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 be worth USD 13.8 billion by the end of the forecast period 2021-2027.
 

As per report findings, increasing count of drug candidates in various phases of clinical trials is acting as a major impetus to Europe clinical trials market growth. Notably, a sharp rise in R&D initiatives following the COVID-19 pandemic has led pharma companies and medical device manufacturers to amplify their investments in drug discovery, which is in turn promoting the industry remuneration scope.

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Factors such as rising prevalence of cancer, increasing regulatory approvals for clinical trials, and fast paced adoption of advanced technologies are also creating a positive industry outlook.

However, increasing preference for outsourcing clinical trials to Asia Pacific region is anticipated to hamper market development over 2021-2027.

Based on phase type, Europe clinical trials industry is segmented into phase I, phase II, phase III and phase IV. Considering study design, the market is bifurcated into interventional study, expanded access study, and observational study.

Moving on to therapeutic area, the industry classification comprises oncology, autoimmune disease, cardiology, infectious disease, ophthalmology, dermatology, and others. The oncology segment is slated to expand at 5.9% CAGR through 2027, on the back of high occurrence rate of cancer among Europeans, and increased research activities on advanced therapies for breast cancer, prostate cancer, colorectal cancer, and lung cancer.

On the regional front, countries including Germany, U.K, France, Spain, Belgium, Russia, Denmark, Sweden, Switzerland, the Netherlands, and Italy have been analyzed in the study. Among these, U.K. market accounted for 13.5% of the total revenue in 2020. This can be credited to the surging demand for early phase clinical trials, i.e., phase I and phase II, in the region.

Prominent companies in Europe clinical trials market include Apex Medical Research (AMR) Inc., IQVIA, Charles River Laboratories International Inc., Parexel International Corp., ICON plc, PPD Inc., Medpace Inc., Laboratory Corporation of American Holding (LabCorp.), and Clario.