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Key Takeaways:
• North America dominated the market and accounted for the largest revenue share of 43% in 2023
• Asia Pacific is expected to grow at the fastest CAGR of 7.1% during the forecast period.
• Based on type, the market is segmented into phase I, phase II, phase III, and phase IV. The phase I clinical trials segment accounted for the largest revenue share of over 32.0% in 2023.
• The phase III segment is estimated to register the fastest CAGR of 5.7% over the forecast period.
• Based on study design, the interventional studies segment accounted for the largest revenue share of around 88.9% in 2023.
• The observational studies segment is estimated to register the fastest CAGR of 6.2% over the forecast period.
The market growth is attributed to factors such as the increasing prevalence of cancer and the rise in technological advancements. The increasing improvements in cell and gene therapies and personalized medicine, are starting new approaches for improving new treatments for diseases like cancer. Furthermore, increasing CROs for oncology clinical trials, and an increase in funding from biotechnology and pharmaceutical companies and non-profit organizations are further supporting the development and the growth of advanced products to gain significant market growth.
Oncology Clinical Trials Market Overview and Potential
The oncology clinical trials market deals with investigative studies designed to explore interventions and innovative treatments for individuals diagnosed with cancer. These clinical trials seek to evaluate the effectiveness and safety of developing modalities such as targeted treatments, immunotherapies, and pharmaceuticals.
In addition, patient-centric trial designs are revolutionizing market growth by creating significant opportunities for efficiency and innovation. Embracing virtual trial models and decentralized models allows greater patient participation by minimizing the burden of frequent site visits. This approach improves trial diversity and representation, broadens the pool of potential participants, and enhances overall patient satisfaction.
In addition, these designs provide a more holistic understanding of treatment effects, leveraging digital health technologies for remote monitoring and incorporating patient-reported outcomes. There is a unique opportunity to enhance the speed and success of oncology clinical trials, as the industry continues to shift towards a patient-centric paradigm.
Recent Investments in the Oncology Clinical Trials Market (2024)
• A number of biotech companies, such as BioNTech and Moderna, which gained global attention for their mRNA COVID vaccines, have now expanded into personalized cancer vaccine development. Moderna, for instance, raised $50 million in early 2024 for its personalized mRNA cancer vaccine program.
• AstraZeneca’s acquisition of Orphazyme, a rare disease-focused company, for approximately $1.2 billion in 2024 is expected to bolster its oncology pipeline, with a focus on rare cancer types.
• The National Institutes of Health (NIH) continues to provide substantial funding to oncology clinical trials in the U.S., with an estimated $2.5 billion earmarked for cancer research grants in 2024.
• The Horizon Europe Program allocated €300 million ($320 million) for cancer-related clinical trials in 2024, with a focus on precision medicine, radiation oncology, and early detection technologies.
Oncology Clinical Trials Market Trends
• The rising advancements in technology, such as advanced data analysis and enhanced diagnostic tools, play an important role in shaping the market expansion. These progressions enable real-time monitoring of treatment responses and refine the precision of patient categorization and biomarker identification.
• The increasing prevalence of cancer caters as a driving force behind the growth of oncology clinical trials. The imperative to invest in research and development becomes more pronounced, with a growing number of individuals grappling with various types of cancer.
• The increasing investments by government entities, biotechnology firms, and pharmaceutical companies are enhancing the market growth. Funding for therapeutic innovations, drug discovery, and clinical research enhances the pace of clinical research and further drives the growth of the oncology clinical trials market.
Oncology Clinical Trials Market Report Scope
|
Report Attribute |
Details |
|
Market size value in 2024 |
USD 13.89 billion |
|
Revenue forecast in 2033 |
USD 22.11 billion |
|
Growth rate |
CAGR of 5.3% from 2024 to 2033 |
|
Base year for estimation |
2023 |
|
Historical data |
2019 - 2023 |
|
Forecast period |
2024 - 2033 |
|
Report updated |
April 2024 |
|
Quantitative units |
Revenue in USD million/billion and CAGR from 2024 to 2033 |
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, trends |
|
Segments covered |
Phase type, study design, region |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; MEA |
|
Country scope |
U.S.; Canada; UK; Germany; France; Italy; Spain; Denmark; Sweden; Norway; China; Japan; India; Australia; South Korea; Thailand; Brazil; Mexico; Argentina; Saudi Arabia; South Africa; UAE; Kuwait |
|
Key companies profiled |
AstraZeneca; Merck & Co. Inc.; IQVIA Inc.; Gilead Sciences, Inc.;F. Hoffmann-La Roche Ltd.; PRA Health Sciences; Syneos Health; Medpace; Novotech; Parexel International Corporation |
|
Customization scope |
Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
Segment Insights
By Phase Insights
The phase I clinical trials segment accounted for the largest revenue share of over 32.0% in 2023. Based on type, the market is segmented into phase l, phase ll, phase lll, and phase lV. In the oncology clinical trials market, the phase I clinical trial segment is driven by patient-centric, financial, regulatory, and scientific factors. A small group of individuals (20 to 100 healthy volunteers) undergoes testing with an experimental drug or treatment, in phase l of clinical trials.
