Market Trends of Global Oncology Clinical Trials Industry
Lung Cancer Segment Expected to Register Significant Market Growth Over the Forecast Period
Lung cancer is caused by the uncontrolled growth of abnormal cells that multiply in one or both lungs. There are two major types of lung cancer: 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. The rising prevalence of lung cancer is expected to boost segment growth. As per the American Cancer Society 2024, lung cancer (both small and non-small cell) is the second most common cancer in both men and women. In 2024, an estimated 234,580 people are expected to be diagnosed with lung cancer. Hence, all these factors have been driving the growth of the market.
According to ClinicalTrails.gov, as of June 2024, around 12,190 clinical trials were registered in lung cancer across the various phases of development. The positive outcome of these clinical trials is expected to positively impact the market in the future. Thus, the abovementioned factors are expected to drive market growth over the forecast period.
Additionally, the launch of clinical trials for developing a lung cancer drug is expected to propel the market's growth. For instance, in December 2023, Merck and Moderna Inc. launched the pivotal Phase III INTerpath-002 (NCT06077760) clinical trial of the novel individualized neoantigen therapy V940 (mRNA-4157) in combination with Keytruda (pembrolizumab) as an adjuvant treatment for patients with completely resected Stage II, III A, or III B non-small cell lung cancer (NSCLC).
Thus, all the factors above, such as the growing burden of lung cancer, are expected to boost the market over the forecast period.
North America Expected to Register a Significant Market Share and Continue its Dominance Over the Forecast Period
The North American regional segment is expected to lead the market, mainly due to increasing research and development (R&D) investments, rising government support, and the high incidence of cancer in the population. For instance, according to data published in 2023 by Canadian Cancer Statistics, 239,100 Canadians were diagnosed with cancer. Lung and bronchus (lung), breast, prostate, and colorectal cancers account for almost half of all new cancer cases diagnosed. Thus, the growing burden of cancer and rising demand for innovative cancer therapy are expected to increase the number of clinical trials, thereby boosting market growth.
Moreover, with the increase in cancer cases, clinical trials are expected to rise in the coming years. For instance, according to the National Clinical Trials (NCT) Registry in the United States, as of January 2024, there were around 45,061 ongoing clinical trials related to cancer across the various phases of development. Thus, considering the abovementioned factors, North America will likely experience healthy growth over the forecast period.
The positive outcome of these clinical trials is expected to positively impact the market in the future. For instance, in February 2023, Pfizer announced positive results from the Phase 3 TALAPRO-2 study of TALZENNA (talazoparib), an oral poly ADP-ribose polymerase (PARP) inhibitor, in combination with XTANDI (enzalutamide), demonstrating a statistically significant and clinically meaningful improvement in radiographic progression-free survival (PFS) compared to placebo plus XTANDI in men with metastatic castration-resistant prostate cancer (mCRPC), with or without homologous.
Thus, all the abovementioned factors, such as the growing burden of cancer and the increasing number of oncology clinical trials, are expected to boost market growth over the forecast period.
