Europe Clinical Trials Industry Overview

The Europe clinical trials market size was valued at USD 12.2 billion in 2021 and is anticipated to exhibit a compound annual growth rate (CAGR) of 5.7% from 2022 to 2030.

Growing demand for personalized medicines in the region due to significant research funding for personalized therapies by public organizations is the prime factor driving the market in the region. The technological advances for clinical trials have significantly improved in recent years, further exhibiting a positive impact on the market. Apart from this, the COVID-19 pandemic had created an urgent demand for COVID-19 therapeutics and diagnostic devices which has significantly improved the demand for clinical trials in the region.

 

Gather more insights about the market drivers, restrains and growth of the Europe Clinical Trials Market

 

A significant number of people in the region suffer from chronic diseases. For instance, the Robert Koch Institute states that around 40.0% of deaths in Germany are due to cardiovascular diseases. The high prevalence of chronic diseases in the region is promoting the demand for clinical trials in the region. The region has also witnessed an increase in the demand for CROs for conducting clinical trials. In-house clinical trials require are expensive and consumes more time for the pharmaceutical company, which is one of the prime reason that pharmaceutical and biotechnology companies are outsourcing clinical trials. The collaboration and partnership of pharmaceutical agreements of the pharmaceutical companies with the CROs are likely to have a positive impact on the market.

 

The COVID-19 pandemic had affected a significant number of people in the region which had improved the demand for vaccines and medical devices in Europe. The public organizations in the region had made significant funding’s for promoting the clinical trials in the country. For instance, In January 2021, the European Commission stated that over USD 723.6 million were funded to support the research of COVID-19 diagnostics and therapeutics. At the start of the pandemic, there was a shutdown of research sites owing to the lockdown implemented by the government authorities to control the spread of the virus. Owing to this, several research organizations opted for virtual clinical trials. Such adoption of technology is likely to have a positive impact on market growth

 

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Market Share Insights

• November 2021: Clariness announced its partnership with Boehringer Ingelheim to digitally engage and recruit patients through the patient portal.
• July 2021: Charite Research Organisation GmbH conducted a randomized phase II clinical trial to study Polycystic Ovary Syndrome (PCOS) in women by using either licogliflozin or placebo.

 

Key Companies Profile

Some of the prominent players in the Europe clinical trials market include:

• IQVIA HOLDINGS, INC.
• PAREXEL International Corporation
• Pharmaceutical Product Development, (PPD) LLC.
• Syneos Health Inc.
• Eli Lilly and Company
• Novo Nordisk A/S
• Pfizer, Inc.
• Notghi Contract Research GmbH
• Charite Research Organisation GmbH

 

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