According to the research report titled ‘Europe Clinical Trials Market Forecast 2027 By Therapeutic Area, By Phases, By Study Design, Research Report, Country Outlook, COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with MarketStudyReport, Europe clinical trials market is slated to accrue a valuation of USD 13.8 billion during 2021-2027.

Soaring number of drug candidates for different phases of clinical trials, accelerated R&D initiatives especially post the COVID-19 pandemic, and surging investments by pharmaceutical & medical device manufacturing companies are factors propelling the growth of Europe clinical trials market.

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Moreover, rising prevalence of cancer cases, prompting multiple applications for cancer clinical trial approvals, is also enhancing progress in industry. Reports claim that Europe accounts for over 22% of the cancer cases in the world.

The COVID-19 pandemic led to an emergency authorization of medicinal products to fight against the coronavirus spread, which led to a steady enhancement of the business sphere. Several vaccine candidates are now in the pipeline awaiting approval from government authorities given the stringent standards. This, along with massive investments in drug discovery employed in the region is likely to make Europe a global hub, thus enhancing the scope of Europe clinical trials industry to a great extent in the forthcoming years.

In terms of therapeutic area, the oncology vertical is estimated to expand at 5.9% CAGR during the projected timeline, owing to the rising prevalence of breast cancer, lung cancer, prostate cancer, etc., which is encouraging research activities in advanced therapeutics.

From a geographical standpoint, UK market accounted for 13.5% revenue share in 2020 and is poised to grow significantly through the assessment timeframe, ascribed to the fact that the country is introducing a third booster shot against COVID-19 infection which is in early phase trials but likely to gain momentum in the coming five years.

The notable participants in Europe clinical trials market include names like as IQVIA, Inc., Apex Medical Research, ICON plc, Bioclinica, Inc., Charles River Laboratories, Parexel International Corporation, Medpace, Inc., Laboratory Corporation of American Holding, WuXi AppTec, Pharmaceutical Product Development LLC (PPD), and PRA Health Sciences among others.