Oncology Clinical Trials Market Size

The global oncology clinical trials market size was valued at $14.65 billion in 2024 and is projected to reach $21.38 billion by 2030, growing at a CAGR of 6.5% during the forecast period.

Oncology Clinical Trials Market Overview

Oncology clinical trials are research studies conducted to evaluate new treatments, interventions, or tests for cancer. These trials are essential for determining the safety and effectiveness of new therapies, including drugs, surgical procedures, radiation therapies, and combinations of treatments. Conducted in multiple phases, oncology clinical trials begin with small groups of patients to assess safety and dosage, then expand to larger groups to evaluate efficacy and monitor side effects. These trials are critical for advancing cancer treatment, providing valuable data on how new interventions perform compared to standard treatments.

Companies can develop and test cutting-edge therapies that may lead to new treatment options for patients, enhancing their product portfolios. Companies like Bristol-Myers Squibb and Merck have conducted numerous clinical trials for their immunotherapy drugs (e.g., Opdivo and Keytruda), leading to significant market success and expanded indications.

Oncology Clinical Trials Market Dynamics

The oncology clinical trials market is expected to witness significant growth in the future due to increasing prevalence of cancer worldwide, advancements in cancer research and personalized medicine, and the rising investment from pharmaceutical and biotechnology companies. However, high cost and lengthy timelines of clinical trials and the strict regulatory requirements and approval processes are restraining the growth of the market.

Furthermore, development of innovative trial designs and methodologies, integration of digital health technologies and data analytics, and  the growing focus on rare and hard-to-treat cancers in clinical trials are the key trends propelling the oncology clinical trials market.

Rising Investment from Pharmaceutical and Biotechnology Companies is Driving the Oncology Clinical Trials Market

Rising investment from pharmaceutical and biotechnology companies significantly impacts the oncology clinical trials market by accelerating the development and availability of innovative treatments. Increased funding allows these companies to conduct extensive research and development, supporting a higher volume of clinical trials across various stages. 

• For example, Vial, a next-generation contract research organization (CRO), raised over $100 million in funding to enhance its capabilities in conducting oncology clinical trials, emphasizing the growing interest in efficient trial management and patient recruitment strategies

• AstraZeneca has been actively investing in its oncology pipeline, with over 30 clinical trials underway for various cancer treatments as of 2022. This investment strategy is designed to bring new therapies to market faster and improve patient outcomes.

This investment drives the exploration of novel therapeutic approaches and the advancement of precision medicine, leading to more targeted and effective treatments for cancer. Additionally, it enhances the capacity for large-scale, multi-center trials, which are crucial for evaluating the efficacy and safety of new therapies. The influx of capital also fosters innovation between industry players and research institutions, facilitating the integration of cutting-edge technologies and methodologies. 

• For instance in 2022, Intellia announced positive results from its clinical trial for NTLA-2001, a CRISPR-based treatment for transthyretin amyloidosis, showcasing how innovative companies are leveraging investments to advance clinical trials and develop groundbreaking therapies

Overall, the rising investment bolsters the market by expanding the scope of research, improving trial outcomes, and ultimately accelerating the introduction of new and promising cancer treatments.

By Phase Type, the Phase III Segment held Significant CAGR, and it would continue on this Path during the Forecast Period

The phase III segment is projected to grow at a significant CAGR during the forecast period. In the oncology clinical trials market, phase III is the advanced stage where experimental treatments undergo rigorous testing in large patient populations to confirm their effectiveness and safety compared to standard treatments. Current trends in phase III oncology trials include a heightened focus on personalized medicine, with studies designed to identify biomarkers for targeted therapies. Moreover, there is an increase in collaborative efforts between industry and regulatory bodies to streamline processes and expedite the translation of promising treatments from research to clinical application.

• In July 2020, Novartis AG initiated a phase III clinical trial to investigate the combination of alpelisib with pertuzumab and trastuzumab. This trial aims to evaluate the safety and efficacy of the combination as supportive therapy for individuals with HER2-positive advanced breast cancer.

By Geography, North America Dominates by Being the Largest Market for Oncology Clinical Trials

North America leads as the primary market for oncology clinical trials during the forecast period due to the region's advanced healthcare infrastructure and a robust research ecosystem, which support the development and execution of cutting-edge clinical trials. The high prevalence of cancer in North America drives the need for ongoing research and innovation to improve treatment outcomes.

• According to the American Cancer Society (ACS) in 2022, it is estimated that there will be 1.9 million new cancer cases diagnosed and 609,360 cancer-related deaths in the United States.

Stringent regulatory standards and a well-established pharmaceutical industry further contribute to the region's dominance by ensuring high-quality and reliable trial results. Moreover, the strong emphasis on research funding and collaboration between industry and regulatory bodies facilitates the efficient execution of trials, making North America a central hub for oncology clinical research.

