Oncology Clinical Trials Market Size Forecast to Reach $16.22 Billion by 2025

The Oncology Clinical Trials Market size is forecast to reach $16.22 billion by 2025, growing at a CAGR of 7.1% during the forecast period 2020-2025. Increasing the number of cancer cases and rising need for personalized medicines is the major factor driving the growth of the market. Increasing innovation in the field of oncology and supportive government initiatives is set to further enhance the overall market demand for the Oncology Clinical Trials Market during the forecast period 2020-2025.

Key Takeaways
North America dominated the Oncology Clinical Trials Market in 2019 owing to the increasing adoption of new technologies in clinical research and increasing government support. The Oncology Clinical Trials Market scope for different regions will be provided in the final report.
The rising need for effective treatment against various types of cancer and scientific advancements in immunology, molecular biology, and genetics is likely to aid in the market growth of the Oncology Clinical Trials Market.
Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Oncology Clinical Trials Market report.
The Absence of scientific knowledge and misuse of statistics & data is poised to create hurdles for the Oncology Clinical Trials Market.

Oncology Clinical Trials Market Segment Analysis – By Phase
Phase 2 held the largest share in the Oncology Clinical Trials Market in 2019 and is estimated to grow at a CAGR of 7.8% during the forecast period 2020-2025. Phase II trials act as screening tools to assess whether a treatment has sufficient activity to warrant further investigation in large costly phase III trials. Phase II studies must be designed, performed, and reported to allow accurate interpretation of results and to obtain the best quality data to facilitate and inform unbiased decisions regarding the subsequent development of the drug(s) understudy in the phase III setting. Also, Phase III requires a higher number of patients and often a longer treatment period. Phase 2 is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2020-2025.

Oncology Clinical Trials Market Segment Analysis – By Cancer Type
The Leukemia held the largest share in the Oncology Clinical Trials Market in 2019. Leukemia is a blood cancer caused by a rise in the number of white blood cells in the body. Those white blood cells crowd out the red blood cells and platelets that body needs to be healthy. No one knows exactly what causes leukemia. People who have it have certain unusual chromosomes, but the chromosomes don’t cause leukemia. Breast cancer is a disease in which cells in the breast grow out of control. There are different kinds of breast cancer. The kind of breast cancer depends on which cells in the breast turn into cancer. It can spread outside the breast through blood vessels and lymph vessels. When breast cancer spreads to other parts of the body, it is said to have metastasized. Leukemia is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2020-2025.

Oncology Clinical Trials Market Segment Analysis – By Geography
North America dominated the Oncology Clinical Trials Market in 2019 with a share of more than 42.13%, followed by the Asia Pacific owing to the increasing adoption of new technologies in clinical research. Increasing government support and increasing research & development in oncology is also increasing the growth of the Oncology Clinical Trials Market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025 owing to the increasing availability of a large patient pool, technological evolution, and demand for contract research organizations to conduct clinical trials.

Oncology Clinical Trials Market Drivers
Scientific advancements in immunology, molecular biology, and genetics
Scientific advancements in immunology, molecular biology, and genetics are increasing the growth of the Oncology Clinical Trials Market. There have been several major advances in molecular biology focusing on their benefits and limitations when applied to investigating oncology. New technologies either improve existing techniques or develop new approaches to old questions to generate information more quickly. Mutant and chimeric DNA sequences are often useful for analyses of the structure and function of genes and proteins. Mutations can be introduced by using PCR primers that incorporate one or more point mutations, deletions, or insertions. PCR-based methods can be the only option if the amount of starting material is limited (as often occurs when analyzing mRNA expression in primary cells) or if the target sequence is expressed at a very low copy number. Thus, increasing the growth of the Oncology Clinical Trials Market during the forecast period 2020-2025.

Increasing number of cancer cases
An increasing number of cancer cases is increasing the growth of the Oncology Clinical Trials Market. Cigarette smoking is linked to many kinds of cancer, especially lung cancer. Overweight and obesity raise the risk for female breast, colorectal, oesophageal, uterine, pancreas, and kidney cancers. After increasing over the past several decades, about two-thirds of adults and one-third of children are now overweight or obese. Cancers caused by infections are also expected to increase. New cases of liver cancer are expected to go up more than 50%, likely the result of the increase in hepatitis infections. Thus, increasing the growth of the Oncology Clinical Trials Market during the forecast period 2020-2025.

Oncology Clinical Trials Market Challenges
Absence of scientific knowledge and misuse of statistics & data
Some of the factors that are set to impede the growth of the Oncology Clinical Trials Market are the absence of scientific knowledge and the misuse of statistics & data. The success of oncology clinical trials depends on the level of engagement of its participants, oncologists, clinical staff, and patients from the very first phase. Many roadblocks arise within these groups for both logistical and psychological reasons. As a consequence, less than 5% of adult patients diagnosed with cancer enroll in oncology clinical trials owing to trial availability, site access, oncologist’s willingness to propose enrollment, clinical staff commitment, and patient’s concern. Thus, hampering the growth of the Oncology Clinical Trials Market.

Oncology Clinical Trials Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Oncology Clinical Trials Market. In 2019, the Oncology Clinical Trials Market share is consolidated by the top ten players present in the market. Oncology Clinical Trials Market, the top 10 companies are PAREXEL International Corporation, PRA Health Sciences, Syneos Health, Medpace, Novotech, and Pivotal among others.

Acquisitions/Product Launches
In September 2019, IQVIA announced its collaboration with Cancer Researchers to advance the use of real-world evidence and expand clinical research in oncology.
In June 2018, Acurian and Synexus, a part of PPD, launched SynexusPlus. SynexusPlus is a site solution for patient enrollment in clinical studies. This initiative is anticipated to improve clinical trial productivity.