Oncological Conditions Segment, by Indication to Account Largest Share in Clinical Trials Market during 2023-2031

According to our new research study on "Clinical Trials Market Forecast to 2031 - Global Analysis - by Study Design, Indications, Phase, and Geography," the market was valued at US$ 43.37 billion in 2023 and is projected to reach US$ 73.33 billion by 2031; it is expected to register a CAGR of 6.8% during 2023-2031. The practice of outsourcing clinical studies with a massive rise in the number of trials and the flourishing pharmaceutical industry with a surge in R&D activities are contributing to the clinical trials market growth. However, the expensive and time-consuming nature of trials hampers market growth. Further, AI-driven clinical trials are expected to bring new clinical trials market trends in the coming years.

The adoption of artificial intelligence (AI) offers innovative ways to collect and manage clinical trial data, along with reducing dependency on manual operations. Thus, AI acts as a game changer for life science companies involved in the drug development process. AstraZeneca has collected oncology data, including clinical and imaging data, of more than 100,000 consenting patients for different clinical studies. The Oncology Data Science team at AstraZeneca feeds these data into a system that utilizes AI and other statistical tools to generate novel hypotheses for oncology drug development. To transform the process of oncology data feed, the team is adopting complex datasets for accessibility, interoperability, and reusability of data as per the GO FAIR principles, which emphasize on making data findable, accessible, interoperable, and reusable. Such integration empowers data collection from specific clinical trials and projects to be accessible across the company's drug development teams in compliance with data protection laws.

In November 2021, AstraZeneca collaborated with Tempus to leverage real-world data and represent patients globally. This strategic partnership focuses on offering crucial evidence about patient outcomes without revealing the identification of the clinical trial participants in the datasets. Moreover, with the power of AI, companies can rapidly digitize clinical trial processes to complete studies faster. Life-saving medicines and treatments can be provided to patients more quickly, and life sciences companies could gain a competitive edge. According to Deloitte's life sciences digital innovation survey 2023, 76% of respondents invested in AI for clinical development. Thus, AI-driven clinical trials, involving the use of AI for processing clinical trial data, are emerging as significant trends in the clinical trial market.

The clinical trials market analysis has been carried out by considering the following segments: study design, indications, phase, and geography. Based on study design, the market is bifurcated into interventional trials and expanded access trials. The interventional trials segment held a larger clinical trials market share in 2023.

By indication, the market is segmented into cardiovascular diseases, oncological conditions, neurological disorders, autoimmune diseases/inflammation, pain management, diabetes, obesity, metabolic disorders, and others. The oncological conditions segment held the largest market share in 2023. Pharmaceutical companies are heavily investing in oncology research to capitalize on the considerable market potential and address the pressing need for effective treatments. A clinical trial conducted in Tata Memorial Hospital, Mumbai, India, has found that an ultra-low dose of nivolumab (Opdivo), an immunotherapy drug, was added to the standard treatment for head and neck cancer, which helped better survival rates in patients. In March 2022, the US Food and Drug Administration (FDA) approved the targeted radiodrug lutetium (Lu177), i.e., vipivotide tetraxetan (Pluvicto), for patients affected by metastatic castration-resistant prostate cancer, positive for a protein called prostate-specific membrane antigen (PSMA). Researchers at Memorial Sloan Kettering Cancer Center designed, executed, and analyzed the clinical trial focused on the drug's effectiveness and led to its approval.

Based on phase, the clinical trials market is divided into Phase I, Phase II, and Phase III. The Phase II segment held the largest market share in 2023. A new treatment under study generating safe results in phase 1 clinical trials advances into phase II clinical trials, which focus on checking both the efficacy and safety of the treatment. Phase II trials are usually larger than the phase 1 studies and can include a larger group of participants (100-300). Phase II clinical trials aim to determine the activity and assess the short-term safety of the active pharmaceutical ingredients in patients. The trials are also performed to determine the appropriate drug dosage and study the response to different dosages in patients, which helps optimize therapeutic drug formulation.

The clinical trial market players offer services until the phase II clinical trial stage. For instance, Quotient Sciences offers services for phase II clinical trials to pharmaceutical companies. Phase II plays a key role, especially in oncology-related studies. According to the FDA, ~33% of experimental medications make it to phase III. In addition, the segment's growth is attributed to the growing prevalence of chronic diseases and rising investment by pharmaceutical companies in the R&D of novel treatments. There are numerous therapeutics and vaccines in phase II that are specified for the treatment of oncological conditions.

IQVIA Holdings Inc, Parexel International Corporation, IXICO Plc, Charles River Laboratories Inc, ICON Plc, WuXi AppTec Co Ltd, SGS SA, Syneos Health Inc, SIRO Clinpharm Private Limited, Thermo Fisher Scientific Inc, Laboratory Corp of America Holdings, CliniRx, Caidya, Oracle Corp, and Medpace are among the leading companies operating in the global clinical trials market.

Companies operating in the clinical trials market adopt various organic and inorganic strategies. Organic strategies mainly include product launches and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the clinical trials market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall clinical trials market growth. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios.



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