Thailand Oncology Clinical Trials Market Analysis

Thailand Oncology Clinical Trials Market Analysis


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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.

ID: IN10THCT006 CATEGORY: Clinical Trials GEOGRAPHY: Thailand AUTHOR: Vidhi Upadhyay

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Thailand Oncology Clinical Trials Market Executive Summary

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.

thailand oncology clinical trials market analysis

Market Dynamics

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.

Competitive Landscape

Key Players

  • Pfizer Inc.
  • FHoffmann-La Roche Ltd
  • Novartis AG
  • AstraZeneca PLC
  • Merck & Co Inc.
  • Bristol-Myers Squibb
  • Siam Bioscience Co., Ltd (THA)
  • Chiangmai University Pharmaceutical Company Limited (THA)
  • Mega Lifesciences Public Company Limited (THA)

Notable Insights

  1. In September 2022, The United States Trade and Development Agency announced a grant to Thailand's AMATA Corporation Public Company Limited (AMATA) for a feasibility study to establish a regional cancer center in Chonburi Province.
  2. February 2022, The Chulalongkorn University Cancer Immunotherapy Excellence Center, Faculty of Medicine, and the King Chulalongkorn Memorial Hospital, Thai Red Cross Society hosted a Chula the Impact 7 Seminar on "the Progress of Personalized, Therapeutic Cancer Vaccine: An Innovation of Hope for Thai Society," which was funded by the Chulalongkorn University Second Century Fund (C2F).

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

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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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