The 2022 global size for oncology clinical trials market was recorded at USD 8.43 billion and is anticipated to climb to USD 12.75 billion by 2032, showcasing a projected revenue Compound Annual Growth Rate (CAGR) of 4.7% throughout the forecast period.
The expansion in market revenue is chiefly steered by several factors, including the escalating incidence of cancer, a growing demand for tailored medical solutions, and an increasing necessity for innovative and efficacious cancer treatments.
A primary driving force behind the revenue growth in the oncology clinical trials market is the mounting prevalence of cancer worldwide. The World Health Organization (WHO) reports cancer as the second leading cause of death globally, contributing to an estimated 9.6 million fatalities in 2018. The imperative requirement for effective cancer remedies is fostering an upsurge in the execution of oncology clinical trials, thereby expected to fuel the market's revenue growth.
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Top Companies:
- Parexel International Corporation
- ICON plc
- Pharmaceutical Product Development, LLC
- PRA Health Sciences, Inc.
- PPD, Inc.
- Syneos Health
- Charles River Laboratories International, Inc.
- Covance, Inc.
- Quest Diagnostics
- PharPoint Research, Inc.
- Veristat, Inc.
Some Key Highlights from the Report
- Immunotherapy Dominance: Immunotherapy continued to be a major focus in oncology trials. Research into immune checkpoint inhibitors, CAR-T cell therapy, and other immunotherapies aimed at boosting the body's immune response against cancer showed promise and attracted significant investment.
- Precision Medicine and Personalized Therapies: With advancements in genomic profiling and molecular diagnostics, there was a growing shift towards personalized medicine in oncology. Clinical trials increasingly focused on identifying specific biomarkers and genetic mutations to develop targeted therapies for individual patients.
- Combination Therapies: Many trials were investigating the effectiveness of combining different treatment modalities such as chemotherapy, immunotherapy, targeted therapy, and radiation therapy. The aim was to find synergistic effects and improve treatment outcomes, often by reducing resistance or enhancing efficacy.
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Based on Region market is segmented into:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East Africa
Phase Outlook:
- Phase I
- Phase II
- Phase III
- Phase IV
Trial Design Outlook:
- Interventional Trials
- Observational Trials
- Breast Cancer
- Lung Cancer
- Prostate Cancer
- Colorectal Cancer
- Others
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