The global oncology clinical trials market size is expected to reach USD 16.6 billion by 2027, expanding at a CAGR of 5.4%, according to a new report by Grand View Research, Inc. Increasing number of cancer cases and deaths due to the disease and rising demand for precision and personalized medicine to cure the disease is boosting the market growth.
The
burden of cancer continues to increase due to the aging population and
increasing adoption of behavioral patterns, mostly the sedentary lifestyle,
dietary changes with an inclination towards junk foods, as well as smoking. In
the last few years, oncology research has seen an increased focus on targeted
therapies and personalized medicine. There has been a steady rise in the novel
therapeutic approaches and oncology clinical trials owing to the continuous
advances and shift in treatment modalities towards targeted anti-cancer drugs.
Clinical
research has become an important element to address the global burden of cancer
in improving the patient’s life. As per the 2019 report of IQVIA Institute for
Human Data Science, out of the top 33 big pharmaceutical firms, 28 firms are
developing anti-cancer molecules. The drug pipeline depicts no signs of slackening
down. There are more than 600 firms that are having one or more drugs in the
late-stage drug development for cancer.
Besides,
the innovations in this field are also driving the market. Better insight into
the etiology and classification of different types of tumors has led to a shift
in the strategies of oncology treatment. Innovation is a prominent trend in
oncology drug development. This is seen in the rise in the number of
first-in-class drugs entering the market since 2015.
Full Research Report On Oncology Clinical Trials Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/oncology-clinical-trials-market
Oncology Clinical
Trials Market Report Highlights
- The phase II segment
dominated the market with a share of 45.8% in 2019. This is attributed to
the increasing number of applications for Phase II
- The interventional design
segment accounted for the largest share of 87.9% in 2019 due to the
increasing number of drugs in interventional studies
- North America held 55.0% of
the market share in 2019. Favorable government initiatives and the presence
of a large number of players in the U.S. offering advanced services are
responsible for market growth
- In Asia Pacific, the market
is expected to witness the fastest CAGR of 7.4% over the forecast period,
owing to the increasing patient pool and cost-efficient services.
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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