Australia Oncology Clinical Trials Market Analysis

Australia Oncology Clinical Trials Market Analysis


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Australia's oncology clinical trials market is projected to grow from $151.8 Mn in 2022 to $260.8 Mn by 2030, registering a CAGR of 7% during the forecast period of 2022-30. The market will be driven by the rising investment in clinical research, increased patient education and engagement, and the development of new and innovative clinical trial designs. The market is segmented by phase, by study design & by indication. Some of the major players include Novartis International AG, AstraZeneca plc & Kazia Therapeutics Limited.

ID: IN10AUCT006 CATEGORY: Clinical Trials GEOGRAPHY: Australia AUTHOR: Vidhi Upadhyay

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Australia Oncology Clinical Trials Market Executive Summary

Australia's oncology clinical trials market is projected to grow from $151.8 Mn in 2022 to $260.8 Mn by 2030, registering a CAGR of 7% during the forecast period of 2022-30. More than 50 clinical trial networks in Australia provide Phase I-IV clinical studies. Australia is home to some of the world's top researchers and health professionals, as well as a world-class research infrastructure, a stable socio-political climate, and rigorous standards that assure trust in clinical trials done in Australia. In Australia, cancer is a leading cause of sickness and death. It is anticipated that around 151,000 Australians will be diagnosed with cancer (413 each day) in 2021, with 49,000 dying (135 per day). Breast cancer is supposed to be the most frequent cancer, followed by prostate cancer. Peter Mac has Australia's biggest cancer research site, with over 500 researchers, nurses, and support workers operating in Australia's most sophisticated cancer research facility.

With a well-developed infrastructure for conducting trials and highly skilled personnel, Australia has a significant presence in the area of oncology clinical trials. There are several university medical facilities, cancer centers, and clinical research companies (CROs) throughout the country that perform oncology clinical trials. A variety of organizations, including government agencies, academic institutes, and business associations, assist the Australian clinical trials business. The Australian Clinical Trials Alliance (ACTA) is a national organization that promotes clinical trial creation and execution in Australia. The organization gives assistance to researchers and encourages cooperation among clinical trial stakeholders.

Overall, Australia's oncology clinical trial landscape is strong, with a favorable regulatory framework, a trained workforce, and a supporting research infrastructure. These features combine to make Australia an appealing destination for clinical trials, especially in oncology.

australia oncology clinical trials market analysis

Market Dynamics

Market Growth Drivers

Australia has established the Precision Oncology Screening Platform Enabling Clinical Trials (PrOSPeCT), which will sequence the genomes of over 20,000 cancer patients, many of whom have uncommon and difficult cancers. The $127 Mn USD initiative will bring together the federal and state governments of Australia, hospitals, research institutions, and biopharma businesses to lead patients to targeted medicines and clinical trials and to progress potential novel treatments.

Many other factors are predicted to fuel considerable development in the oncology clinical trials business in Australia in the future years. The rising frequency of cancer in the nation is a crucial driver of growth. As the prevalence of cancer rises, so does the desire for novel and more effective therapies, necessitating the expansion of oncology clinical trials. The rising availability of novel and innovative medicines is another element driving development in Australia's oncology clinical trials business. Medical research advances have resulted in the creation of a variety of novel medicines, including targeted therapies, immunotherapies, and combination medications which will also contribute to the market expansion.

Market Restraints

Australia's oncology clinical trials business is hampered by a number of constraints. One key impediment is the scarcity of financing for clinical research. Clinical trials may be costly to execute, and obtaining financing can be difficult, especially for smaller research groups and university institutions. This has the potential to restrict the number of studies that may be undertaken while also slowing the speed of research. Another impediment is the growing competition for people in clinical trials. As the number of studies in Australia increases, so does the need for patient involvement. Many patients, however, are unwilling to participate in clinical trials owing to worries about the hazards involved, and trial technicalities may also be a hurdle. This may make recruiting enough volunteers to finish trials on time challenging.

Competitive Landscape

Key Players

  • Pfizer Inc.
  • Novartis International AG
  • AstraZeneca plc
  • Merck & Co., Inc.
  • Roche Holding AG
  • CSL Limited (AUS)
  • Alchemia Limited (AUS)
  • Patrys Limited (AUS)
  • Kazia Therapeutics Limited (AUS)

Notable Insights

  1. February 2023, Amplia Therapeutics, an Australian biotech startup, has expanded its ACCENT study, which has been running in Melbourne and Sydney since August 2022, to Queensland
  2. September 2022, The Alfred Hospital in Melbourne has collaborated with regional and rural institutions to increase patient access to cancer trials
  3. In June 2022, Australia established the Precision Oncology Screening Platform Enabling Clinical Trials (PrOSPeCT), which will sequence the genomes of over 20,000 cancer patients, many of whom have uncommon and difficult cancers. The $185 Mn AUD (about $127 Mn USD) initiative will bring together the federal and state governments of Australia, hospitals, research institutions, and biopharma businesses to lead patients to targeted medicines and clinical trials and to progress potential novel treatments.

Healthcare Policies and Regulatory Landscape

Clinical trials in Australia are governed by the Therapeutic Goods Administration (TGA) and the National Health and Medical Research Council (NHMRC). The TGA oversees clinical trial approval, whereas the NHMRC offers ethical standards for clinical research.

1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Clinical Trials Regulation in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation

6. Methodology and Scope

Oncology Clinical Trials Market Segmentation

By Phase (Revenue, USD Billion):

  • Phase I
  • Phase II
  • Phase III
  • Phase IV

By Study Design Outlook (Revenue, USD Billion):

  • Epilepsy
  • Parkinson's Disease (PD)
  • Huntington's Disease
  • Stroke
  • Traumatic Brain Injury (TBI)
  • Amyotrophic Lateral Sclerosis (ALS)
  • Muscle regeneration
  • Others

By Indication Outlook  (Revenue, USD Billion):

  • Interventional
  • Observational
  • Expanded Access

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

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Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.

Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 20 March 2023
Updated by: Riya Doshi

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