Market Size of Global Oncology Clinical Trials Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.40 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Oncology Clinical Trial Market Analysis
The global oncology clinical trials market is expected to witness a CAGR of 5.4% during the forecast period (2022-2027).
The COVID-19 pandemic had a potential economic impact and implications on most sectors, including the pharmaceutical and biotech industries. COVID-19 had a notable impact on the oncology clinical trials market because cancer clinical trial numbers were decreased for preventing the spread of the virus. The Cancer Research Institute showed that 1,130 clinical trials were stopped in 2021 due to the spread of the pandemic. Moreover, the article published in 2022 under the title 'The impact of COVID-19 on cancer care and oncology clinical research: an experts' perspective' stated that due to the COVID-19 pandemic's exposure to the underrepresentation of minority groups in clinical trials, a method for improving the generalizability of efficacy and outcome data in oncology clinical trials was proposed. Hence, a new problem-focused collaborative framework between decision-makers and stakeholders in oncology trials to exploit and speed up the novel clinical research strategies created during the COVID-19 epidemic. Thus owing to the above-mentioned factors COVID-19 had a significant impact on the oncology clinical trial market.
The rising number of cancer cases, the need for personalized medicines, and the high research and edvelopment (R&D) spending of the pharmaceutical industry for oncology are some of the key factors driving the market growth. For instance, in August 2022 Griffith University launched two cancer research centers backed by USD 4.6 million in funding from the Australian Cancer Research Foundation (ACRF).
It has also been found that there are many unmet clinical needs in emerging countries, due to the high burden of cancer. For instance, according to the American Cancer Society, the incidence of cancer cases is anticipated to be 1.9 million in the United States in 2022. The growth of the studied market is attributed to the favorable government and non-government initiatives supporting cancer research. For instance, National Cancer Institute (NCI) is running several clinical trial programs and initiatives to support clinical research. Thus, the research for treating cancer is moving forward at a rapid pace. On February 2, 2022, United States President Biden announced a reignition of the Cancer Moonshot, highlighting new goals, to reduce the death rate from cancer by at least 50% over the next 25 years.
Increased cancer cases, and rise in research and development in the field of oncology boost the oncology clinical trials market and is expected to witness a growth over the forecast period. However, market growth is restrained by strict regulations regarding patient enrollment in clinical trials.
