While the global market for clinical trials in general maintains an upward trend, cancer death rates in the United States have declined, noted the company Vyant Bio.
The size of the global clinical trials market would reach a value of $ 69.8 billion by 2027, exhibiting a compound annual growth rate of 5.1% over the forecast period, according to a February 2020 report published by currently leading Grand View Research. worldwide in biopharmaceutical research, development and manufacturing.
Also, in fiscal year 2020, the National Cancer Institute of the United States received a budget of $ 6.44 billion, an increase of $ 297 million from fiscal year 2019.
The objective of this budget item? Award grants to support research, with a specific investment in the improved and early detection of diseases through the analysis of circulating biomarkers using minimally invasive methods, as well as a focused investment in the prevention and treatment of cancer, including the investigation of new vaccines to prevent cancer-causing infections and investigational immuno-oncology drugs and drug combinations.
Pharmaceutical Research and Manufacturers of America (PhRMA) reports that the average cost to develop a drug, including trial failures, can be as high as $ 2.6 billion and the approval process from development to market can take up to 15 years.
According to the National Cancer Institute, since the 1990s, cancer death rates in the United States have decreased by 23%, and approximately 83% of increases in life expectancy for cancer patients are due to new treatments and drugs. oncological.
Outside of the United States, growth in the pharmaceutical and clinical trials market continues, and trials are becoming increasingly complex.
Growth in the European pharmaceutical market is expected to be driven largely by the UK, Germany, Spain, France and Italy.