At 5.5% CAGR, the Europe Clinical Trials Market is projected to be worth US$ 21,643.87 million by 2028, says The Business Market Insights

According to the Business Market Insights’ research, the Europe clinical trials market was valued at US$ 15,739.35 million in 2022 and is expected to reach US$ 21,643.87 million by 2028, registering a CAGR of 5.5% from 2022 to 2028. Increasing adoption and outsourcing of clinical trials and flourishing pharmaceutical industry and increasing R&D activities in pharmaceutical industry are the critical factors attributed to the Europe clinical trials market expansion.                     

The pharmaceutical industry is one of the most R&D-intensive industries globally. The value of medicines is becoming increasingly important as pharmaceutical companies are keen to ensure that R&D achieves their intended goal. Over the last decade, the number of new drugs approved yearly has also increased. Efforts are being made to achieve greater effectiveness and efficiency in fulfilling patients' needs. R&D expenditure is done to discover, examine, and produce new products; upfront payments; improve existing outcomes; and demonstrate product efficacy and regulatory compliance before launch. The R&D investments differ as per the need and demand for clinical trials. The cost includes materials, supplies used, and salaries, along with the cost of developing quality control.  

On the contrary, expensive and time-consuming process hurdles the growth of Europe clinical trials market. 

Based on phase, the Europe clinical trials market is segmented into phase I, phase II, phase III, and phase IV. The phase III segment held 53.2% share of Europe clinical trials market in 2022, amassing US$ 8,380.39 million. It is projected to garner US$ 11,730.62 million by 2028 to expand at 5.8% CAGR during 2022–2028.

Based on study design, the Europe clinical trials market is segmented into interventional, observational, and expanded access. The interventional segment held 51.7% share of Europe clinical trials market in 2022, amassing US$ 8,144.61 million. It is projected to garner US$ 11,328.99 million by 2028 to expand at 5.7% CAGR during 2022–2028.  

Based on Indication, the Europe clinical trials market is segmented into autoimmune/inflammation, pain management, oncology, CNS condition, diabetes, obesity, cardiovascular, and others.  The oncology segment held 27.4% share of Europe clinical trials market in 2022, amassing US$ 4,307.66 million. It is projected to garner US$ 5,975.24 million by 2028 to expand at 5.6% CAGR during 2022–2028.

Based on country, the Europe clinical trials market has been categorized into the UK, Germany, France, Italy, Spain, and Rest of Europe. Our regional analysis states that Germany captured 29.5% share of Europe clinical trials market in 2022. It was assessed at US$ 4,635.24 million in 2022 and is likely to hit US$ 6,231.27 million by 2028, exhibiting a CAGR of 5.1% during 2022–2028.

Key players operating in the Europe clinical trials market are Charles River Laboratories International Inc, ICON Plc, IQVIA Holdings Inc, IXICO Plc, Laboratory Corp of America Holdings, Parexel International Corp, SGS SA, Syneos Health Inc, Thermo Fisher Scientific Inc, and WuXi AppTec Co Ltd among others.   

• In Feb 2023, Parexel launched a new expert series, New Medicines, Novel Insights. The series features fresh insights from the company’s global, cross-functional experts analyzing drug development trends and offering evidence-based guidance to the biopharmaceutical industry.
• In Feb 2022, IXICO next-generation brain imaging technology, which is more sensitive, accurate, and flexible than the current platform, will be available for clinical trials from March.

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