Oncology Clinical Trial Market Set to Garner Staggering Revenues by 2030

Oncology clinical trials includes the development of new treatments for various cancers. Oncology is somewhat more complicated than other therapeutic areas. Rather than running a clinical trial to test the safety and efficacy of an antibiotic against an infection, an oncology trial also tries to extend and improve the subject's quality of life.

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Key Drivers and Restraints of Global Oncology Clinical Trial Market

Cancer has a major impact on society across the world. It is one of the leading causes of death across the globe and is more prevalent in developed and emerging markets. According to American Cancer Society data, over 1.7 million new cancer cases are expected to be diagnosed in 2019 in the U.S. According to information published in the European Journal of Cancer, an estimated 3.9 million new cases of cancer and 1.9 million deaths due to the disease were reported in Europe in 2018.

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Increased R&D spending on cancer also fuels the market. Revenue from cancer drugs after their FDA approval is considerably higher than spending for research & development. Governments are also taking initiatives to invest in research of various oncology drugs along with R&D funding from several companies. Total investment in medical and health research and development (R&D) in the U.S. increased by 6.4% from 2017 to 2018, reaching a value of US$ 194.2 billion.

Recruitment obstacles in clinical trial process may hamper the market. Several international studies investigating the issues in recruitment have put forth strategies such as piloting the recruitment process, financial and educational incentives for clinicians, newsletter and reminders for patients, open- versus placebo-controlled trials, assistance with patient travel, and networking with various healthcare professionals. Lack of awareness about clinical trials in patients, social and cultural issues related to trial participation, and complexity of study protocol are a few reason behind recruitment obstacles in the clinical trial process.
Phase II Dominated Global Oncology Clinical Trial Market

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Based on phase, the global oncology clinical trial market can be divided into Phase I, Phase II, Phase III, and Phase IV

The phase II segment held a prominent share of the global market in 2019. Conventional seamless phase II design with fixed sample size determination (SSD) has gained popularity in oncology drug development due to attractive features such as significantly shortening the development timeline, minimizing sample size as well as early decision making. According to an article published in Haymarket Media, Inc. in September 2020, results from a phase II study of 3 oral targeted agents for chronic lymphocytic leukemia (CLL) showed that patients achieved deep remissions after a limited-time duration treatment. The study was also published in the Journal of Clinical Oncology, which included both treatment-naive patients and those with recurrent/relapsed disease.

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Interventional Segment Witnessed Significant Expansion

Based on study design, the global oncology clinical trial market can be divided into interventional, observational, and expanded access

The interventional segment accounted for a notable share of the global market in 2019. In interventional studies, participants are assigned prospectively to an intervention or interventions according to a protocol to evaluate the effect of the intervention(s) on biomedical or other health related outcomes. It is a highly prominent method used in clinical trials.

However, the expanded access segment is projected to expand at a significant CAGR during the forecast period. An investigational drug product (including biological product) is available through expanded access for patients who do not qualify for enrollment in a clinical trial.

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