting merger and acquisition strategies to enhance their product portfolio, which in turn is expected to propel the market growth over the forecast period. For instance, in April 2017, Charles River entered into a strategic collaboration with Nimbus Therapeutics aimed at advancing new programs in immunology, metabolic disorders, and oncology from the discovery phase through to Investigational New Drug (IND) submission.
- Key players operating in the global pediatric clinical trials market include, Syneos Health Inc., IQVIA Holdings, Inc., Charles River Laboratories International Inc., Covance Inc., ICON plc., Pharmaceutical Product Development, LLC, Genentech (F. Hoffmann-La Roche AG), Pfizer, Inc., Bristol - Myers Squibb, GlaxoSmithKline plc., Sanofi S.A., Novartis AG, Johnson & Johnson, Merck & Co., Inc., Shire plc., and Vertex Pharmaceuticals Inc.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.