Published Date: 2022-04-08
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European Contract Research Organization Market size is expected to cross USD 26.6 billion by 2028, according to a latest forecast report by Graphical Research.
Growing number of clinical trials in the region is a major factor contributing to the market growth. Owing to the benefits associated with conducting clinical trials such as availability of genetically diverse patients pool and wide spectrum of disease among others will accelerate the market size. Moreover, favorable economic and well established ethical regulatory guideline in this region will further boost the industry growth. Additionally, various pharmaceutical companies are outsourcing their clinical trials to combat the additionally cost and time.
Increasing number of non-communicable diseases such as diabetes, cancer, and cardiovascular diseases among others is accelerating the market revenue in Europe. For instance, in 2021, according to the IDF Diabetes Atlas, an estimated 61 million adults (20-79 years) were living with diabetes in the European region. Such disease burden will increase the clinical trials for treatment, thereby augment the market demand. Furthermore, growing adoption of technologies and rising number of services offered by CROs will fuel the industry outlook.
The early phase development services segment will grow at 7% CAGR during the forecast timeframe owing to growing prevalence of various disease condition and advancement in technologies. For instance, Charles River and Distributed Bio partnered to create a platform for integrated antibody discovery platform. This platform allows clients to access the data records in preclinical phase. Similarly, other prominent companies operating in the market are focusing on constant upgradation and innovation with efficient products.
Browse detailed statistical insights from the report, “Europe Contract Research Organization (CRO) Market Forecast 2028 By Service Type (Early Phase Development Services {Discovery Services, Chemistry, Manufacturing & Control (CMC), Pre-clinical Services [Pharmacokinetics/Pharmacodynamics (PK/PD), Toxicology Testing Services]}, Clinical Research Services {Phase I, Phase II, Phase III, Phase IV}, Laboratory Services {Bioanalytical Testing Services, Analytical Testing Services [Physical Characterization, Raw Material Testing, Batch Release Testing, Stability Testing]}, Consulting Services), By Therapeutic Area (Oncology, Clinical Pharmacology, Cardiology, Infectious Disease, Neurology, Gastroenterology & Hepatology, Ophthalmology), By End-use (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, Academic Institutes), Research Report, Country Outlook (UK, Germany, Italy, Spain, France, Netherlands, Belgium, Turkey, Poland, Denmark, Switzerland), Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The cardiology segment accounted for 3.6% market share in 2021 due to increasing prevalence of heart related diseases such as coronary artery disease, congenital heart defects, heart failure and valvular heart disease. Thus, the increasing demand for drug development for heart related diseases is expected to accelerate the market growth.
The medical device companies segment was valued at USD 4,986.4 million revenue in 2021 credited to the increasing number of medical devices trial. Moreover, the implementation and design of medical devices studies vary significantly from studies of pharmaceutical products. Thus, medical device CROs offer services that are specially designed to meet the trial needs that are unique for the development of medical devices.
The Germany contract research organization industry will surpass USD 5.9 billion revenue by 2028 attributed to the presence of key revenue-generating pharmaceutical companies that can invests a significant amount in R&D activities. Thus, increasing research and development spending by pharmaceutical companies along with technological advancements in the CRO services will accelerate the market revenue.
The European CRO market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2017 to 2028, for the following segments:
Europe Contract Market, By Service Type
Europe Market, By Therapeutic Area
Europe Market, By End-use
The above information has been provided for the following countries:
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