Market Trends of Global Oncology Clinical Trials Industry
This section covers the major market trends shaping the Oncology Clinical Trials Market according to our research experts:
Lung Cancer Segment is Expected to Hold Significant Market Growth Over the Forecast Period
The COVID-19 pandemic had a dramatic impact on the area of oncology, including the challenging management of cancer patients during the chaotic period. COVID-19 directly impacts the lungs and damages the alveoli. A research article published in 2020 in the Journal of the National Cancer Institute stated that cancer patients who were affected by COVID-19 had more risk of mortality compared to non-cancer patients. Additionally, according to the National Clinical Trials (NCT) Registry 2020, during the COVID-19 pandemic, lung cancer treatment, diagnosis, and subsequent management have been affected. As per the factors mentioned, COVID-19 had a significant impact on the lung cancer segment.
Lung cancer is caused by the uncontrolled growth of abnormal cells that multiply in one or both lungs. Two major types of lung cancer are non-small cell lung cancer and small cell lung cancer. The reasons for lung cancer include smoking, second-hand smoke, exposure to certain toxins, and family history. Furthermore, according to the report from Globocan, around 2,206,771 new lung cancer cases were reported in 2020.
Besides, according to the National Clinical Trials (NCT) Registry, around 2,325 clinical trials are currently recruiting in the field of lung cancer across the various phases of development as of August 2022. The positive outcome of these clinical trials is expected to show a positive impact on the market in the future. Thus, owing to the factors mentioned above, it is expected to drive market growth over the forecast period.
North America Dominates the Market and is Expected to do the Same Over the Forecast Period
In the North American region, COVID-19 had a crucial impact on the oncology clinical trial market because clinical trials related to cancer were suspended or terminated due to COVID-19. In the United States, some biopharmaceutical companies, such as Merck & Co. Inc. and Eli Lilly and Company, announced clinical trial delays. Additionally, data from ClinicalTrials.gov showed that more than 200 interventional oncology studies were suspended in March and April of 2020 due to the COVID-19 crisis.
In the North American region, the United States is expected to lead the market, and it is mainly due to factors, such as increasing research and development (R&D) investments, rising government support, and the high incidence of cancer population. For instance, according to a report from the American Cancer Society, the number of people newly affected with cancer in 2021 was 608,570 whereas in 2022 it is estimated to be 1,918,030.
Moreover, with the increase in cancer cases, the number of clinical trials is expected to rise in the coming few years. For instance, according to the National Clinical Trials (NCT) Registry in the United States, there are around 7, 945 ongoing clinical trials related to cancer across the various phases of development as of August 2022. Thus, considering above mentioned factors, North American is likely to face a healthy growth over the forecast period.
