Oncology Clinical Trials Market Size Worth $16.63 Billion By 2028 | CAGR: 5.6%:Polaris Market Research

NEW YORK, July 14, 2021 /PRNewswire/ -- The global oncology clinical trials market size is expected to reach USD 16.63 billion by 2028 according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR of 5.6% 2021 – 2028. Increasing demand for personalized medication from patients detected with different forms of cancer is turned out as a key driver for the market. In addition to this, rapid innovation and evolutions in clinical trials coupled with an increasing pipeline of drug candidates are further supporting the growth of the market. The rise in investments from leading players to boost intensive research activities for the development of advanced treatment methods is projected to augment the oncology clinical trials market.

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Key Highlights of Oncology Clinical Trials Market

• Based on phase, the phase II segment accounted for the largest revenue share in the oncology clinical trials market, owing to a high number of studies that are currently under the phase II stage and its increased success rate.
• In terms of study design, the segment of the interventional design held the majority of share in the market for oncology clinical trials and is expected to maintain the same trend over the forecast period. The segment's growth is attributed to its increased use as an ideal method in clinical trials.
• By cancer type, the leukemia segment dominated the global market and is estimated to garner the fastest growth over the forecast period, on account of the rise in the incidence of leukemia globally, and it is also found as the most common type of cancer among children.
• FDA has recently issued draft guidance regarding the inclusion of patients having incurable cancers in oncology clinical trials irrespective of their prior therapies. The administrative body believes patients struggling with such incurable cancers, if provided proper information to make a well-informed decision, must participate in oncology clinical trials.

Regional Developments

North America has dominated the oncology clinical trials market with the contribution of the highest revenue shares and is expected to witness a considerable rise in the revenue growth during the forecast period. The regional market growth can be attributed to the increasing count of cancer patients, the rise in the adoption of new technologies in clinical research, and favorable policies of governments in this region. The European market emerges as the second-fastest-growing market with increasing revenue shares of this market. On the other side, the market in the Asia Pacific region is predicted to grow as the fastest developing market owing to the increasing patient pool and improving healthcare infrastructure in the region.

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Market Participants

The oncology clinical trials market is fragmented and highly competitive with the presence of leading international companies and new market entrants. The increasing adoption rate of advanced technology to improve overall healthcare is creating tight competition among market participants. Key players present in the global oncology clinical trials 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.

Target Audience

• Supply Side: Clinical Research Organization
• Demand Side: Pharmaceutical & Biotechnology Companies, Contract Research Organizations (CROs)
• Regulatory Side: World Health Organization

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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)

• Phase I
• Phase II
• Phase III
• Phase IV

Oncology Clinical Trials, Study Design Outlook (Revenue – USD Million, 2016 – 2028)

• Interventional
• Observational
• Expanded Access

Oncology Clinical Trials, Cancer Type Outlook (Revenue – USD Million, 2016 – 2028)

• Lung cancer
• Breast cancer
• Thyroid cancer
• Leukemia
• Liver cancer
• Skin cancer
• Lymphoma
• Pancreatic cancer
• Prostate cancer
• Colon & rectal cancer
• Urinary system cancer
• Other cancer

Oncology Clinical Trials, by Regional Outlook (Revenue – USD Million, 2016 – 2028)

• North America
• U.S.
• Canada
• Europe
• France
• Germany
• UK
• Italy
• Spain
• Netherlands
• Austria
• Asia Pacific
• China
• India
• Japan
• Malaysia
• South Korea
• Indonesia
• Central & South America
• Mexico
• Brazil
• Argentina
• Middle East & Africa
• UAE
• Saudi Arabia
• Israel
• South Africa

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About Polaris Market Research

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SOURCE Polaris Market Research