At 6.3% CAGR, the Europe Clinical Trials Market is Projected to be Worth US$ 20,056.53 Million by 2031, Says Business Market Insights

According to Business Market Insights research, the Europe clinical trials market was valued at US$ 12,286.73 million in 2023 and is expected to reach US$ 20,056.53 million by 2031, registering a CAGR of 6.3% from 2023 to 2031. Flourishing pharmaceutical industry with surge in R&D activities and adoption of decentralized clinical trials and hybrid clinical trials are among the critical factors attributed to the Europe clinical trials market expansion.

Research is a significant and essential part of the pharmaceutical, biopharmaceutical, and medical device industries, among others, which enables them to come up with new solutions for various therapeutic applications with significant medical and commercial potential. The pharmaceutical industry is one of the most R&D-intensive industries in the world. Efforts are being made to achieve greater effectiveness and efficiency in fulfilling patients' needs. The cost of medicines has been a prime concern for pharmaceutical companies as they bank on their R&D activities to achieve intended cost targets. R&D expenditure is instrumental in companies' efforts to discover, examine, and produce new products; make upfront payments; improve existing outcomes; and demonstrate product efficacy and regulatory compliance before launch. These investments differ as per the need and demand for clinical trials. The cost includes materials, supplies used, and employee salaries, along with the cost of developing quality control. According to PhRMA Member Companies 2021 report, the top 15 largest pharmaceutical companies by revenue invested US$ 133 billion in R&D cumulatively, and ~44% of the total R&D investment was allocated to clinical trials. These companies, in collaboration with hospitals, are investing in developing products to treat various diseases and disorders, including immunological disorders. In June 2021, Takeda announced ADVANCE-1, a randomized, placebo-controlled, double-blind Phase 3 clinical trial to evaluate HYQVIA [Immune Globulin Infusion 10% (Human) with Recombinant Human Hyaluronidase] to maintain treatment of chronic inflammatory demyelinating polyradiculoneuropathy (CIDP) as its primary endpoint. Thus, increasing R&D investments by companies are fueling the clinical trials market growth.

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

Based on study design, the Europe clinical trials market is bifurcated into interventional trials and expanded access trials. The interventional trials segment held 88.5% share of the Europe clinical trials market in 2023, amassing US$ 10,876.32 million. It is projected to garner US$ 18,158.67 million by 2031 to expand at 6.6% CAGR during 2023–2031.

Based on indications, the Europe clinical trials market is segmented into autoimmune/inflammation, pain management, oncology, neurological disorders, diabetes, obesity, metabolic disorders, cardiovascular, and others. The oncology segment held 28.5% share of the Europe clinical trials market in 2023, amassing US$ 3,503.21 million. It is projected to garner US$ 6,263.38 million by 2031 to expand at 7.5% CAGR during 2023–2031.

Based on phase type, the Europe clinical trials market is segmented into phase I, phase II and phase III. The phase II segment held 49.5% share of the Europe clinical trials market in 2023, amassing US$ 6,083.64 million. It is projected to garner US$ 10,269.72 million by 2031 to expand at 6.8% CAGR during 2023–2031.

Based on country, the Europe clinical trials market is segmented into the UK, Germany, France, Spain, Italy, Poland, Switzerland, Sweden, Denmark, Belgium, the Netherlands, and the Rest of Europe. Germany held 20.2% share of Europe clinical trials market in 2023, amassing US$ 2,483.41 million. It is projected to garner US$ 4,446.44 million by 2031 to expand at 7.6% CAGR during 2023–2031.

Key players operating in the clinical trials market are QVIA Holdings Inc, Parexel International Corp, IXICO Plc, Charles River Laboratories International Inc, ICON Plc, WuXi AppTec Co Ltd, SGS SA, Syneos Health Inc, Thermo Fisher Scientific Inc, Laboratory Corp of America Holdings, CliniRx Research Private Limited, Caidya, Oracle Corp, Medpace Holdings Inc, and SIRO Clinpharm Pvt Ltd, among others.

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