Europe Clinical Trials Market size surpassed USD 9.8 billion in 2020 and is anticipated to exhibit a CAGR of 5.1% between 2021 and 2027.
Clinical trials are large-scale research studies performed with an intention to evaluate a medical, surgical, or behavioral intervention. Clinical trials are aimed at evaluating such effects on human subjects and their subsequent health outcomes. Clinical trials are predominantly conducted in four phases with different human population sizes and test conditions.
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Significant R&D spending from pharmaceutical and medical device companies will boost the market demand. Additionally, the increasing prevalence of different types of diseases in the region also compels the companies to develop advanced therapeutic products, laying significant emphasis on conducting clinical trials.
On the regulatory front, European Union implements some of the most stringent regulations globally for the approval and operations of clinical trials. For instance, in January 2022, a new Clinical Trials Regulation is set to be implemented across EU to streamline and harmonize the process of application and supervision of clinical trials across the Member States of the EU. Moving forward, the regulation will mandate all applications for clinical trials in the EU involving medicinal products in humans to be applied through a new Clinical Trials Information System (CTIS) alongside several amendments focusing on ongoing clinical trials. Through the regulation, Europe Medicines Association (EMA) and EU anticipate an effective collaboration between authorities and researchers across Member States, transforming EU into an attractive region for clinical research investments.
Europe Market, By Phases
The phase III segment size was nearly USD 5 billion in 2020. Phase III clinical trials aim towards comparing the safety and efficacy of the novel candidate against the commercially available treatments. With the largest population size among all phases, phase III clinical trial is also one of the most time-consuming and resource demanding.
The studies in phase III are usually carried out in multiple locations within the same region or globally. With phase III studies being relatively more rigorous, these are also closely monitored as it forms the basis for a new drug application and plays a significant role in the potential success the drug candidate achieves. Hence, sponsors or pharmaceutical and medical device companies are noted to spend higher in phase III clinical trials.
Europe Market, By Study Design
The interventional study segment dominated around 75% Europe clinical trials market share in 2020. Interventional study offers a better way to measure the efficacy of novel drug candidates. Owing to factors such as elimination of recall bias as well as better efficiency of newer interventions, an interventional study is widely preferred over other study designs.
Europe Market, By Therapeutic Areas
The oncology segment in the market will observe around 5.9% growth rate during the forecast period, propelled by high prevalence rate of cancer across the region. Breast cancer, prostate cancer, lung cancer and colorectal cancer are highly prevalent in the region. While representing nearly 10% of the global population, Europe accounts for over 22% cancer cases globally and nearly 20% of annual cancer deaths. The high statistics increase the burden of cancer in the region compelling the authorities as well as companies to control such high trends.
Europe Market, By Country
Germany clinical trials market revenue crossed USD 1.3 billion in the end of 2020. While representing only a small proportion of the global population, Germany is noted to account for over 7% clinical trials globally. Several factors such as high healthcare standards, broad government support, universal insurance coverage and strong pharmaceutical base in the country propel the country to be one of the frontrunners in the = market.
Competitive Industry Landscape
Major players operating in the market involve Pharmaceutical Product Development LLC, IQVIA Holdings Inc., ICON plc and Parexel International Corporation. Companies engage is several organic and inorganic growth strategies to establish and strengthen their market presence across the region. The companies strive to gain competitive advantage in the region while also enhancing their market share.
For instance, in July 2021, Parexel International Corporation was acquired by EQT IX Fund and the Private Equity division withing Goldman Sachs Asset Management. The company was previously held by Pamplona Capital Management LP. The USD 8.5 billion acquisition was targeted at establishing Parexel as a globally competitive CRO while investing in several technological areas such as Decentralized Clinical Trials, Biostatics and Data Management.