Oncology Clinical Trials Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Oncology Clinical Trials Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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.

Key Market TrendsLung Cancer Segment is Expected to Hold Significant Market Growth Over the Forecast Period

The COVID-19 pandemic had a dramatic impact on the area of oncology, including the challenging management of cancer patients during the chaotic period. COVID-19 directly impacts the lungs and damages the alveoli. A research article published in 2020 in the Journal of the National Cancer Institute stated that cancer patients who were affected by COVID-19 had more risk of mortality compared to non-cancer patients. Additionally, according to the National Clinical Trials (NCT) Registry 2020, during the COVID-19 pandemic, lung cancer treatment, diagnosis, and subsequent management have been affected. As per the factors mentioned, COVID-19 had a significant impact on the lung cancer segment.

Lung cancer is caused by the uncontrolled growth of abnormal cells that multiply in one or both lungs. Two major types of lung cancer are non-small cell lung cancer and small cell lung cancer. The reasons for lung cancer include smoking, second-hand smoke, exposure to certain toxins, and family history. Furthermore, according to the report from Globocan, around 2,206,771 new lung cancer cases were reported in 2020.

Besides, according to the National Clinical Trials (NCT) Registry, around 2,325 clinical trials are currently recruiting in the field of lung cancer across the various phases of development as of August 2022. The positive outcome of these clinical trials is expected to show a positive impact on the market in the future. Thus, owing to the factors mentioned above, it is expected to drive market growth over the forecast period.

North America Dominates the Market and is Expected to do the Same Over the Forecast Period

In the North American region, COVID-19 had a crucial impact on the oncology clinical trial market because clinical trials related to cancer were suspended or terminated due to COVID-19. In the United States, some biopharmaceutical companies, such as Merck & Co. Inc. and Eli Lilly and Company, announced clinical trial delays. Additionally, data from ClinicalTrials.gov showed that more than 200 interventional oncology studies were suspended in March and April of 2020 due to the COVID-19 crisis.

In the North American region, the United States is expected to lead the market, and it is mainly due to factors, such as increasing research and development (R&D) investments, rising government support, and the high incidence of cancer population. For instance, according to a report from the American Cancer Society, the number of people newly affected with cancer in 2021 was 608,570 whereas in 2022 it is estimated to be 1,918,030.

Moreover, with the increase in cancer cases, the number of clinical trials is expected to rise in the coming few years. For instance, according to the National Clinical Trials (NCT) Registry in the United States, there are around 7, 945 ongoing clinical trials related to cancer across the various phases of development as of August 2022. Thus, considering above mentioned factors, North American is likely to face a healthy growth over the forecast period.

Competitive Landscape

The oncology clinical trials market is fragmented and competitive. The major pharmaceutical companies are found to make enormous investments in R&D, especially in emerging nations, to gain opportunities for market growth in the major regions. The strategic partnerships between pharmaceutical companies and CROs are expected to have a significant impact on the market's growth. Some major market players include Novartis AG, Merck & Co. Inc., Bristol Myers Squibb Company, F Hoffmann-La Roche Ltd, and Pfizer Inc.

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