Thailand’s oncology clinical trials market is projected to grow from $15.2 Mn in 2022 to $23.9 Mn by 2030, registering a CAGR of 5.84% during the forecast period of 2022-30. The market will be driven by the rising incidence of cancer along with the country's strategic position and inexpensive clinical trial costs. The market is segmented by phase, by study design & by indication. Some of the major players include Pfizer Inc., FHoffmann-La Roche Ltd & Siam Bioscience Co., Ltd.
Thailand’s oncology clinical trials market is projected to grow from $15.2 Mn in 2022 to $23.9 Mn by 2030, registering a CAGR of 5.84% during the forecast period of 2022-30. Thailand's pharmaceutical business is the second-largest in Southeast Asia, behind Indonesia. Thai medical services are well-known across the globe due to the country's strong medical foundation, which includes high-quality medical services, skilled healthcare personnel, and a varied range of internationally accredited medical facilities. The nation has 38.150 healthcare institutions, which account for 80% of the total value of Rx medications supplied to patients. In Thailand alone, there were 190,636 new instances of cancer in 2020. According to the Global Cancer Observatory, there will be 290,000 new cancer cases by 2040. Breast, cervical, colorectal, liver, and lung cancers account for around 60% of Thailand's cancer burden.
In recent years, Thailand has seen considerable growth in the number of oncology clinical trials. Clinical trials are being conducted in a variety of therapeutic areas, including breast cancer, lung cancer, colorectal cancer, and leukaemia. The vast majority of these studies are funded by multinational pharmaceutical and biotechnology corporations. Thailand, with its fast-rising economy and well-established healthcare infrastructure, is an emerging clinical trial center. Because of its diversified and huge patient population, as well as a solid network of competent clinical trial investigators and research institutions, the nation is an excellent venue for oncology clinical trials.
Market Growth Drivers
In Thailand, there are various growth factors for oncology clinical trials. The country's well-established healthcare infrastructure, which comprises a big and diversified patient population as well as a network of professional clinical trial investigators and research institutes, is one of the main determinants. Thailand's healthcare system is of good quality, which, along with the country's strategic position and inexpensive clinical trial costs, makes it an appealing destination for oncology clinical trials. The Thai FDA has built clear and fast clinical trial regulatory procedures in order to encourage more sponsors to conduct studies in the nation. The regulatory procedure is transparent, and clinical study approval is often faster than in other countries, which is a substantial benefit for clinical trial sponsors. The rising need for oncology therapies, as well as the rising incidence of cancer, are driving the expansion of clinical trials in Thailand.
Market Restraints
There are also various barriers that must be overcome in order to accelerate the expansion of oncology clinical trials in Thailand. One of the major challenges is a lack of access to innovative technologies and infrastructure. Although having a well-developed healthcare infrastructure, Thailand falls behind other nations in terms of access to new technologies such as molecular diagnostics, imaging, and genomics. This may hinder clinical trial sponsors' capacity to perform cutting-edge research in the nation. Another issue is the lack of patient access and knowledge. Many Thai patients may be unaware of the advantages of clinical trials and may lack access to the information or resources required to participate in them. This may restrict the number of participants recruited for clinical studies, slowing scientific progress. Financial limits are another major impediment to oncology clinical trials in Thailand.
Key Players
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
By Phase (Revenue, USD Billion):
By Study Design Outlook (Revenue, USD Billion):
By Indication Outlook (Revenue, USD Billion):
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