The phase III segment is estimated to register the fastest CAGR of 5.7% over the forecast period. The segment growth is attributed to the increasing high share of phase lll trials. They are the most expensive clinical trials but include many subjects. In phase lll trials, long-term safety studies are conducted for post-marketing and registration commitments.
By Study Design Insights
Based on study design, the interventional studies segment accounted for the largest revenue share of around 88.9% in 2023. The boosting factors for interventional study design in the market for oncology clinical trials primarily revolve around these diseases' innovative challenges. To maximize the chances of detecting meaningful treatment effects, given the limited patient populations, studies must be meticulously designed.
The observational studies segment is estimated to register the fastest CAGR of 6.2% over the forecast period. Observational trial study designs play an important role in the oncology clinical trials sector, due to various driving factors. The scarcity of patients with oncology makes significant randomized controlled trials challenging and makes observational studies a more feasible option for assessing treatment safety and efficacy.
By Regional Insights
North America dominated the market and accounted for the largest revenue share of 43.0% in 2023. The market growth in the region is attributed to the increasing presence of major industry players and various favorable reimbursement policies, owing to the development and investment of innovative products. The U.S. and Canada are the major countries in the region driving the market growth.
• For instance, an agency under the Department of Health and Human Services (HHS), the National Institutes of Health (NIH), stands as the foremost public financier of biomedical research and development (R&D), according to the U.S. Government Accountability Office.
• In October 2024, a Dassault Systems brand and leading provider of clinical trial solutions to the life sciences industry, Medidata introduced two new bundled offerings to address the growing demands of oncology and vaccine research. Medidata Vaccine Solutions and Medidata Oncology Solutions reinforce the FDA guidance for trial diversity, adaptive trial designs, and patient-centered endpoints.
Asia Pacific is expected to grow fastest during the forecast period. The market growth in the region is attributed to the availability of a significant number of European Medicines Agency (EMA), Therapeutic Goods Administration (TGA), and Food and Drug Administration (FDA)-approved facilities in the region. In addition, the low cost of conducting clinical trials and the large patient pool in the region are further expected to drive the growth of the oncology clinical trials market. In addition, China, India, Japan, and South Korea are the major countries in the region.
• For instance, in June 2024, the first patient in a Phase 1 clinical trial of CFT8919 in Greater China was announced by C4 Therapeutics. CFT8919 is an orally bioavailable allosteric degrader targeting EGFR L858R mutations in non-small cell lung cancer. The aim behind this launch was to overcome the limitations of current EGFR tyrosine kinase inhibitors.
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Major Companies and Their Contributions to the Market
With a large number of manufacturers accounting for most of the market share, the oncology clinical trials industry is highly competitive. The rising technological advancements, partnerships, collaborations, strategic acquisitions, approvals, and phase launches are the major business strategies used by market players to grow and maintain their global reach.
Oncology Clinical Trials Market Top Companies
• AstraZeneca
• IQVIA Inc
• F. Hoffmann-La Roche Ltd
• PAREXEL International Corporation
• PRA Health Sciences
• Medpace
• Novotech
• Pivotal
Oncology Clinical Trials Market Recent Developments
• In September 2024, a global leader in artificial intelligence (AI) for cancer clinical trial enrollment, Massive Bio announced the launch of an innovative and free portal, Patient Connect designed to help cancer patients navigate their clinical trial journey across the globe. Massive Bio Patient Connect empowers patients and simplifies their search for the right clinical trial.
• In October 2024, a proof-of-concept precision medicine clinical trial was launched by The National Institutes of Health (NIH) to test new treatment combinations targeting specific genetic changes in the cancer cells of people with myelodysplastic syndromes (MDS) and acute myeloid leukemia (AML).
Related Report
HIV Clinical Trials Market- The HIV clinical trials market size was exhibited at USD 1.30 billion in 2024 and is projected to hit around USD 2.42 billion by 2034, growing at a CAGR of 6.4% during the forecast period 2024 to 2034.
Pediatric Clinical Trials Market- The pediatric clinical trials market size was exhibited at USD 16.50 billion in 2023 and is projected to hit around USD 27.65 billion by 2033, growing at a CAGR of 5.3% during the forecast period 2024 to 2033.
U.S. Clinical Trials Market- The U.S. clinical trials market size was valued at USD 25.81 billion in 2023 and is projected to surpass around USD 41.57 billion by 2033, registering a CAGR of 4.88% over the forecast period of 2024 to 2033.
Clinical Trials Support Services Market- The global clinical trials support services market size was exhibited at USD 21.80 billion in 2023 and is projected to hit around USD 45.73 billion by 2033, growing at a CAGR of 7.69% during the forecast period 2024 to 2033.
Segments Covered in the Report
Phase Type Outlook
• Phase I
• Phase II
• Phase III
• Phase IV
Study Design Outlook
• Interventional Studies
• Observational Studies
• Expanded Access Studies
Regional Outlook
• North America
• The U.S.
• Canada
• Europe
• UK
• Germany
• France
• Italy
• Spain
• Denmark
• Sweden
• Norway
• Asia Pacific
• China
• Japan
• India
• Australia
• Thailand
• South Korea
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East and Africa
• South Africa
• Saudi Arabia
• UAE
• Kuwait
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