• According to Mooney's description of the National Center for Biomedical Imaging Clinical Trials Cooperative Group Program, the National Cancer Institute (NCI) funds approximately 50% of all cancer clinical trials in the U.S.

• According to the U.S. Government Accountability Office, the National Institutes of Health (NIH), an entity within the Department of Health and Human Services (HHS), is the leading public funder of biomedical research and development (R&D).

Additionally, the presence of major pharmaceutical and biotechnology companies, along with leading research institutions, fuels a continuous pipeline of clinical trials. Key players and research institutions in the region actively drive innovation, attracting a substantial number of clinical trials.

• In March 2021, Merck Sharp & Dohme Corp. launched a phase II clinical study to evaluate the safety and efficacy of the fixed-dose combination of pembrolizumab and quavonlimab (MK-1308A) in combination with lenvatinib for patients with hepatocellular carcinoma (HCC).

This consolidated environment, along with a skilled workforce, ensures efficient trial execution, establishing North America as a major hub for oncology clinical research and market leadership.

Key Target Audience:

• Pharmaceutical and Biotechnology Companies

• Contract Research Organizations (CROs)

• Research Institutions and Academic Centers

• Healthcare Providers and Oncologists

• Regulatory Agencies

• Patient Advocacy Groups

• Clinical Trial Participants

List of the Key Players Profiled in the Report Includes: 

• AbbVie Inc.

• Astellas Pharma Inc.

• AstraZeneca

• Bristol Myers Squibb

• Eli Lilly and Company

• F. Hoffmann-La Roche Ltd

• GlaxoSmithKline

• Johnson & Johnson

• Merck & Co.

• Novartis

• Pfizer Inc.

• Sanofi

Recent Developments:

• In March 2023, Pfizer announced the initiation of a Phase 3 trial evaluating Ibrance (palbociclib) in combination with letrozole for hormone receptor-positive breast cancer.

• In February 2023, Novartis announced the initiation of a Phase 3 trial evaluating Kymriah (tisagenlecleucel) in patients with relapsed or refractory large B-cell lymphoma

• In April 2023, Merck announced positive results from the KEYNOTE-789 trial evaluating pembrolizumab in combination with chemotherapy for metastatic triple-negative breast cancer

• In March 2023, Eli Lilly announced the initiation of a Phase 3 trial evaluating Verzenio (abemaciclib) in combination with endocrine therapy for hormone receptor-positive breast cancer.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Phase Type: 

• Phase I

• Phase II

• Phase III

• Phase IV

Market by, Study Design:

• Interventional Studies

• Observational Studies

• Expanded Access Studies

Market by, Cancer Type:

• Breast Cancer

• Leukemia

• Lung Cancer

• Prostate Cancer

• Other Cancer Types

Market by, Geography:

The oncology clinical trials market report also analyzes the major geographic regions and countries of the market. The regions and countries covered in the study include:

• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis

• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis

• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis

• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis

• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis

Scope of the Report:

The report oGlobal Oncology Clinical Trials Market: Industry Analysis, Opportunities and Forecast up to 2030o by Diligence Insights provides a detailed analysis of the present market and future outlook with market estimates and forecasts for all specified segments, encompassing both global and regional perspectives as outlined within the research framework. The study includes historical market data for the years 2022, 2023 and offers revenue estimations for 2024, and project forecasts spanning from 2025 to 2030. It places significant emphasis on the examination of market trends, key industry participants, supply chain developments, technological advancements, pivotal milestones, and prospective strategies. Comprehensive market assessments are carried out across major geographic regions, including North America, Europe, Asia Pacific, South America, and Middle East & Africa. As such, this report constitutes a valuable resource for current industry stakeholders, newcomers to the field, and potential investors.

The study offers an in-depth market analysis, drawing insights from industry experts across the value chain. A special focus has been made on 25 countries, including the United States, Canada, Mexico, the United Kingdom, Germany, Spain, France, Italy, China, Brazil, Saudi Arabia, and South Africa, among others. The market data has been meticulously collected through extensive primary interviews and comprehensive secondary research. Market size determination is rooted in the revenue generated from sales across all the specified segments and sub-segments as defined within the research scope. The market sizing analysis includes both top-down and bottom-up approaches for data validation and accuracy measures.

The report offers insights into the following aspects:

• Analysis of major market trends, factors driving, restraining, threatening, and providing opportunities for the market.

• Analysis of the market structure by identifying various segments and sub-segments of the market.

• Understand the revenue forecast of the market for North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

• Analysis of opportunities by identification of high-growth segments/revenue pockets in the market.

• Understand major player profiles in the market and analyze their business strategies.

• Understand competitive developments such as joint ventures, alliances, mergers and acquisitions, and new product launches in the market.