The global pediatric clinical trial market with a predicted compound annual growth rate (CAGR) of 5.9% from 2024 to 2034, the company is expected to experience tremendous expansion. Based on this projected trend, the market value is anticipated to soar from US$ 17,918.1 million in 2024 to an astounding US$ 31,661.0 million by 2034. Notably, from 2019 to 2023, the market saw a robust compound annual growth rate (CAGR) of 6.5%, reaching US$ 16,831.0 million in 2023.
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Several compelling factors are driving this growth:
- Resolving Unmet Medical demands: The considerable unmet healthcare demands of the pediatric population are reflected in a sizable product pipeline that is presently in the clinical development stage. In the near future, this situation should result in a strong pipeline for the development of innovative medications.
- Growing Awareness and Outsourcing: As the need for pediatric-specific medications becomes more widely recognized, the industry is driven by this realization. Research activities are also being streamlined by contract research organizations (CROs) taking on internal clinical trial outsourcing.
- The frequency of diseases in children:One important growth driver is the rising incidence of disorders like diabetes among children. This emphasizes how important it is to have focused therapy alternatives that are created by successful clinical trials.
- Dominance of North America: Because of its strong research infrastructure and government support for pediatric clinical research, North America is predicted to continue leading the market for the duration of the projection.
- Focus on Pediatric Illness: Due to the increased prevalence of different illnesses in children, there is a greater emphasis being placed on age-specific medicine development through clinical trials and research. Numerous variables in the global market are driving the need for pediatric clinical trials.
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Pivotal Pediatric Clinical Trial Providers:
- Synteract
- ICON Plc.
- Syneos Health
- Medpace, Inc
- PPD Inc.
- Premier Research
- LabCorp Drug Development
- QPS Holding
- Pfizer Inc.
- The Emmes Company, LLC
- IQVIA Inc.
Key Market Segmentation:
By Area:
- Oncology
- Infectious Diseases
- Cardiovascular Diseases
- Metabolic Diseases
- Respiratory Diseases
- Diabetes
- HIV
- Others
By Sponsor:
- Industry
- Government Organizations
- Non-Government Organizations
- Associations
- Others
By Phases:
- Phase 1
- Phase 2
- Phase 3
- Phase 4
By Region:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Western Europe
- Eastern Europe
- MEA
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