Australia Oncology Clinical Trials Market Analysis

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.

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.