The global oncology clinical trials market size is expected to reach USD 16.63 billion by 2028 according to a new study by Polaris Market Research. The report “Oncology Clinical Trials Market Share, Size, Trends, Industry Analysis Report, By Phase (Phase I, Phase II, Phase III, Phase IV); By Study Design (Interventional, Observational, Expanded Access); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa); By Cancer Type; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Pancreatic cancer has a poor prognosis of just 1 to 3 years of survival. In a day, about 16 people were suffering from intestinal stromal tumors and around 60,000 new cases of renal carcinoma were observed in the U.S alone. The factors listed above reflect a growing incidence of cancer and an increasing need for successful care for different forms of cancer. Study on cancer care is going ahead at a rapid rate.
A change from chemotherapy protocols to molecularly targeted immunotherapy agents has been observed. Cancer continues to present new problems and opportunities for pharmacological action. As a result, the pharmaceutical industry continues to produce oncology drugs at an unprecedented pace.
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In Asia Pacific, the market demand for oncology clinical trials is expected to witness the fastest growth over the forecast period, due to the growing availability of a wide patient pool to promote the recruitment of candidates. According to Asia Pacific's largest expert biotech company CRO. The area has become the chosen destination for clinical studies due to the low density of the trial and a large number of active investigators.
Many biotechnological companies pursuing CRO oncology services are increasingly turning to this field. For example, the EMA issued guidelines for accelerating the evaluation of qualifying medicines in 2015. In 2016, the Priority Medicines (PRIME) scheme was introduced to identify certain drugs at an early stage of production that has the potential to meet unmet medical needs.
Market participants operating in the oncology clinical trials industry include PAREXEL International Corporation, PRA Health Sciences, Syneos Health, Medpace, Novotech, Pivotal, ICON Plc, Wuxi AppTec, Eli Lilly and Company, Novo Nordisk A/S, Pfizer, and Clinipace.
Polaris Market Research has segmented the oncology clinical trials market report on the basis of phase, study design, cancer type, and region:
Oncology Clinical Trials, Phase Outlook (Revenue - USD Million, 2016 - 2028)
Oncology Clinical Trials, Study Design Outlook (Revenue - USD Million, 2016 - 2028)
Oncology Clinical Trials, Cancer Type Outlook (Revenue - USD Million, 2016 - 2028)
Oncology Clinical Trials, by Regional Outlook (Revenue - USD Million, 2016 - 2028)