European Clinical Trial Market size is estimated to reach USD 13.8 billion by 2027, according to a latest forecast report by Graphical Research.
The increasing R&D spending coupled with a high number of drug candidates in various phases of clinical trials is noted to fuel the market growth. Pharmaceutical as well as medical device manufacturers are noted to increase their R&D spending globally with a sizeable proportion of the same dedicated towards drug discovery and clinical trials. Further, the increasing trend of outsourcing clinical trials to contract research organizations (CROs) is noted to prove advantageous from an economical standpoint for manufacturers. With an increasing emphasis on outsourcing and numerous domestic and global CROs operating in the region. However, as European Union (EU) implements and periodically amends the stringent regulations over drug development and clinical trials, it is anticipated to cause hindrance to the Europe clinical trial market demand.
Phase II clinical trials segment is estimated to generate revenue over USD 2.3 billion by 2027. Phase II clinical trials usually involve nearly 300 patients while the study being conducted for several months to several years. This significantly increases the cost of conducting the phase II clinical trials while presenting enough evidence for the researchers and authorities to move towards a much larger population-based phase III clinical trial. In general, it is observed that nearly 30-40% of all candidates in the phase II succeed in moving towards phase III clinical trials, representing the stringency of monitoring conditions and laws surrounding the phase II clinical trials.
Browse detailed statistical insights from the report, “Europe Clinical Trials Market Forecast 2027 By Therapeutic Area (Autoimmune Disease, Oncology, Cardiology, Infectious Disease, Dermatology, Ophthalmology), By Phases (Phase I, Phase II, Phase III, Phase IV), By Study Design (Interventional Study, Observational Study, Expanded Access Study), Research Report, Country Outlook (Germany, UK, France, Spain, Italy, The Netherlands, Belgium, Russia, Denmark, Sweden, Switzerland), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The observational study segment held for over 20% market share in 2020. Being a fundamental part of epidemiological research, observational studies are the type of clinical trials wherein researchers observe the individuals without any intervention or manipulation. The patient pool is highly selective based on age, existing illnesses. The observational studies offer, unlike interventional studies, reduced time and cost demands and the ability to study a variety of test subjects.
The cardiology segment is anticipated to expand with a 5.7% CAGR between 2021 and 2027 attributed to increasing incidence rate of cardiac disorders increase the demand to conduct clinical trials and novel drug development focusing on treatment, increasing the revenue proportion of the cardiology segment. Additionally, the increasing number of CROs offering clinical trial services for cardiology-based clinical trials is another factor augmenting the industry growth.
UK clinical trial market accounted around 13.5% market share in 2020. With a significantly higher focus on early phase clinical trials, namely phase I and phase II, the region is expected to witness a steady growth over the long-term forecast period. The country is well – recognized internationally for its quality standards and healthcare practices as well as the supportive regulatory stance. Hence, UK is expected to remain one of the lucrative countries for conducting clinical trials in Europe.
European clinical trial market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027, for the following segments:
Europe Market, By Phases
- Phase I
- Phase II
- Phase III
- Phase IV
Europe Market, By Study Design
- Interventional study
- Observation study
- Expanded access study
Europe Market, By Therapeutic Area
- Autoimmune disease
- Infectious disease
The above information has been provided for the following countries:
- The Netherlands