Europe Contract Research Organization (CRO) Market size exceeded USD 17.4 billion in 2021 and is anticipated to witness 6.5% CAGR between 2022 and 2028. Growing outsourcing of R&D activities is one of the major reasons in increasing demand of contract research organization (CROs). R&D activities is an essential part of any company's business to come up with active ingredients or new molecules with the greatest commercial and medical potential for various therapeutic applications.
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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 in order to streamline and harmonize the process of application and supervision of clinical trials across the Member States of the EU.
Europe Market, By Service Type
The clinical research services segment in the Europe contract research organization (CRO) market will showcase around 6.7% growth rate during the forecast timeframe. The CROs provides dedicated support to pharmaceutical and biotechnology companies through all stages of their clinical trials including phase I, II, III and phase IV, thereby supplementing the segment growth. Moreover, the completion of clinical trials is a very lengthy process, that typically required 6–7 years. Therefore, outsourcing of these activities will allows the sponsor company to operate with great flexibility and gain access to a broad range of expertise.
Europe Contract Research Organization (CRO) Market, By End-use
The pharmaceutical & biopharmaceutical companies’ segment will reach USD 15.3 billion revenue by 2028. High growth is owing to increasing prevalence of various chronic diseases such as cancer, cardiac disease, neurological and infectious disease.
This is further encouraging pharmaceutical & biopharmaceutical companies to increase investment in the development of novel drugs that will upsurge the demand for CRO services. Also, these companies are adopting strategy to remain competitive and flexible in growing knowledge, advancing technologies, and sustain an uneven economic environment.
Europe Market, By Country
Italy contract research organization (CRO) market will expand at a CAGR of 6% to cross USD 2.8 billion revenue by 2028, attributed to the increasing prevalence of infectious disease. For instance, in 2020, according to the Knoema report, incidence of tuberculosis in Italy was nearly 6.6 cases per 100,000 people. Thus, growing diseases burden in the country will boost the companies to conduct clinical trials for disease treatment. Moreover, 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 European market.
Competitive Industry Landscape
Prominent participants operating across the Europe contract research organization (CRO) market are Charles River Laboratories, EPS International Co., Ltd, ICON plc, Parexel International Corporation, and IQVIA among others. Players undertake various strategies such as new product launch, mergers, acquisitions, collaborations, geographic expansions to strengthen their market position.